DENVER, Aug. 25, 2011 /PRNewswire/ -- The Urban Land Conservancy (ULC) purchased its fifth property for $1.35 million using Denver's Transit-Oriented Development (TOD) Fund on Tuesday, a unique fund specifically set up with ULC, Enterprise Community Partners, City and County of Denver and other investors, to acquire and preserve land for workforce housing near light rail stops and high frequency bus routes.
Villa TOD Apartments is a mixed-use property located at 900 to 926 W. 10th Avenue, in the heart of the Santa Fe Arts District and includes 16 units of affordable apartments, four commercial office spaces and an auto body shop. Built in the 1920s, this .31 acre site is within five blocks of the Osage Light Rail Station located at 10th Avenue and Osage Street.
"The preservation and structural improvement of Villa TOD will boost the health of the neighborhood by providing workforce housing, affordable office space for neighborhood programs and will create local jobs," said Aaron Miripol, President and CEO of ULC.
ULC plans to partner with NEWSED, a nonprofit Community Development Corporation, and Denver Inner City Parish (DICP), a human services organization, for the long-term management and use of the property. Located across the street from Villa TOD, NEWSED has developed and operated properties along the Santa Fe corridor for 37 years. ULC and NEWSED have previously partnered on the preservation of the Jody Apartments at 11th Avenue and Sheridan Boulevard and a nonprofit center at 1029 Santa Fe Drive.
"NEWSED C.D.C. supports ULC's property acquisition activities in TOD areas and we look forward to another possible partnership with ULC at Villa TOD. NEWSED's long-term efforts to revitalize the Santa Fe business corridor will benefit by this new project," said Veronica Barela, President & CEO of NEWSED.
DICP has worked in the La Alma/Lincoln Park neighborhood for over 50 years operating wrap-around services programs in education, food, job training and re-entry. DICP is looking to expand their services to include housing assistance; this facility will be a natural extension of their current service area and will allow them to fill a vital need in west Denver.
"We are looking forward to being a partner in this community asset long-term," said Todd Clough, Executive Director of DICP. "Being able to provide housing services to our community is something we are really excited about."
Rent at the current site serves households at or below 40 percent Area Median Income (AMI). ULC is committed to preserving the property as workforce housing and will follow the TOD Fund mandate that residential rates are at or below 60 percent AMI, with approximately 15 percent of units serving households at or below 30 percent AMI.
Established in 2003, Urban Land Conservancy is a nonprofit organization that uses real estate as a tool to benefit urban communities. ULC acquires, preserves and develops land for urban assets such as workforce
housing, nonprofit office space and schools. For more information, go to http://www.urbanlandc.org.
Christi Longsdorf, Urban Land Conservancy
SOURCE Urban Land Conservancy