The Urban Land Conservancy on Monday spent $1.7 million on 38th Street property along FasTracks’ future east corridor using Denver’s Transit-Oriented Development (TOD) Fund.
The TOD fund was set up with ULC, Enterprise Community Partners, City and County of Denver and other investors, to acquire and preserve real estate for workforce housing near light rail stops and high frequency bus routes.
The Blake TOD – the ULC’s sixth property acquisition – is a 1.4-acre property comprised of five parcels located at 38th Street and Walnut Street, is the first stop on RTD’s future East Corridor Commuter Line connecting Downtown Union Station to Denver International Airport. The property, which has been vacant for the past year, will be stabilized and eventually developed as a mixed-use site with an emphasis on affordable housing. Development on this site is expected to spark the Cole neighborhood with much-needed access to transit at the Blake Street Station at 38th Street and Blake Street, scheduled to open in early 2016.
“The purchase of the Blake TOD accomplishes exactly what was intended when the TOD Fund was created, which is to preserve real estate for workforce housing and other community uses near public transit,” said Aaron Miripol, President and CEO of ULC. “We are excited about the opportunity to help be a catalyst in Northeast Denver.”
ULC purchased Blake TOD to bank a strategic transit-oriented development site across the street from the East Corridor, Blake Street Commuter Rail Station, which is expected to be operational by early 2016.
Lower-income households spend an average of 60 percent of their gross income on housing and transportation expenses combined. By offering affordable housing near transit, families will be able to build wealth and access employment and educational opportunities.
“ULC has been an important community partner with Council District 8 in several other land purchases in the district, including the Holly Shopping Center, the Phillips Center and the Dahlia Apartments,” said Councilman Albus Brooks, council member for Council District 8 where the property is located. “As a resident of Cole and leader in this district, I have a particular interest and excitement for ULC’s current proposal for the 38th and Blake station. I look forward to our continued partnership as we move forward.”
Established in 2003, Urban Land Conservancy is a nonprofit organization that uses real estate as a tool to benefit urban communities. ULC acquires, preserves and develops real estate for urban assets such as workforce housing, nonprofit office space and schools. For more information, go to .
