John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Tennyson Center for Children today purchased its city block operation at West 29th Avenue and Tennyson Street in northwest Denver from the non-profit Urban Land Conservancy . The center paid the same price that the ULC paid five years ago to save the center. In other words, the ULC did not seek to make a profit on the sale.
The ULC is a supporting organization of The Denver Foundation. Based on an innovative model in which ULC purchases urban assets in order to maintain, preserve or redevelop them for community benefit, ULC purchased the one-block, 4.12 acre campus in April 2005 for $4.45 million and has now re-sold it to TCC for that same amount.
Saved at the 11th hour
In 2005. TCC received two weeks’ notice that its property was being put up for auction when its parent organization filed for bankruptcy, threatening the ability of TCC to continue its 100-year tradition of providing treatment services and a school for abused and neglected children.
Founding members of ULC oversaw the purchase of the TCC property at the auction. ULC then leased the property back to TCC with a 30-year lease so that operations could continue uninterrupted and without fear of further instability about the property.
In order to complete the current transaction, TCC implemented a successful capital campaign which is still in progress. A bridge loan will be used until the full $4.45 million goal is achieved. Although ULC’s lease terms were generous, today’s closing will save TCC $26,000 monthly by alleviating monthly rent payments which can be redirected to serve the children.
Rent savings
“We still have a lot of work to do, but it is wonderful to have full ownership of the property,” said Bob Cooper, president and CEO of TCC. “We will need to continue to work hard to raise the final dollars needed, but ownership will mean that funds previously spent on rent can now go to direct services for our children.”
TCC agreed as part of the purchase that for 89 years, if TCC sells the property, it will be sold to another non-profit entity with an education-focused mission.
“The purchase and preservation of Tennyson was completed without taxpayer dollars and is a great example of how ULC maintains vital community real estate,” said Aaron Miripol, CEO and president of ULC. “Our work with TCC is a positive homegrown model for nonprofit real estate relationships. Based on the success with Tennyson, we are looking to expand on this model with other nonprofits.”
The Urban Land Conservancy is a nonprofit organization that uses real estate as a tool to benefit urban communities. ULC purchases, preserves and develops land for urban assets such as workforce housing, nonprofit office space and schools. ULC currently has partnered in 11 real estate transactions which include the Phillips Center, which provides nonprofit office space in the Cole neighborhood; the Jody Apartments next to the future Sheridan light rail station in west Denver; and the former Holly Shopping Center in Park Hill. For more information: www.urbanlandc.org.
Tennyson Center for Children works with children, youth and their families to overcome a variety of life crises including abuse and neglect. TCC is also a leading force within the Rocky Mountain region in the fight to end child abuse. For more information: www.childabuse.org.
