CREJ - Multifamily Properties

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INSIDE
by Ryan Gager
Transit-oriented development is a
topic that’s been covered, and maybe
in some cases over covered, but as
long as Denver continues to expand
public transit, the TOD buzz remains
relevant to real estate professionals.
According to BradWeinig, TOD
program director at Enterprise Com-
munity Partners, in most urban
areas, including Denver, transporta-
tion is the second highest household
expense after housing. This realiza-
tion helped lead to the creation of
Denver’s TOD Fund in 2010, with the
purpose of creating and preserving
affordable housing along current
and future transit corridors in Den-
ver. Four years later, the fund is still
attempting to resolve Denver’s lack
of affordable housing in urban areas.
“Housing and transportation are the
two biggest expenses for individuals
as well as families,” saidWeinig. “So
you really can’t address one without
the other.”
To create the fund, Enterprise Com-
munity Partners collaborated with the
Urban Land Conservancy, Denver’s
Office of Strategic Partnerships and
Office of Economic Development,
as well as many local and national
foundations, banks and community
development financial institutions.
ULC also was an equity investor and
designated sole borrower of the fund.
ULC has proved the fund model with
eight successful acquisitions along
five rail corridors in Denver.
Not only will these investments
result in the development of more
than 600 units of affordable housing,
but also the developments include
well over 100,000 square feet of com-
mercial space and affordable non-
profit facilities as well as a new public
library.
With each development, ULC works
not only to build new neighborhood
assets, but also to create a sense
of community with new economic
development and job opportunities.
“We work closely with the commu-
nities we invest in to determine the
needs of the neighborhood and its
residents,” said Debra Bustos, vice
president of real estate with ULC.
“Once we understand what these
needs are, we focus on identifying
development partners that prioritize
these needs to construct something
that the community is really excited
about.”
The Evans Station Lofts, Avondale
Apartments at Mile High Vista and
Park Hill Station are a few of the suc-
cessful projects that exist because of
the TOD Fund.
The Evans Station Lofts is a five-sto-
ry building located at Evans Avenue
and Santa Fe Drive. The development
Photo courtesy: Medici Communities
Evans Station Lofts is one of many developments to take advantage of the Denver TOD Fund.
January 2015