Colorado motel being sold for $10 but buyer is required to renovate and convert building for the homeless

This is a suite deal for the right person.An entire motel in Denver is being sold for much less than what an average traveler would pay to sleep in a room for just one night.But there’s a catch.Colorado’s former Stay Inn is priced at just $10 but the buyer must agree to renovate the entire building and convert it into “supportive housing” for people experiencing homelessness, according to Fox 31 Denver.The Mile High City bought the building for around $9 million in the summer of 2023 but hasn’t made any major renovations besides “minor repairs” to protect the property.The new owner will have to accept some extra baggage before they check in to their new project because officials are selling the building as-is.The fenced-off tan and grey structure has four levels with a total of 96 units.It received upgraded kitchenettes and a new sprinkler system from the previous owner but “structural repairs” to walkways, railings and electrical systems need to be done, the Denver Post reports.City officials hope to have a deal locked in with a buyer at the end of the year so the transformation can begin.The number of people experiencing homelessness in the Denver metro area increased 10% from 2023 to 2024 with nearly 10,000 souls living without a permanent residence, according to a report by Metro Denver Homelessness Initiative.Negotiations are reportedly underway for a potential development partner for the multi-level building but no firm has been selected just yet.The Denver City Council must approve any contract before the project moves forward, according to comments made to local media outlets by Denver Department of Housing Stability spokesperson Derek Woodbury.“We are hopeful that the procurement will result in a path forward for delivering supportive housing at the site,” Woodbury wrote in an email to Fox 31 Denver.The deal isn’t going to be a temporary one.The motivated person with the lucky $10 will have to agree to unique rules for a very extende...