Dahlia ApartmentsThis property was the first to utilize financing through the TOD Fund. In December of 2009, ULC acquired this Northeast Park Hill property located at 33rd & Dahlia – one block north of Martin Luther King Blvd. It was foreclosed upon in 2008 qualifying it for the Neighborhood Stabilization Program. The property consists of six buildings with a total of 36, 2-bedroom family apartment homes and serves over 100 residents. The Dahlia Apartments provides 4 permanent jobs. To date, $320,000 has been expended on improvements to Dahlia, primarily focused on needed health and safety repairs, roofs, drainage, landscaping, and environmental remediation. This work has created more than 25 project related jobs for contractors.
Land Purchased at I-25 and Yale Light Rail Station
The TOD Fund was used to purchase this 1.2 acre piece of land adjacent the existing light rail station at I-25 and Yale for $1,325,000. In an innovative step, the Regional Transportation District (RTD) voted unanimously to execute an agreement between RTD and Yale TOD Partners to create a Transit-Oriented Master Plan for the Yale Station area. This site includes parcels of land owned by the Partners: Urban Land Conservancy, Koelbel and Company and Mile High Development. The Master Plan process will involve area evaluation including the engagement of property owners in the vicinity. ULC will work with the Yale TOD Partners to create a framework for the future development of the RTD owned property, the property owned by the Partners and potentially additional properties in the vicinity. This is an ideal site to develop into a mixed use, transit-oriented community supportive of RTD’s TOD policy and the growth of light rail ridership. ULC plans to develop 100 workforce homes on the site and up to 30,000 square feet of commercial space creating 100 jobs during the development of the site and 35 permanent jobs once the construction is complete. Total redevelopment investment – $20,000,000.
Mile High Vista
The Urban Land Conservancy used the TOD fund to purchase this two-acre parcel of land for $2,140,000. The site is located along west Denver’s FasTracks light rail corridor, currently under construction, as well as a high frequency bus route. ULC will be the master developer of the site that will include the new west Denver library, mixed-use workforce housing development with Del Norte Neighborhood Development, and a commercial building. This acquisition will provide enormous opportunity for additional transit-oriented development and revitalization along west Colfax and the future Knox and Decatur light rail stations. 125 temporary jobs will be created through the construction of a 30,000 square foot library, 120,000 square feet of mixed-use including 80 units of affordable housing, and 10,000 square feet of commercial space for nonprofits. The library is expected to create approximately 15 permanent jobs, and it is expected that the residential and commercial buildings will create 50 permanent jobs. Total redevelopment investment – $25,000,000.
Evans Station Lofts
This is the 4th property ULC has purchased using the TOD Fund. This .96 acres was purchased for $1,197,900 and is located directly across the street from the Evans Light Rail Station. ULC is partnering with Medici Communities LLC in the development of 50 residential workforce housing units and up to 7,100 square feet of retail and commercial space. This 5 story development will be the first family low income housing tax credit project at an existing light rail station along RTD’s FasTracks, and will serve households with incomes ranging from 30% to 60% of the Area Median Income (AMI).
This 0.31 acre mixed use property purchased for $1,350,000 is located in the Santa Fe arts district and includes 16 units of workforce housing and 7,400 square feet of commercial space. ULC plans to partner with NEWSED in the short term to manage the necessary rehabilitation work, and Denver Inner City Parish who will provide housing services programs for the long term take out. Villa TOD is on the Santa Fe bus corridor and 5 blocks for the 10th and Osage light rail station.
Blake TOD is a 1.4 acre property at 38th Street and Walnut Street. This is the site of the first stop on RTD’s future East Corridor Commuter Line connecting Downtown Union Station to Denver International Airport. This property, which has been vacant for the past year, will be stabilized and eventually developed as a mixed-use site with an emphasis on affordable housing. Development at this site will be catalytic to the area, with much needed access to transit at the Blake Street Station scheduled to be operational in early 2016. This property, purchased for $1.7 million in November of 2011, is the 6th acquisition using the Transit-Oriented Development Fund.
11th Avenue TOD
11th Avenue TOD was purchased for $350,000 using Denver’s Transit-Oriented Development Fund in July 2012. The .83 acre property is located less than 1/4 mile from the future Sheridan Station on the West Line corridor of FasTracks and will be developed into 58 affordable senior homes. ULC will partner with Rocky Mountain Communities who will manage the design and construction of this 5 story development.
These homes will serve seniors between 30% and 60% of the Area Median Income (family of 2 with an income of between $19,050 – $38,100). This projected $10million development will compliment the redevelopment of the Sheridan Station area which will include an 800 car parking garage, 200 housing units and commercial and retail space.
Park Hill Village West
Park Hill Village West was purchased in March 2013 for $6 million, $3.7 million of the acquisition came from the TOD Fund. This 9.4 acre site is located at the 40th/Colorado station of the East Rail Commuter Line of FasTracks, scheduled to open in 2016. 156 affordable homes will be constructed in phase one of development. Future phases of development will be determined based on community needs.