Big plans along FasTrack’s W line

ULC spent almost $14 million acquiring the properties to assure that affordable. Housing and other community services would be available along the line.

ULC used the $15 million TOD Fund to purchase two of the four properties they own along the W Line, which ultimately will include about $70 million in new developments.

Drawing of planned new library at Colfax and Irving.

When built-out, the sites will include more than 600 units of housing, 400 which will be affordable; more than 50,000 square feet of commercial space; and a Denver Public library.

“Each new rail line is a catalyst for transit-oriented development in metro Denver and ULC has been very strategic in our real estate investments and partnerships and stewardship on the W Line, maximizing and leveraging resources to increase economic opportunities for low-income families, seniors and the community as a whole,” said Aaron Miripol, president and CEO of ULC.

ULC’s four W Line property purchases and their projected development values are:

• Jody Apartments: This site, next to the Sheridan Station, was purchased in December 2007 in partnership with NEWSED for $3.5 million and currently has 62 units of affordable apartments on two acres. Jody will be redeveloped at a higher density level under Denver’s new zoning code (C-MX-8), preserving and creating permanently affordable housing in a vibrant, mixed-use setting. Because the Jody Apartments will be rebuilt in the same area, residents will not be displaced and can remain in the community. The value of the projected development at this site is $25 million.
• Mile High Vista: At West Colfax Avenue and Irving Street within a quarter of a mile of both the Knox and Federal/Decatur stations, this two-acre parcel was purchased in March 2011 for $2.14 million. The City and County of Denver purchased 0.84 acres of this site the following year to build a new Denver public library. Del Norte purchased a portion of the site to build 80 affordable homes and 10,000 square feet of community space. ULC is the master developer, completing infrastructure on the entire site and retains land planned for a 20,000 square-foot commercial building. The value of the projected development at this site is $30 million.
• 11th Avenue TOD: Next to the Sheridan Station at West 11th Avenue and Sheridan Boulevard, this 0.83 acre site was purchased for $350,000 in July 2012. ULC is partnering with Rocky Mountain Communities to develop 58 affordable senior housing units. The value of the projected development at this site is $10 million.
• Villas at Wadsworth Station: At 1330-1337 Yukon St. in Lakewood, ULC preserved 100 units of existing affordable housing when it purchased this site in December 2012. The 2.36 acre property is 50 feet from the Wadsworth Station and was purchased for $7 million.

ULC, a nonprofit organization established in 2003, uses real estate as a tool to enrich urban communities. In much the same way that a land trust preserves open space for future generations, ULC preserves real estate assets in urban areas to ensure their continued community benefit.For more information, please visit Urban Land Conservancy.