Purchased for $1.325 million in July of 2010, this vacant 1.51 acre parcel is adjacent to the Yale Light Rail Station along the Southeast Corridor. Urban Land Conservancy (ULC) acquired the property utilizing the Transit-Oriented Development Fund established to create or preserve affordable housing near transit. The acquisition of the property at Yale and I-25 will directly benefit low income households in their two greatest expenses; housing and transportation, while providing transportation access to services, education, health and employment centers. ULC is a part of Yale TOD Partners, a strategic alliance between Regional Transportation District (RTD), Koelbel and Company and Mile High Development, to create a master plan for a transit-oriented community at the Yale Station.
Introduction to Yale TOD Partners
ULC is a Colorado non-profit organization formed in 2003 whose mission is to acquire, develop, and preserve community assets in urban areas for a variety of community needs with the goal of strengthening neighborhoods. ULC’s work includes land banking and community-inspired development; accomplished through strategic partnerships with other agencies and businesses that share our vision of preserving real estate assets to strengthen communities.
Mile High Development LLC has been involved with several of Denver’s urban redevelopment projects, including the development of the Wellington E. Webb Municipal Office Building, Lakewood City Commons, home to Lakewood city government as well as Colorado Center, a 1.5 million square foot urban infill Transit Oriented Development. Mile High Development is currently focused on various mixed-use development opportunities at existing or proposed light rail stations along the southeast I-25 corridor. Mile High Development and Koelbel and Company constructed the 50 unit senior affordable apartment project located at 5301 East Yale Avenue.
Koelbel and Company is a Colorado real estate company founded in 1952 that engages in the development of residential, commercial and recreational environments in Colorado. Its residential developments include custom suburban homes, secluded rural estate, wooded mountain properties, luxury townhomes, and strategically located single-family homes; commercial developments include mixed-use business parks, as well as retail, office, research and development, and hotel properties. Koelbel and Company owns the office building located at 5291 East Yale Avenue and has owned property at this site for over 50 years.
The Master Planning site could include the entire area around the Yale Light Rail Station influence area bound on the East by Interstate 25, on the South by East Yale Avenue, on the West by Eudora Street, and on the North by East Vassar Avenue. The project is accessed from I-25 via the Yale Avenue exit and is approximately 9 miles southeast of downtown Denver. The Denver Tech Center is two light rail stops from the property and Downtown Denver is within eight stops.
Koelbel and Company constructed the Yale Station Apartments consisting of a 75,000 sf structure that includes 50 senior housing apartments and 3,000 sf of retail space as well as a 58 space parking garage. The project was financed using 9% Low Income Housing Tax Credits.
RTD owns the parking lot that serves the Yale Light Rail Station platform and is available to Yale TOD Partners under an exclusive negotiation agreement with RTD. The parcel consists of over 100 RTD parking spaces. Master TOD Plans will incorporate bus service areas and parking facilities and will provide for uninterrupted operations and access to light rail service.
ULC owns Yale Commons consisting of 1.51 acres of raw land targeted for multi-family affordable housing because of its association with the Denver Transit-Oriented Development (TOD) fund. A housing component includes plans for rental units to serve households at or below 60% Area Median Income (AMI) with a goal of at least 15% of the units to serve households at or below 30% AMI.
Yale TOD Partners desires to develop the Yale Station area into a master planned TOD community with a mix of uses and concepts that utilize the entire site. To the highest degree possible, the architectural / construction design shall incorporate green building, i.e., E- Star and LEED certification, and other utility cost savings systems.