Denver’s Iconic Petroleum Building at 16th Street and Broadway Takes a Significant Step Toward Transformation

Petroleum Building Files Permits as Office-to-Residential Conversion Advances

Denver’s iconic Petroleum Building at 16th Street and Broadway is taking a significant step toward transformation, with new permits recently submitted for early sitework tied to its planned adaptive reuse.

The 14-story mid-century tower is slated to undergo a major repositioning from office space to residential living. If timelines remain intact, general contractor PCL Construction is expected to begin work in summer 2027.

Tenant Dispute Ongoing

While the development team continues preparing for construction, progress is unfolding alongside an active lease disagreement. Venture X coworking currently occupies the building’s 13th and 14th floors. Owner Paul Sheperd has publicly stated that his company believes its lease remains valid for another decade, citing the firm’s continued occupancy through pandemic disruptions and extended 16th Street Mall construction.

Ownership representatives indicate efforts have been made to reach a resolution, though discussions have reportedly slowed in recent weeks.

Adaptive Reuse Vision

Plans call for converting 12 floors of the historic office tower into approximately 178 multifamily residences. Ground-floor retail is expected to remain, while both the lower levels and uppermost floors will be redesigned to include resident amenity spaces.

Gensler is leading design efforts for the project, which will include:

• Modernized building systems

• Refreshed façade elements honoring the building’s mid-century character

• Updated multi-tenant lobby spaces

• New indoor community areas

• Dedicated pet amenities and gathering spaces

The redevelopment is positioned to become one of Denver’s most visible office-to-residential conversions, reflecting the continued evolution of downtown real estate.

Development & Financing

The project is being spearheaded by a joint venture between Dellacava Development Company and Tim Borst of Barrons Commercial. In November 2025, the Downtown Development Authority approved the redevelopment and authorized a $14 million loan to support the initiative. Total project costs are estimated at approximately $68 million.

With permitting now underway and financing secured, the Petroleum Building appears poised for its next chapter — pending resolution of remaining lease matters.