On June 27, 2019 Urban Land Conservancy (ULC) sold a one acre parcel of land directly adjacent to the Blake Commuter Rail Station to McWhinney for $6.5M. The real estate development company plans to develop a 16 story building in line with the City of Denver’s efforts to increase density surrounding the station area. The proceeds from the sale will allow ULC to continue investing in community beneficial real estate across the Greater Denver region.
ULC first purchased the Blake TOD site in 2011 using Denver’s Transit Oriented Development (TOD) Fund in an effort to increase the development of affordable housing along major transit corridors. One half of the site will remain in ULC’s Community Land Trust (CLT), ensuring permanent affordability for future generations through a renewable 99 year ground lease. ULC selected Medici Consulting Group as our development partner at this half of the site. In early 2019 Medici broke ground on the development of 66 units of permanently affordable housing which will include one, two and three bedroom units to accommodate families facing the threat of displacement in the surrounding neighborhoods.
During ULC’s negotiations with McWhinney, we required additional affordable units be included in the development beyond what the City of Denver required as part of the height density incentive. What was originally 19 units restricted for 60 years, is now 30 units. These additional 11 units will remain affordable for households earning 80% AMI and below for 99 years.
You can read more about the recent real estate sale in the BusinessDen article here.