Urban Land Conservancy Acquires East Colfax Citywide Banks Site

Acquisition will further corridor’s equitable redevelopment with affordable offices and housing

Denver, CO –  Nonprofit Urban Land Conservancy (ULC) has acquired the property at 10660 E. Colfax with the aid of the Nesbitt Commercial Group and low-interest funding from the Metro Denver Impact Facility (MDIF). The organization has plans to lease existing office space to nonprofits and other community-serving organizations at below-market rates. This East Colfax Corridor site joins ULC’s seven other affordable-office properties across the Metro Denver region. ULC anticipates partnering with a developer to add affordable housing opportunities to the underutilized lot on the south end of the property.

Acquisition of this Aurora site—which has 77,101 SF (1.77 acres) of developed land and improvements, including a 24,228 SF office/retail building, 120 surface parking spaces, and a 1,456 SF building formerly used as an eight-lane bank drive-thru—will help further equitable redevelopment efforts promoted by Impact East Colfax (IEC), a community-focused initiative that ULC co-leads along with The Fax Partnership, an East Colfax-based nonprofit founded in 2004. As a driving component of IEC, steering committee members have been organized through a broad community outreach effort. They will guide and inform the use and future development of this site as well as an additional East Colfax site located within the Denver municipality. To learn more about IEC and its steering committees, visit www.urbanlandc.org/community-updates/impact-east-colfax.

“On this property we will work to anchor long-term community benefit in the East Colfax Corridor, helping to further local community goals, including minimizing displacement of existing residents and businesses,” said Sarah Harman, Vice President of Real Estate for Urban Land Conservancy. “Preservation of the iconic, three-story office building will provide a dynamic new Main Street opportunity for nonprofits and community-serving organizations. We’re excited to work with the IEC steering committees and the broader East Colfax community to explore ways this site can be further mobilized as a community hub.”

“The Fax Partnership is excited about this first acquisition for Impact East Colfax,” said Monica Martinez, Executive Director of The Fax Partnership. “This property will bring affordable housing and commercial space to a community threatened by displacement as part of a larger strategy of Impact East Colfax’s to keep East Colfax home to the diverse populations that make this corridor unique.”

About Urban Land Conservancy

ULC is committed to preserving, developing, stewarding, and managing permanently affordable housing and shared office space for nonprofits and mission-minded organizations in Metro Denver and surrounding communities. For more information, visit www.urbanlandc.org. If you are interested in leasing affordable office space, visit https://www.urbanlandc.org/listings.

About The Fax Partnership

Founded in 2004, The Fax Partnership, also known as The Fax, envisions East Colfax as a transit-rich, ethnically diverse main street with affordable housing and neighborhood-serving businesses. Through community partnerships and collaboration with local government and nonprofits, we’re working to create a healthy mix of affordable and engaging places for people to live, work and enjoy life. To learn more, visit www.thefaxdenver.com.