Urban Land Conservancy

Last updated
Urban Land Conservancy
Formation2003
FocusAcquire, develop and preserve real estate in urban areas for community benefit
Headquarters Denver, CO
Location
Area served
Denver metro area
CEO, President
Aaron Miripol
COO
Aaron Martinez
CFO
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]

Contents

History

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]

Practices

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]

Funding

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]

Denver Transit Oriented Development Fund (TOD)

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 Facility Fund

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]

Metro Denver Impact Facility (MDIF)   

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]

Properties

NameDescriptionTypeNeighborhood
South Platte CrossingSix story office building located 1/4 mile from the 72nd Avenue and Colorado Boulevard station on RTD's N Line Commuter Rail.Nonprofit Facility SpaceCommerce City 
Oxford VistaFormerly Excelsior Youth Center, Oxford Vista is a 31-acre campus currently housing Americorps NCCC Southwest Headquarters. Nonprofit Facility Space   Aurora   
Harlan Nonprofit Center29,000 square foot nonprofit building serving 30,000 individuals annually.    Nonprofit Facility Space   Lakewood   
Holly ParkSix-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 CommonsFuture 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 TrainVacant site adjacent to Tramway Nonprofit Center. Will be developed to include affordable housing and potential community use   Affordable Housing   Cole   
ArtWay NorthMulti-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 SchoolFirst 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 Foundry44,000 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 Tower35,000 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.
LandWestwood   
Curtis Park Nonprofit & Community CenterThe Nonprofit Center houses six organizations. ULC sold the Community Center to Family Star Montessori.   Nonprofit Facility Space & School   Curtis Park   
11th Avenue TODLand adjacent to Sheridan Station. ULC is land banking property for future transit-oriented development. Affordable Housing   Villa Park 
Villas at Wadsworth StationOne hundred units of affordable apartments along a transit corridor.   Affordable Housing   Lakewood   
Mile High VistaMulti-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 LoftsSixty-six units of permanently affordable housing near Blake Station.Affordable HousingFive Points   
Evans Station LoftsEvans 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 10ULC 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 ApartmentsULC 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 ApartmentsULC 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 SquareULC 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 ClubNonprofit 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 Downtown12,500 square foot parking lots at the 2000 block of Glenarm. ULC sold ownership of these lots in 2017.   Affordable HousingFive Points   
Tramway Nonprofit CenterAffordable 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 HousingLakewood   
Habitat for Humanity of Metro DenverULC 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 StationDevelopment 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   

Partnerships

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:

See also

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