Construction Underway on Transit-Oriented Affordable Housing Project
- Aug 22, 2012
The Urban Land Conservancy and Medici Communities LLC broke ground on a new affordable housing project using Denver’s Transit-Oriented Development Fund. Located at the Evans Light Rail Station in south Denver, the Evans Station Lofts will bring 50 new affordable rentals to the Denver market. The TOD Fund was used by ULC to acquire seven properties, but the Evans Station Lofts will be the first TOD Fund project currently under construction to create new affordable housing in Denver.
As previously reported by Multi-Housing News, the site located at 2140 S. Delaware St. was acquired in June 2011 by ULC for $1.2 million using the TOD Fund—a fund created to preserve land located near transit stations for workforce housing. The site was then sold to Medici, which was awarded $1,045,505 million in annual low-income housing tax credits from the Colorado Housing and Finance Authority.
At the time, ULC’s President & CEO Aaron Miripol said: “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.”
The five-story development will feature 50 apartments and 7,100 square feet of commercial/retail space. The development will offer affordable homes to households with incomes ranging from 30 to 60 percent of the Area Median Income. Troy Gladwell, founder and principal at Medici Communities, said in a press release: “With rents in Denver growing at some of the fastest rates in 10 years and vacancy rates at their lowest levels, this project will be an important asset for Denver residents.”
Construction of the Evans Station Lofts is expected to be completed in late spring 2013.
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