ULC and Medici Consulting Group Announce Future Development of Walnut Street Lofts, Bringing Affordability to RiNo Neighborhood
On September 25, Urban Land Conservancy announced our latest partnership with Medici Consulting Group (MCG) on the development of 65 units of affordable housing in the RiNo neighborhood. Walnut Street Lofts will sit adjacent to the 38th and Blake stop on RTD’s University of Colorado A-line, labeled by Mayor Hancock as the “Corridor of Opportunity.”
ULC will sell the development rights to MCG, and add the property to our growing community land trust by continuing to own the land under a 99 year ground lease. Earlier this month, MCG was awarded 9% tax credits from the Colorado Housing and Finance Authority (CHFA), to finance the $17 million development.
Land values in the RiNo neighborhood have increased dramatically, preventing the opportunity for land to be acquired today for affordable housing. ULC’s strategic acquisition of the site in 2011 will provide a much needed affordable housing option at this station area in addition to the planned market rate resident and commercial development adjacent to the Walnut Street Lofts.
The Denver Post published the announcement of our partnership early Monday morning, providing insight into the importance of strategic development in the RiNo neighborhood, and the critical need for affordable housing in the area. The article highlighted ULC’s dedication to providing affordable housing along transit corridors in neighborhoods experiencing displacement.
Joe Rubino, real estate reporter for The Denver Post captured the importance of this development when he wrote, “Thanks to the foresight of a local nonprofit, an island of permanently affordable housing soon will be established amid that roiling real estate sea.”
The Walnut Street Lofts are expected to break ground in late 2018.