John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... 
Colorado Coalition purchased this Gateway building.
It’s full circle for two well-respected Denver-based nonprofits.
The Colorado Coalition for the Homeless has paid $1.425 million for an 18,649-square-foot, 40-unit transitional housing center that formerly was a motel.
The seller of the former Budget motel on 1.7 acres near East 40th avenue and Colorado Boulevard was the Urban Land Conservancy. The conservancy did not make any money on the transaction.
The ULC bought the property, now called Gateway, in 2006 at the request of CCH, which wanted it to provide transitional housing services to Denver’s homeless families along high-frequency bus routes and the future East Rail Commuter Line of FasTracks.
CCH has been leasing the property from ULC since 2006, but the idea was always to sell it to the CCH. Earlier, the ULC did a similar deal with the Tennyson Center for Children in northwest Denver.
Gateway and the Tennyson Center are examples of part of the ULC’s mission to preserve urban assets in order to maintain or redevelop them for community benefit. In addition to leasing Gateway, CCH used it as a model for similar centers that provide services to more than 350 residents and families each year.
“ULC is honored to be working with CCH, a national leader in homelessness prevention and housing services,” said Aaron Miripol, CEO and President of ULC. “We are thrilled to have played a role in the short term so CCH could develop a transitional housing model and provide stability to hundreds of families. Now that CCH has purchased Gateway, ULC will recycle these funds into other properties and projects to benefit communities.”
The Gateway property was an inspiration for the creation of Denver’s Transit-Oriented Development Fund, a $15 million fund designed to preserve and create more than 1,000 affordable homes along major transit corridors by 2020.
Low-income households spend an average of 60 percent of their gross income on housing and transportation expenses combined. By controlling these expenses and providing quality affordable housing choices with easy access to transit, families are able to build wealth and access employment and educational opportunities.
Since the TOD Fund closed in April of 2010, ULC has acquired six properties along rail and high frequency bus lines, drawing the fund down by $9 million, and has preserved or created 400 affordable homes.
About ULC
ULC is a nonprofit organization established in 2003 that uses real estate as a tool for community benefit. This includes land banking as well as providing the capital, resources and coordination that a nonprofit or governmental entity may not have readily available when time-sensitive land opportunities arise. ULC has invested in 15 properties in the Denver area to date including vacant land near transit stops, existing affordable housing, multi-tenant nonprofit centers and historic buildings. To learn more, please visit this link.
Contact John Rebchook at JRCHOOK@gmail.com
