Financing Last Hurdle for Treetops Renovation

The long-anticipated is inching forward, but not without a major obstacle still in the way. 

Representatives from the developer, Denver-based Apartment Investment and Management Co., recently met with residents of the Pacific Heights neighborhood, where the 308-unit apartment complex will be rebuilt, and said they’re still waiting on the financing from HUD to start the project. 

The promise of backing from HUD has been a major factor in renovating the complex, which sits on the corner of Skyline Boulevard and Sharp Park Road and has sat vacant since 2005. It is also one of the main reasons the City Council decided to give the developer another six-month extension to begin construction after initially giving AIMCO a year to start moving forward. 

“We wanted to do it years ago,” said Patti Shwayder, AIMCO’s senior vice president. “But we’re just waiting for the financing.” 

If all goes well, AIMCO will have its financing by October or November. In the meantime, residents of the neighborhood surrounding the Treetops complex have been anxious to see things change. 

The recent meeting with the residents provided somewhat of a relief. 

AIMCO representatives explained the scope of the renovation, including that the project will take from 12 months to 15 months when it gets started and that more than $2 million has already been spent on preliminary work such as planning documents, drawings and environmental studies—a sign that AIMCO is committed to completing the project, Shwayder said. 

Mayor Jim Ruane even sent a letter to HUD asking the agency to expedite the project’s loan application, Shwayder added. 

“We’re hopeful that that support will be helpful,” she said. 

In addition, Shwayder said the company is working on putting together a website for the Treetops project that will provide the public with details and updates about the project once it is under construction.