April 2016 Partner Spotlight: Delwest!
The Urban Land Conservancy celebrates the achievements of its partnerships that create and preserve nonprofit facilities and affordable housing for communities in metro Denver. ULC’s Monthly Partner Spotlight is awarded to partners who demonstrate the value of collaboration, furthering our mission to improve the lives of Denver area residents through our real estate investments and community assets.
Congratulations to our April 2016 Partner Spotlight of the Month: Delwest Capital Group!
A family led business with roots based out of Toronto; Delwest has a long history in property development and redevelopment. Their portfolio is extensive, with projects including multi-family rental properties, single-family home development, property management and even the renovation of dilapidated real estate. Most recently, Delwest has also taken the plunge into affordable housing here in Denver, which the company believes is a necessity in our rapidly growing city.
On April 21, 2016, Delwest celebrated the grand opening of Park Hill Station Apartments. This marked the development company’s debut into the world of affordable housing here in Denver. The complex also marks the completion of Phase One of development of ULC’s Park Hill Village West property. The 9.4-acre parcel was purchased by ULC in 2013 utilizing Denver’s Transit Oriented Development Fund. Prior to ULC’s purchase of the land, Delwest had already completed a master site plan to build new housing at the property and obtained all the required approvals by multiple local government agencies. Simultaneously with the initial purchase, ULC partnered with Delwest to ensure affordable housing would be the first development taking place, complementing the April 22, 2016 grand opening of the University of Colorado A Line Commuter Rail Station adjacent to the site.
Mayor Michael Hancock, RTD’s Dave Genova, Councilman Albus Brooks, Councilman Chris Herndon and City of Denver’s Rick Padilla joined Delwest CEO and President Joe DelZotto for the ribbon cutting ceremony at Park Hill Station Apartments on April 21st.
Three years and 156 units of permanently affordable rental housing later, and tenants are slowly moving in. Applications are still in the reviewing process, as Delwest estimates the waiting list is currently over 1,000 people, and all units are expected to be filled and occupied by June 2016.
Delwest’s President and CEO, Joe DelZotto, has been in Denver’s real estate development business for over 20 years. Recently, as Denver’s affordable housing gap increased, DelZotto said he recognized the need for more affordable options in the metro area. After identifying the city’s growing need, DelZotto took the opportunity for Delwest to jump into the affordable housing arena.
“As a Denver resident since the early 1990’s, I have seen the city undergo rapid change, and face an immediate affordable housing dilemma,” DelZotto said. “As the President of a company who’s primary focus is property development and redevelopment, I knew we had to step forward and help increase the number of affordable housing options for families who cannot afford market rate alternatives. I hope to see Delwest as a front runner in the affordable housing market here in Denver.”
Having committed private developers with financial capacity focus on expanding our city’s affordable housing supply is critical, especially in today’s market. As ULC has experienced in other land banking projects, seeing development come out of the ground takes time, resources and patience. Celebrating the grand opening of the Park Hill Station apartments is another win for the City of Denver and the Denver Transit Oriented Development Fund, created specifically to preserve and development affordable housing at transit stations.
Tony Pickett, ULC’s Vice President of Master Site Development, is leading the multiple phases of development at Park Hill Village West. Having an extensive background for over 25 years in the planning and implementation of large-scale urban developments, Pickett has seen the ups and downs of real estate development. He is excited to see ULC’s partnership with Delwest launched with their entry into the permanently affordable housing arena as lead developer of Park Hill Station Apartments.
“Congratulations to our amazing partner Delwest, I am beyond proud to see the substantial community benefit of long term superior market quality affordable rental housing open in conjunction with Denver’s A Line. Mayor Hancock’s vision for the “Corridor of Opportunity” is fully underway with our contribution of 156 rental units available to residents earning 60% AMI and below, only steps away from rail and high frequency bus along Colorado Boulevard. I know hundreds of families now have an affordable option for housing as well as access to vital services, jobs and education that are imperative for an outstanding quality of life,” states Pickett.
ULC was excited to celebrate the grand opening of Park Hill Station Apartments alongside Delwest last week, especially with the A Line Commuter Rail’s grand opening the following day! Partners such as Delwest are an essential ingredient to accomplish the bold future we all envision for Denver as a place for all to live and realize their dreams of prosperity.