homepage home
subscribe to Mountainstates Construction magazine subscribe
newsletters free e-newsletter
advertise
industry jobs industry jobs
Mcgraw Hill Construction
Mountainstates Construction Logo
Order Your RISK FREE Subscription
comment

ULC Acquires Fourth Property Using Denver TOD Fund

Text size: A A

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.

----- Advertising -----

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.


Keywords:

----- Advertising -----
Reader Photos
Photos from ENR Mountain States Photo Showcase
Dodge Lead Center
Search for local construction projects OR CALL 877-234-4246 and get a FREE Lead Now!
Search by Project Type & State





----- Advertising -----
 Reader Comments:

Sign in to Comment

To write a comment about this story, please sign in. If this is your first time commenting on this site, you will be required to fill out a brief registration form. Your public username will be the beginning of the email address that you enter into the form (everything before the @ symbol). Other than that, none of the information that you enter will be publically displayed.

We welcome comments from all points of view. Off-topic or abusive comments, however, will be removed at the editors’ discretion.