The Urban Land Conservancy today announced the sale of property at the Evans Light Rail Station along Denver’s Southwest light rail corridor for the construction of a much-anticipated, mixed-use, transit-oriented development that will include 50 workforce housing apartments.
ULC originally purchased the one-acre property at 2140 S. Delaware St. in June 2011 using Denver’s Transit-Oriented Development Fund. The $15 million TOD Fund was created in April 2010 to preserve land near transit stations for the creation of affordable housing. Housing and transportation often make up 60 percent of low-income household expenses. This new development, close to a light rail station, will provide residents with easy access to transportation, jobs, education and other services.
“We are excited to see the goals of the TOD Fund come full circle,” commented ULC’s President & CEO Aaron Miripol. “ULC purchased and held a terrific site in an underutilized area for an experienced development partner to bring a high-quality residential building. It is rare that we see this kind of lead-in development at an existing station site.”
To be called Evans Station Lofts, the property will be a five-story development including 7,100 square feet of commercial/retail space and 50 apartments.
The affordable homes will serve households with incomes ranging from 30 to 60 percent of the Area Media Income. For example, a family of three earning between $21,450 and $42,840 of annual income, would typically qualify.
The developer, Lakewood-based Medici Communities , was awarded low-income housing tax credits for this project in 2011 from the Colorado Housing and Finance Authority. The LIHTC program provides the private market with an incentive to invest in the development of affordable rental housing.
“This project is very exciting for us, “says Medici Communities CEO & President Troy Gladwell. “It is a pleasure to work on a development of such significance for the residents and families that will live here, as well as provide an economic boost to the surrounding community.”
The development is expected to break ground in June 2012 and open in spring 2013.
Established in 2003, Urban Land Conservancy is a nonprofit that acquires, preserves and develops real estate for urban assets such as workforce housing, affordable nonprofit office space, community centers and schools.
Medici Communities was founded in 2002 with the goal creating affordable housing developments that benefit neighborhoods and neighbors citywide.
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“This new development, close to a light rail station, will provide residents with easy access to transportation, jobs, education and other services.”
Except, in Denver, you need a car.
You can’t take the train to go grocery shopping.
Driving to work usually takes much less time than public transit.
For many of us, it is undoubtably easier to get around by car than by transit in Denver. For us, it is an acceptable expense as well.
However, there are people who cannot afford a car, some who cannot drive a car for medical or other reasons, some who would just prefer to never drive a car, and those who really shouldn’t drive a car. Owning and operating a car is very expensive especially for the folks that this development is targeted toward. There is the potential for car sharing or a family can own less cars. People who rely on mass transit for getting around can purchase groceries along their commuting route (like the Alameda Station). They generally purchase it in smaller amounts and more frequently. Of course in cities with more transit options, there are smaller neighborhood grocery stores that they can shop at. This particular site is near the 0 and 21 bus lines and very close to the Broadway corridor which provides additional options. That doesn’t negate the advantage of having a car for grocery shopping, but the point is that there are trade offs and solutions.
While driving may take less time, most commuters downtown don’t need to drive and can save a lot of money by taking mass transit. This is especially true if your employer pays for the bus pass. If you calculate door-to-door times, for folks living adjacent to a light rail line, a commute downtown may be comparable. Then of course there is the added benefit of walking a little bit for some free exercise time. Also, while sitting on a train, a rider can read, or snooze, or study, or get ready for work, or just enjoy not being stuck in traffic with all the headaches associated with it.
Over time, more of these developments will generate a need for more available shopping options and things will invariably get better for the folks here.
Dave,
How does everyone eat in New York City?
They take mass transit to the grocery store or walk to a restaurant or bodega. Those options exist in Denver too.
If you live across the street from light rail and work downtown you can certainly get there quicker on light rail.
And save $80/month on parking!
I have several rental homes near the Evans Station, and half my tenants don’t use their car to get to work.
Kevin,
Eating in NY is not the issue. Having a soda might become problematic.
http://www.businessweek.com/ap/2012-05/D9V3UF483.htm
It’s exciting for this project to start. Most projects awarded tax credits from CHFA in the spring 2011 award list are already built, however this project took an extra year to get started, err, sold to the developer? The ground has yet to be broken…
What’s the story not being told in the press release above, and why didn’t this happen sooner? There are federal funds being spent, so as taxpayers we should care about this issue.
Dave,
I gave up my car for light rail about two years ago. I work downtown and get to snooze or read on the train plus morning and afternoon walks to the station. No more road rage, gas $, parking $, repair $ or traffic jams. Best thing I ever did to improve my quality of life. And as the infrastructure continues to grow (train to DIA, new Safeway by Randy Nichols near Union Station, etc.) it only gets better. You can still use your car for running errands and on weekends but you will save on insurance when you don’t use it for commuting.
So instead of coming to conclusions without any firsthand knowledge, why don’t you give it a try? You can actually sit and have a nice chat with a fellow commuter instead of flipping him the bird while behind the wheel.