On Tuesday, ULC announced Zocalo Community Development as the master developer for our $200 million, six-acre Race Street Transit Oriented Development (TOD) site in Denver’s Elyria Swansea neighborhood. The planned mixed use development, set to be completed in multiple phases over several years, will include up to 560 residential units, as a combination of mixed-income rental and mixed-income for-sale homes and approximately 80,000 square feet of community serving commercial space. ULC and Zocalo’s investment, together with support from the City and County of Denver, marks the first significant development in Northeast Denver, with a goal of the initial phase being operational to coincide with the opening of RTD’s North Metro Rail Line in late 2018.
ULC first purchased the industrial site at 48th and Race Street for $5.5 million in April 2015 through financing from the Calvert Foundation’s Facility Fund and a $1.5 million loan from the Denver Office of Economic Development (OED). The Facility Fund, which is part of Calvert Foundation’s Ours to Own Initiative, offers metro Denver residents the opportunity to invest in community projects for as little as $20. To date, Ours to Own has led $11 million of real estate investments into the Denver region.
When choosing Zocalo as our development partner, ULC’s Tony Pickett spoke towards their commitment of working directly with the community throughout the development process, noting Zocalo as an outstanding addition to our growing list of partners.
“We are thrilled to entrust Zocalo with the responsibility to implement a new mixed use TOD, which will be among the first significant and tangible signs of permanent change surrounding the future National Western Center transit station,” said Pickett, Vice President of Master Site Development at ULC.
This marks the first partnership between Urban Land Conservancy and Zocalo. With an extensive resume in community development and project management across the Denver metro area, Zocalo is a proven leader in sustainable urban development. The company currently has nine completed developments in metro Denver, seven of which are LEED certified. Zocalo has taken a strong stance in the need for low impact and environmentally sustainable developments, and past developments have won awards in categories ranging from Most Innovative Use of Technology to Project-of-the-Year. In 2012, Zocalo was recognized by the Denver Business Journal as the Developer of the Year.
ULC is looking forward to our partnership moving forward with Zocalo, and both parties are prepared to work with community members in ensuring the future development at Race Street meets the neighborhoods’ needs and concerns. The Race Street TOD site has been successfully rezoned by ULC to allow up to 8 stories of new development and will be the premier quality mixed-use development serving the affordable housing needs of both existing neighborhood residents as well as the potential workforce of the future $1 billion National Western Center.
To learn more, this article by the Denver Business Journal highlights the partnership between Urban Land Conservancy and Zocalo, along with plans moving forward.