Medici Communities and Urban Land Conservancy Open $12.35M Affordable TOD
- Aug 26, 2013
Denver—The Urban Land Conservancy (ULC) and Medici Communities LLC have opened an affordable, transit-oriented development at the Evans Light Rail Station in Denver. The community, called Evans Station Lofts, cost $12.35 million.
Evans Station Lofts, a five-story building with 50 units, includes one- and two-bedroom units with rents that range from $380 to $850 a month. Apartments all have 10-foot ceilings.
Amenities include a community with laptop computers and free Wi-Fi, an exercise room, a rooftop barbecue area and a shared car for hourly rental. Additionally, there is 10,000 square feet of commercial space. The first tenant of the commercial space is local nonprofit Kim Robards Dance.
ULC originally purchased the community in June 2011 for $1.2 million using Denver’s Transit Oriented-Development Fund. In May 2012 ULC sold the land to Medici for the Evans development, which was awarded $1 million in annual low-income housing tax credits from the Colorado Housing and Finance Authority.
“This development shatters the stereotype of mixed-use affordable housing and is a powerful example of how nonprofits, the public sector and for-profits can positively incorporate new transit-oriented development into an established neighborhood,” Aaron Miripol, president and CEO, ULC, says.