The city of Denver issued a $1.5 million loan to help finance a new cultural complex in the expanding arts district on South Santa Fe Drive.

The Denver Office of Economic Development closed the loan late last week, following the City Council's approval this year. The loan, funded through a federal community development block grant, will pay for a larger, more modern and more centrally located home for the Hispanic arts center.

El Centro Su Teatro has been housed in its own building on High Street near the National Western Stock Show complex. The nonprofit plans to renovate a warehouse into a new 41,000-square foot complex that will house other cultural groups.

The renovations are expected to be completed in 2008, but the theater plans to host outdoor events at the new property as soon as this summer.