ULC Makes First Acquisition in Commerce City to Preserve Critical Community Serving Space
In partnership with Adams County and Commerce City, Urban Land Conservancy (ULC) purchased the former Adams County Human Services building located at 7190 Colorado Boulevard to preserve critical community-serving office space. Now called South Platte Crossing, this 4.5-acre property is located directly across from the E. 72nd and Colorado Boulevard Rail Station on RTD’s future N Line Commuter Rail. The six-story office building will house multiple nonprofit organizations, as well as municipal services.
South Platte Crossing is located in an Opportunity Zone, an area categorized by the low-income census tract, with the median family income below 80% Area Median Income (AMI). Opportunity zones spur economic development in low-income urban communities by providing tax incentives to investors and developers. Commerce City’s scarcity in rental space for service providing organizations makes ULC’s acquisition crucial to the surrounding area. ULC will own and operate four floors of the building, with Adams County owning and operating two floors and the basement. This partnership will provide over 80,000 square feet of office space for community supportive services.
ULC utilized the newly created Metro Denver Impact Facility (MDIF) to acquire South Platte Crossing. MDIF is a revolving source of loan capital created in 2018 in partnership with FirstBank, the Colorado Health Foundation, The Denver Foundation, The Colorado Trust and Colorado Housing and Finance Authority (CHFA). MDIF will grow to become a $50 million resource to support ULC’s real estate acquisitions to create and preserve the affordability of housing, community serving space, schools and nonprofit facilities. This was The Colorado Trust’s first participation as a junior lender in the facility.
South Platte Crossing sits on a 4.5-acre site with immediate access to I-70, I-270, I-76, Highway 85 and the future N Line Commuter Rail. ULC plans to allocate a one acre parcel for the future development of permanently affordable housing. ULC will work in partnership with a housing developer to construct up to 70 units of permanently affordable rental housing on the site or potentially create a for-sale affordable housing development.
To read more about the acquisition, check out the Denver Post article here.