Urban Land Conservancy celebrated with developer Medici Communities this week as the ribbon was cut to officially open Evans Station Lofts. This new 5 story development shatters the typical image of affordable housing, featuring upgrades found in luxury market-rate apartments.
“We wanted this project to not only provide a high quality living environment for the residents, but to be a positive catalyst for future development of the surrounding community,” said Troy Gladwell, founder and principal, Medici Communities.
The development includes 50 affordable units with 10-foot ceilings, glass-tile accents, a community room with laptop computers and free wi-fi, exercise room, a rooftop barbeque area and a shared car for hourly rental. The apartments are one- and two-bedroom units with rents of $380 to $850 per month, and are already completely leased up with individuals and families who met limited annual-income requirements. Residents started moving in the first week of August. The building also has 10,000 square feet of commercial space that incorporates the work of the Denver Shared Space Program with the first commercial tenant being Kim Robards Dance, a local nonprofit.
ULC purchased the land in 2011 for $1.2 million using Denver’s Transit Oriented-Development Fund, a loan fund that was created to acquire and preserve land near transit stations for affordable housing and other community benefits. ULC sold the land in May 2012 to Medici for the Evans development, which was awarded $1 million in annual low-income housing tax credits from the Colorado Housing and Finance Authority.
“Evans Station Lofts is a fine example of how the Denver TOD Fund provides flexible financing options so developers can build quality affordable housing along the city’s expanding transit lines,” said Melinda Pollack, vice president of transit-oriented development, Enterprise.
Congratulations to Medici, ULC, CHFA, Wells Fargo, Richman Capital and the Denver TOD Fund investors on an incredible development at a transit site, providing opportunities for lower income residents to live near transit and have access to jobs, education, health and other necessary services for a higher quality of life.