Urban Land Conservancy Acquires Affordable TOD
- Mar 19, 2013
Denver—The Urban Land Conservancy (ULC) recently made its largest land purchase and acquisition using Denver’s $15 million Transit-Oriented Development Fund. The Piton Foundation, Gary Community Investment Company (GCIC), City of Denver and the U.S. Department of Housing and Urban Development (HUD) partnered with ULC to make the purchase—9.4 acres at Smith Road and Colorado Boulevard in Northeast Park Hill in Denver. ULC will use the property, called Park Hill Village West to build 156 permanently affordable apartments.
“ULC will be conducting outreach to community stakeholders to determine the most important needs that should be incorporated into the site,” Debra Bustos, director of real estate, ULC, tells MHN. “Our focus is to create a community that will positively impact the surrounding neighborhoods, and capitalize on the close proximity to transit. Phase one will be the development of affordable homes, and future phases could include assets that will address health and education needs along the East Corridor of metro Denver.”
According to Bustos, Park Hill Village West will be a four-story story housing development, which will include a 10,000 square foot community area. The community will feature one-, two- and three-bedroom apartments.
ULC is working with its partners to ensure that community development will occur near the commuter rail line. Park Hill Village West is located at the 40th/Colorado station on the East rail line of FasTracks, which is expected to open in 2016. Piton has developed this commuter rail to travel through areas of Denver that are home to nearly 35,000 children in poverty.
“Not only will 156 new affordable homes be built at this rail station, ULC sees this as a model for community-driven real estate development,” Bustos says. “Our partnership with the City of Denver and HUD provides the opportunity for new housing, and Piton and GCIC will work with us to address a variety of community needs, making this a truly transformational development.”
ULC acquired Park Hill Village West for $6 million, $3.7 million of which was from Denver’s TOD fund. Park Hill Village West is the eighth transaction ULC has made using the fund since it was first funded in 2010. These acquisitions have preserved or created 625 transit-oriented affordable homes.