| Overland |
|
Medici Communities began construction last month on a 50-unit workforce housing complex – Evans Station Lofts – to be located adjacent to the Evans light rail station, just south of Evans Ave. on Delaware St. This development will include 50 affordable rental units and 7,100 square feet of commercial/retail space. While the Urban Land Conservancy (ULC) has utilized a Transit Oriented Development (TOD) Fund to acquire seven properties for future development of workforce housing projects, Evans Station Lofts represents the first such effort to actually break ground. In June 2011, ULC purchased the property at 2140 S. Delaware St. for $1.2 million using the TOD Fund, then sold it to Medici in May 2012. Construction is expected to be completed in late spring 2013 with residency that summer. The apartments – aimed at individuals or families earning $16,700-$42,840 – will be one and two bedrooms with rents ranging $380-$850 per month. The Denver TOD Fund is a partnership between ULC, Enterprise Community Partners, the City and County of Denver and several other investors, who joined together to establish the first affordable housing TOD acquisition fund in the country. For information, call 303-623-3995 or visit medicicommunities.com. |