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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

Multifamily has been big business in Denver and throughout the state. Submarket reports PAGE 6 Why the design aesthetics of downtown Denver need reexamined. Development trends PAGE 20 Value-add properties provide steady growth for investors and developers. Apartment investing PAGE 17

Photo courtesy: Medici Communities

Evans Station Lofts is one of many developments to take advantage of the Denver TOD Fund.

Please see Page 18

January 2015

Denver’s TOD Fund gets regional expansion