Habitat for Humanity of Metro Denver is looking to sell its headquarters building in the city’s Highland neighborhood and expects the eventual buyer to redevelop the site.
The local affiliate of the Georgia-based nonprofit, which builds homes using volunteer labor, put its property at 3245 Eliot St. on the market this week. The asking price is $6.8 million, more than five times what Habitat for Humanity paid a decade ago.
The building, which dates to 1955, is 17,070 square feet across two stories. The remainder of the roughly 1-acre corner lot is an 86-spot parking lot. CBRE brokers Monica Wiley and Jeff Wood have the listing.
“The office space isn’t meeting our staff needs anymore, and there are a number of ongoing maintenance issues in the aging building,” Metro Denver Habitat CEO Heather Lafferty said in a statement released by CBRE. “Looking ahead, we have a desire for more flexible and dynamic work space to better accommodate our staff, volunteer and community members’ needs.”
Habitat began leasing the property in 2009, and purchased it in June 2010 for $1.18 million, according to public records. It was previously owned by the Teamsters.
The property just east of Federal Boulevard is zoned for up to three stories and multiple uses, including office and multifamily.
“We are hopeful to find a buyer who will incorporate density and affordability into their development plans so that they can fully maximize the use of this land,” Lafferty said in the statement.
The nonprofit’s headquarters and operations staff are still working out of the building. The sale is expected to take several months, during which time Habitat for Humanity of Metro Denver will be looking for a new space, spokeswoman Robyn Burns said in an email to The Denver Post.
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The pandemic has taken its toll on the nonprofit that builds houses for underprivileged families. It slashed expenses by 30% in anticipation of declining revenues, according to Burns. That included cutting its workforce by 17% last summer through a combination of layoffs, voluntary departures and furloughs. Eleven jobs were cut permanently. Seven people who were furloughed have since returned to work.
The efforts to reduce expenses did not influence the decision to put the headquarters building on the market, Burns said. The sale had been under consideration for a few years.
A bright spot has been the charity’s local ReStore retail locations, which sell discounted new and used appliances, furniture and cabinets
“Although we did experience some decrease in fundraising revenue, we also had a strong year at our ReStores and have been able to balance our revenues and expenses,” Burns said in an email. “We are fortunate to remain in a strong and stable financial position.”
Denver Post reporter Joe Rubino contributed to this report.