This article contains content that is written like an advertisement .(May 2019) |
Formation | 2003 |
---|---|
Focus | Acquire, develop and preserve real estate in urban areas for community benefit |
Headquarters | Denver, CO |
Location | |
Area served | Denver metro area |
CEO, President | Aaron Miripol |
Aaron Martinez | |
Brad Dodson | |
Dawn Burkhardt, Bill Ryan. Rob Holway, Matthew Barry, Creighton Ward, Tim Howard, Grant Swanson, Tracy Winchester, David Younggren | |
Website | https://www.urbanlandc.org/ |
Urban Land Conservancy (ULC), a Denver-based nonprofit established in 2003, that acquires and develops real estate assets. ULC targets properties to address issues of affordable housing and equitable access to essential services. [1]
Urban Land Conservancy was established in 2003 with capital from the Gary-Williams Energy Corporation through the Piton Foundation, a philanthropic organization founded by Sam Gary. [2] [3]
ULC focuses on the acquisition and preservation of real estate for nonprofit and community organizations, addressing housing needs as well as educational and childcare needs. [4]
ULC utilizes a variety of real estate practices, including land banking and the practice of acquiring parcels of land for future development. [5] [6] They also use a community land trust (CLT) model with a 99-year, renewable ground lease to circumvent the expirations imposed by the city and federal Low-Income Housing Tax Credits (LIHTC). [7] When they identify a development partner, a 99-year ground lease is signed with an automatic 99-year renewal for a total of 198 years. [8]
The Urban Land Conservancy has partnered with a variety of organizations to raise funding for land development along with receiving money from the Low-Income Housing Tax Credit and the Colorado Housing and Finance Authority, both of which provide funding for affordable housing programs. [9] [10]
ULC, Enterprise Community Partners and the City and County of Denver partnered to establish the nation's first Transit Oriented Development fund. [11] The revolving loan fund makes capital available to acquire and hold land for the development or preservation of affordable housing for up to five years along current and proposed transit corridors. [12]
The TOD fund was created to develop and preserve 1,000 affordable homes along current and future transit corridors in Denver. Sites purchased through the fund are within one-half mile of fixed-rail transit stations or one-quarter mile of high-frequency bus stops.
The Urban Land Conservancy made the initial equity commitment of $1.5 million to the TOD fund and leads real estate acquisition, management, and disposition of assets to housing providers to meet the priorities of the fund. [13]
Calvert Impact Capital created the fund under the name Ours to Own, which focuses on preserving real estate in urban centers for schools, community spaces, and affordable commercial spaces for nonprofits. $5.1 million was raised from hundreds of individual investors in the Denver region in the first two years of Ours to Own. [14] In addition to small individual investments, the fund received investment from the Piton Foundation, Gary Community Investments, Colorado Health Foundation, The Colorado Trust, and The Denver Foundation. In 2014, ULC partnered with Calvert Impact Capital to invest $10 million towards the purchase of three real-estate assets that support over 20 nonprofit organizations. [15]
ULC, in partnership with FirstBank, The Colorado Health Foundation (CHF), The Denver Foundation (TDF) and the Colorado Housing and Finance Authority (CHFA), created the MDIF as a revolving door fund in order to invest in land projects in the Denver area. [16] ULC is the sole borrower, and was responsible for creating the development plan and permanent financing structure. ULC also managed the condition of properties and where feasible, retained ownership interest as part of a community land trust. [17]
Name | Description | Type | Neighborhood |
---|---|---|---|
South Platte Crossing | Six story office building located 1/4 mile from the 72nd Avenue and Colorado Boulevard station on RTD's N Line Commuter Rail. | Nonprofit Facility Space | Commerce City |
Oxford Vista | Formerly Excelsior Youth Center, Oxford Vista is a 31-acre campus currently housing Americorps NCCC Southwest Headquarters. | Nonprofit Facility Space | Aurora |
Harlan Nonprofit Center | 29,000 square foot nonprofit building serving 30,000 individuals annually. | Nonprofit Facility Space | Lakewood |
Holly Park | Six-acre site of future affordable for-sale townhomes in Westminster. Westminster Economic Development Authority, the prior owner, chose to partner with ULC and Elevation Community Land Trust (ECLT). | Affordable Housing | Westminster |
Inca Commons | Future development of 92 new condominiums, at least 86 to be permanently affordable for households earning $40,000 to $72,000 annual income. Property will include 4,000 square feet of commercial space. | Affordable Housing | Lincoln Park |
Cole Train | Vacant site adjacent to Tramway Nonprofit Center. Will be developed to include affordable housing and potential community use | Affordable Housing | Cole |
ArtWay North | Multi-phase development is adjacent to RTD's 40th & Colorado Station. Denver's Transit Oriented Development (TOD) Fund and program-related investments from the Piton Foundation and Gary Community Investments financed the acquisition. ULC partnered with DelWest for the first phase of development to construct 156 units of affordable housing. The multi-phase development stages will eventually produce over 400 housing units and 80,000 square feet of commercial space. | Affordable Housing | Northeast Park Hill |
Race TOD | Phase one includes 150 units of permanently affordable housing and 30,000 square feet of commercial space. | Affordable Housing | Elyria-Swansea |
New Legacy Charter School | First high school for pregnant and parenting teens in Original Aurora. ULC purchased a 22,000-square-foot building for $675,000. ULC paid for construction and demolition and leased the building back to the school. | School | Aurora |
Social Enterprise Foundry | 44,000 square feet of warehouse space. ULC financed the purchase with support from the Denver Office of Economic Development and the Calvert Facility Fund as part of the Ours To Own initiative | Nonprofit Facility Space | Sun Valley |
Mountain View Nonprofit Tower | 35,000 square foot building houses over 15 nonprofit tenants. ULC financed the purchase through the Calvert Foundation's Facility Fund as part of the Ours To Own Initiative. | Nonprofit Facility Space | North Capitol Hill |
Thriftway Property | ULC purchased the vacant Thriftway building in 2014. ULC started working directly with Westwood Unidos, a resident-led neighborhood collaborative. ULC completed the construction of an interim pocket park and futsal court on the property. Long term plans for the site are to create a beneficial development to directly address the needs of the community. | Land | Westwood |
Curtis Park Nonprofit & Community Center | The Nonprofit Center houses six organizations. ULC sold the Community Center to Family Star Montessori. | Nonprofit Facility Space & School | Curtis Park |
11th Avenue TOD | Land adjacent to Sheridan Station. ULC is land banking property for future transit-oriented development. | Affordable Housing | Villa Park |
Villas at Wadsworth Station | One hundred units of affordable apartments along a transit corridor. | Affordable Housing | Lakewood |
Mile High Vista | Multi-phase development includes Rodolfo “Corky” Gonzales Denver Public Library, and Avondale Apartments, 80 affordable housing units. | Affordable Housing and Public Library | West Colfax |
Walnut Street Lofts | Sixty-six units of permanently affordable housing near Blake Station. | Affordable Housing | Five Points |
Evans Station Lofts | Evans Station Lofts are adjacent to the Evans Light Rail Station, along RTD's C and D lines. A five-story development includes 50 units of affordable housing units and 7,100 square feet of commercial space. | Affordable Housing | Overland |
Santa Fe 10 | ULC purchased a .31 acre property in August 2011 for $1.35 million, preserving 16 units of affordable housing and 7,400 square feet of commercial space. | Affordable Housing | Lincoln Park |
Garden Court Apartments | ULC acquired a vacant 1.5-acre parcel for $1.3 million in 2010, which ultimately became home to the Garden Court Apartments at Yale Station. Denver's Transit-Oriented Development (TOD) Fund financed the acquisition. The apartments are adjacent to the Yale Light Rail Station, along RTD's E and F lines. | Affordable Housing | University Hills |
Dahlia Apartments | ULC acquired the property located at 33rd & Dahlia in December 2009. The property consists of six buildings. This property was the first to utilize the Denver Transit Oriented Development Fund (TOD Fund) financing. | Affordable Housing | Northeast Park Hill |
Holly Square | ULC purchased the property after gang-related arson burned down the Holly Square Shopping Center. ULC partnered with HARP to redevelop the community hub. Today, the site is home to Roots Elementary and a Boys & Girls Club. | Nonprofit Facility Space | Northeast Park Hill |
25th & Stout Land | Urban Land Conservancy acquired a piece of land at 25th and Stout through a real estate company donation. Due to zoning and community challenges related to the construction of the planned affordable town homes, ULC sold the property in 2015. | Land | Five Points |
St. Andrews Downtown | 12,500 square foot parking lots at the 2000 block of Glenarm. ULC sold ownership of these lots in 2017. | Affordable Housing | Five Points |
Tramway Nonprofit Center | Affordable office space housing 15 nonprofit organizations. | Nonprofit Facility Space | Cole |
Jody Apartments at 10th & Sheridan | 62 affordable apartments are owned and operated by NEWSED. ULC owns the land underneath. | Affordable Housing | Lakewood |
Habitat for Humanity of Metro Denver | ULC helped finance the acquisition of Habitat for Humanity of Metro Denver's Denver Home Improvement Outlet, by providing Habitat with a below market-rate bridge loan. | Bridge Loan | Baker |
Renaissance at North Colorado Station | Development of 103 units of affordable housing with supportive services such as financial literacy and employment assistance. | Affordable Housing | Northeast Park Hill |
Tennyson Center for Children (TCC) | TCC helps children experiencing severe trauma and neglect. ULC purchased one-block, 4.12 acre campus in April 2005 to help TCC avoid losing property in parent group's bankruptcy. ULC re-sold it to Tennyson Center for that same amount in 2011. | School | West Highland |
ULC has partnerships with both national and local non-profits, for-profits and public organizations. ULC is a member/partner of the following organizations and coalitions:
Redevelopment is any new construction on a site that has pre-existing uses. It represents a process of land development uses to revitalize the physical, economic and social fabric of urban space.
The Small Business Liability Relief and Brownfields Revitalization Act was signed into law by President George W. Bush on January 11, 2002. Brownfields are defined as, "A former industrial or commercial site where future use is affected by real or perceived environmental contamination." The Brownfields Law amended the Comprehensive Environmental Response, Compensation, and Liability Act by providing funds to assess and clean up brownfields, clarifying CERCLA liability protections, and providing funds to enhance state and tribal response programs. Other related laws and regulations impact brownfields cleanup and reuse through financial incentives and regulatory requirements.
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The Urban Land Institute, or ULI, is a global nonprofit research and education organization with regional offices in Washington, D.C., Hong Kong, and London. ULI aims to help its members and their partners build more equitable, sustainable, healthy and resilient communities.
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