Shea Properties is the developer behind a Denver project to convert a 124,000-square-foot office building into affordable housing. The company will take advantage of $29 million in bonds recently approved by the Denver City Council. The conversion project has also received federal and state tax credits.

The bonds will finance the acquisition, construction, and rehabilitation of 4340 S. Monaco St., which is planned to become 143 studio—to four-bedroom apartments.

The units will be 100% income-restricted. Tenants will make between 30% and 70% of the area median income.

Plans include outdoor grilling and seating areas, common area rooms, and a full workout facility. There will also be a pet spa and a dedicated bicycle room. Work to convert the building is expected to start in April and will likely take one year to complete.