Transit-Oriented Affordable Housing Development to Break Ground at Evans Light Rail Station
- Jun 07, 2012
The Urban Land Conservancy has sold a parcel of land at the Evans Light Rail Station for the construction of a mixed-use, transit-oriented development. The one-acre property, located along Denver’s Southwest light rail corridor at 2140 S. Delaware St., was originally acquired by the ULC in June 2011 through Denver’s Transit-Oriented Development Fund.
The $15 million TOD Fund was created in April 2010 to preserve land in proximity to transit stations for future affordable housing development.
Medici Communities LLC will be the developer of the Evans Station Lofts—a five-story development that will feature 50 apartments and 7,100 square feet of commercial/retail space. The Colorado Housing and Finance Authority awarded low-income housing tax credits to Medici Communities for the project in 2011.
The development, which is scheduled to break ground this month, will offer affordable homes to families with incomes ranging from 30 to 60 percent of the Area Median Income.
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 announcement came just days after the ULC sold a 0.86-acre parcel of land at West Colfax Avenue and Irving Street to the city and county of Denver for the development of a new public library. The property was sold for $985,000, which will be added to the TOD Fund for acquiring and preserving additional real estate properties.
Illustration Courtesy of: www.urbanlandc.org
For more market data on Denver, please click here.