ULC Acquires Fourth Property Using Denver TOD Fund
The Urban Land Conservancy has purchased land along Denver’s Southwest light rail corridor that will be developed into an affordable, mixed-use, transit-oriented development.
It is the fourth property ULC has acquired using Denver’s Transit-Oriented Development Fund. The development will provide much-needed workforce housing and retail opportunities directly across from the Evans Light Rail Station. ULC purchased the .96-acre property at 2140 S. Delaware St. for $1,197,900 using the TOD fund, which was set up specifically for acquiring and preserving land for workforce housing near existing or future light rail stops and high-frequency bus routes. It is financed in part by the city and county of Denver and Enterprise Community Partners, which administers the fund.
“This site being directly across the street from the Evans Station will provide much-needed economic opportunity in a prime location, giving people easy transit access for jobs and education opportunities,” said ULC President and CEO Aaron Miripol. “We expect this development to be catalytic to the area, encouraging additional community
investment.” ULC is partnering with affordable housing developer Medici Communities LLC, recently awarded $1,045,505 in annual low-income housing tax credits (LIHTC) from Colorado Housing and Finance Authority (CHFA), for the project. The LIHTC program offers incentives to the private market to invest in affordable rental
housing. Medici's Evans Station Lofts will be a five-story development that will include 50 residential workforce units and 7,100 sq ft of retail and commercial space. The project will be the first family LIHTC project at an existing light rail station along RTD’s Southwest Corridor and will serve households with incomes ranging from 30% to 60% of the Area Median Income.
Denver City Councilman Chris Nevitt represents the district where the land was purchased and welcomes the prospect of development in the area. “The city and the community have spent so much time and energy planning for development in this area,” Nevitt said. “We’re very excited that actual development will now be taking place, particularly this kind of transit-oriented development.”
Established in 2003, Urban Land Conservancy is a nonprofit that uses real estate as a tool to benefit urban communities. ULC acquires, preserves and develops land for urban assets such as workforce housing, nonprofit office space and schools.
For more information, go to www.urbanlandc.org.