ULC Spring 2015 Newsletter
Spring 2015 Update
Affordable Housing at Transit Oriented Development Sites Brings Significant Economic Impact
A 2015 research report conducted by Chief Economist Elliot Eisenberg, Ph.D., of the economic consulting firm GraphsandLaughs LLC, shows that building and rehabilitating subsidized rental apartments at transit sites in metro Denver generated $543 million in local income, over $54 million in tax and other revenue for local governments, and created 7,345 local jobs between 2009 and 2013.
ULC successfully acquired a 6 acre site in the Elyria Swansea neighborhood using the Calvert Foundation’s Facility Fund and with significant support and partnership with the City of Denver’s Office of Economic Development. Located along the North Metro Rail Line currently under construction, the site is anticipated to be a catalytic transit oriented development hub. ULC plans to create a mixed-use development incorporating affordable housing and other community assets.
Thanks to the tremendous work of neighborhood residents and stakeholders, and community investments from local nonprofits, the City of Denver, and private developers, Westwood is moving forward full-steam ahead with major community improvements. Last spring, the Colorado Health Foundation awarded Westwood Unidos a $1 million grant which is supporting improvements to the built environment and outdated infrastructure to support community walkability and physical activity.
Additionally, the tireless efforts of the community with support from 9to5, were rewarded when Bus Line #4 was reinstated, taking its first trip on May 11th. This new line will drastically improve resident’s access to jobs, health, education and services, saving many of them 40 minutes or more in transfers and walking time to get downtown.
Over $4 million in grant funding from the City of Denver Office of Economic Development has been awarded to various development plans in the neighborhood including Westwood Crossing,Terraza Del Sol, Westwood Food Cooperative, and ULC’s very own Thriftway. The developments will result in 140 affordable housing units, a 72,000 square foot food hub, and outdoor shared space complete with futsal court and community gardens!
Demolished Thriftway Building Site Ready for Redevelopment
Stay tuned for other Westwood events coming up such as BuCu West’s Annual ChiliFest where thousands enjoy live music, a chile contest, cultural performances, futsal, and local art stands every September.
ULC sold a 1 acre parcel to Koelbel and Company and Mile High Development to construct a new development to include 66-units of affordable workforce housing at the Yale Station. The newest project on the Southeast Line received over $1 million in tax credit allocations from Colorado Housing and Finance Authority. Construction is currently underway!
Rendering of Garden Court at Yale Station
Celebrate the Ours to Own 1 Year Anniversary!
It has been one year since the launch of the Ours To Own Campaign in Denver and we’d love for you to join us in celebrating! Through the Ours To Own Initiative, ULC has access to capital that supports the purchase of impactful real estate in the metro area that provides community benefit.