Partner Spotlight: Eric Nesbitt
Eric Nesbitt, Esq., of Nesbitt Development, The Law Offices of Eric L. Nesbitt, and the Nesbitt Commercial Group, has been working with Urban Land Conservancy for more than eighteen years to support access to affordable commercial real estate and affordable housing and spur neighborhood revitalization.
Nesbitt is a multifaceted partner, a real estate and business attorney who helps his clients, including ULC, negotiate selling or acquiring real estate, lease their spaces, and navigate other commercial real estate needs. Most recently, he has entered the complicated work of affordable housing development. After 31 years of practicing law and more than 15 years of operating a commercial brokerage company, Nesbitt said that the move into development felt like a “natural evolution.” Nesbitt Development focuses on creating affordable housing in inclusive communities, and partnering with organizations that share the same values. As a minority-owned development firm, it also prioritizes engaging other minority-owned businesses, like construction service providers, to be part of the development process.
“It’s a way for me to give back and help others by supplying affordable housing. It’s a way for me to potentially leave a legacy for my two teenage sons,” said Nesbitt.
Urban Land Conservancy and Nesbitt Development are currently working together to develop affordable housing on ULC’s South Platte Crossing property at 72nd and Colorado Blvd. in Commerce City. Recently, Nesbitt Development, along with its co-developer, Brinshore Development, secured Low Income Housing Tax Credits through Colorado Housing and Finance Authority, which will provide the largest amount of funding for the project and help leverage additional financing.
“One of the high points of my career was when I got the call that the development was going to receive the tax credits. That was an exciting day, virtually brought a little tear to my eye, just knowing that this is going to happen. Now I’m going to be able to help so many people. I’m going to help with this low supply of affordable housing,” said Nesbitt.
South Platte Crossing was acquired by ULC in 2018 to preserve critical space along a quickly developing transit corridor. It already hosts affordable office space for nonprofits and other mission-minded organizations, and because it’s walking distance from the 72nd Avenue and Colorado Boulevard station on RTD’s commuter line, it’s an important location for an affordable housing development.
“I’ve always known in my heart of hearts that this is such a good development,” said Nesbitt. “Being in Commerce City, which lacks affordable housing; and being right on the rail commuter rail station there at 72nd Street, two stops away from Union Station downtown—. it was too good of a site not to be considered [for affordable housing].”
ULC is excited to continue partnering with Nesbitt Development, and we can’t wait to see what’s next from Mr. Nesbitt.
To learn more about Nesbitt Development, click here, and to learn more about Eric Nesbitt, click here.