Plans are now fully underway to repurpose a landmark modern downtown Denver office building into new housing space.
Located at 110 16th Street, the 15-story Petroleum Building was built in 1957 and for years served as the home to any number of oil and gas development, engineering, and law offices.
But the building has had fewer tenants in recent years, prompting talk that it may be used for housing in a part of the city greatly in need of such space.
Now plans have been announced by the Denver Downtown Development Authority to approve a low interest loan in the amount of $14 million to pay for a portion of that repurposing.
As envisioned, space inside the structure will be reconfigured to create 178 new units, ranging in size from studios to three-bedroom units.
In a statement, Tim Borst, president of Borst and Company, partial owner of the structure, remarked that “converting underutilized office buildings in upper downtown is a critical component of revitalizing the heart of Denver.”
Borst added that his company was “thrilled to bring this mid-century modern icon back to life.”
Altogether, it is expected to cost around $45 million to complete the Petroleum Building’s transformation.
November 25, 2025
By Garry Boulard
Photo courtesy of Denver Public Library
