It also is across the street from the Denver Dry building that the Denver Urban Renewal Authority turned into a mixed-use retail and residential development.

Mercy Housing will convert the three upper floors into 75 units of affordable housing for chronic homeless and low-income service workers. Monthly rental rates will range from about $325 to $770, and renters likely will make from minimum wage to about $15 per hour.

Mercy hopes to target the recent homeless for 27 of the units.

Mercy hopes to sell the groundfloor for $1.8 million. Frank Griffin and Susan Karsh of the Frederick Ross Co. are marketing the property, and a number of class A tenants have considered buying that floor.

In addition, Oz Architecture hopes to return the building to its former glory. Oz will be removing a facade covering the entire front of the building, showing the features the building it had when it was developed by Walter Cheesman, a prominent Denver businessman in the late 1800s and early 1900s.

The building was originally designed by Marean & Norton Architects, which designed a number of notable projects in the city, including the Governor's Mansion, the original Chamber of Commerce building and the Greek Theater in Civic Center Park.

US Bank, the Mile High Housing Fund and the Mercy Loan Fund will be providing acquisition and pre-development funding for the Standish.

Mercy also expects to tap the Colorado Housing and Finance Authority, the Colorado Division of Housing, the City of Denver, the Colorado Historic Preservation Fund, the Federal Home Loan Bank, and additional investors for project financing.

The Bank of Denver still has 24 months left on its lease. Mercy will create a waiting list for low- and medium-income renters who qualify for the project.