Urban Land Conservancy makes largest land purchase to date

The Urban Land Conservancy has purchased 9.4 acres of land at Smith Road and Colorado Boulevard in northeast Park Hill to develop 156 permanently affordable apartments and additional assets.

The property, called Park Hill Village West, is in an area of northeast Denver where many families lack access to affordable housing, high-performing schools and quality healthcare. The project is located at the 40th and Colorado station on FasTracks' East Line.

"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," says Debra Bustos, director of real estate for ULC.

ULC is working in partnership with The Piton Foundation, the Gary Community Investment Company, the city of Denver and the U.S. Department of Housing and Urban development on the project.

It’s the largest land purchase ULC has made to date and the largest acquisition using Denver’s $15 million Transit-Oriented Development (TOD) Fund, the country’s first created specifically to preserve and develop affordable housing near public transit.

ULC financed $3.7 million of the $6 million acquisition using Denver’s TOD fund. The property is the eighth transaction ULC has made using the fund since it was capitalized in April 2010. The eight acquisitions have preserved or created 625 affordable homes along high-frequency bus and rail corridors.

Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.