DENVER-The Urban Land Conservancy's investment along a new, 12-mile light rail line will ultimately bring more than $70-million in development value to the area, 600 units of housing including 400 affordable units, over 50,000 square feet of commercial space, a new Denver public library and 500 jobs, according to a prepared statement.
On April 26, 2013, the Regional Transportation District's West Rail Line of FasTracks will open. Known as W Line, it will connect downtown Denver, Lakewood and Golden, transforming the way people live, work and make regional connections. ULC has been buying land and properties along the W Line for over six years, knowing that affordable housing and other community assets are critical components of successful public transit build out, according to a release.
FasTracks is said to be the largest transit expansion program in the nation. The country's first Transit-Oriented Development Fund was created by the City of Denver, Enterprise Community Partners and ULC and became operational in 2010 to support ULC's purchase of properties at transit stations to preserve or create affordable housing. ULC utilized the $15 million TOD Fund to purchase two of the four properties they own along the W Line.
“Each new rail line is a catalyst for transit-oriented development in metro Denver, and ULC has been very strategic in our real estate investments, stewardship and partnerships on the W Line, leveraging resources to increase economic opportunities for low-income families, seniors and the community as a whole,” says Aaron Miripol, president & CEO of ULC, in a prepared statement.
ULC's four W Line property purchases and projected development values are:
Jody Apartments: Jody is next to the Sheridan Station and was purchased in December 2007 in partnership with NEWSED for $3.5 million. The site has 62 units of affordable apartments on two acres. Jody will be redeveloped at a higher density level under Denver's new zoning code (C-MX-8), preserving and creating permanently affordable housing in a mixed-use setting. Residents will not be displaced as a result of the redevelopment. The value of projected development is $25 million.
Mile High Vista: Located at Colfax Avenue and Irving Street within ¼ mile of the Knox and Federal/Decatur stations, this two-acre parcel was purchased in March 2011 for $2.14 million. The City and County of Denver purchased .84 acres of this site from ULC to build a new public library. Del Norte purchased a portion of the site to build 80 affordable homes and 10,000 square feet of community space. ULC is the master developer and has plans for a 20,000 square-foot commercial building. The value of the projected development is $30 million.
11th Avenue TOD: Located next to the Sheridan Station at 11th Avenue and Sheridan Boulevard, this .83 acre site was purchased for $350,000 in July 2012. ULC is partnering with Rocky Mountain Communities to develop 58 affordable senior housing units. The value of the projected development at this site is $10 million.
Villas at Wadsworth Station: Located at 1330-1337 Yukon Street in Lakewood, ULC preserved 100 units of existing affordable housing by purchasing the 2.36 acre site in December 2012 for $7 million. The site is 50 feet from Wadsworth Station.
And as GlobeSt.com previously reported, the Urban Land Conservancy, in partnership with the Piton Foundation and Gary Community Investment Co., City of Denver and U.S. Department of Housing and Urban Development, recently purchased 9.4 acres of land at Smith Road and Colorado Boulevard in Northeast Park Hill. The Urban Land Conservancy told GlobeSt.com at the time that the purchase price was $6 million—ULC's largest land purchase. According to the Urban Land Conservancy, the land will be used to develop 156 permanently affordable apartments and additional assets to benefit the community, however they could not detail further financing information regarding construction costs at this time.
GlobeSt.com will continue to monitor Urban Land's Denver Investments and update you on the progress of the above developments.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
