DENVER, May 31, 2012 — The Urban Land Conservancy (ULC) today announced the sale of property at the Evans Light Rail Station along Denver's Southwest light rail corridor for the construction of a much-anticipated, mixed-use, transit-oriented development that will include 50 workforce housing apartments.
ULC originally purchased the one-acre property at 2140 S. Delaware Street in June 2011 using Denver's Transit-Oriented Development (TOD) Fund. The $15 million TOD Fund was created in April 2010 to preserve land near transit stations for the creation of affordable housing. Housing and transportation often make up 60% of low-income household expenses. This new development, so close to a light rail station, will provide residents with easy access to transportation, jobs, education and other services.
"We are excited to see the goals of the TOD Fund come full circle," commented ULC's President & CEO Aaron Miripol. "ULC purchased and held a terrific site in an underutilized area for an experienced development partner to bring a high-quality residential building. It is rare that we see this kind of lead-in development at an existing station site."
To be called Evans Station Lofts, the property will be a five-story development including 7,100 square feet of commercial/retail space and 50 apartments. The affordable homes will serve households with incomes ranging from 30 to 60 percent of the Area Median Income (AMI); for example, a family of three earning between $21,450 and $42,840 of annual income. The developer, Medici Communities LLC, was awarded low-income housing tax credits (LIHTC) for this project in 2011 from Colorado Housing and Finance Authority. The LIHTC program provides the private market with an incentive to invest in the development of affordable rental housing.
"This project is very exciting for us, "says Medici Communities CEO & President Troy Gladwell. "It is a pleasure to work on a development of such significance for the residents and families that will live here, as well as provide an economic boost to the surrounding community."
The development is expected to break ground in June 2012 and open in spring 2013.
Established in 2003, Urban Land Conservancy is a nonprofit that acquires, preserves and develops real estate for urban assets such as workforce housing, affordable nonprofit office space, community centers and schools. http://www.urbanlandc.org
Medici Communities was founded in 2002 with the goal of creating affordable housing developments that benefit neighborhoods and neighbors citywide. http://www.medicicommunities.com
Contact:
Christi Longsdorf, Urban Land Conservancy
303.377.4477 x20
Email
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