ULC brings $70 million investment along new rail line

The Urban Land Conservancy is bringing more than $70 million in economic investment the W Line, the new light-rail line that opened last week. 

The nonprofit ULC has been buying real estate along the W Line for over six years, knowing that affordable housing and other community assets are critical of successful public transit buildout.

"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," says Aaron Miripol, president and chief executive of ULC.

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

• Jody Apartments next to the Sheridan Station. ULC bought the property in December 2007 in partnership with NEWSED for $3.5 million and now has 62 units of affordable apartments on two acres. The complex will be redeveloped at a higher density under Denver’s new zoning code, preserving and creating permanently affordable housing in a mixed-use setting. Residents will not be displaced and can remain in the community. The projected value of the project is $25 million.

• Mile High Vista at Colfax and Irving Street is located within a quarter mile of both the Knox and Federal/Decatur stations. ULC purchased the two-acre parcel in March 2011 for $2.14 million. The City and County of Denver bought 0.84 acres of the site the following year to build a new public library. Del Norte acquired 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 project is estimated at $30 million.

• 11th Avenue TOD is next to the Sheridan Station at 11th Avenue and Sheridan Boulevard. The 0.83j-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 projected value of the project is $10 million.

• Villas at Wadsworth Station at 1330-1337 Yukon St. in Lakewood. ULC preserved 100 units of existing affordable housing when it bought the site in December 2012 for $7 million. The 2.36-acre property is 50 feet from the Wadsworth Station.

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