The Urban Land Conservancy has used its new loan fund to purchase more property, with plans to house nonprofit and local government offices and develop affordable housing.
In a statement Wednesday, the real estate nonprofit said it had partnered with Adams County and Commerce City to buy the old Adams County Human Services building. For $3.8 million, ULC will own and operate four floors while Adams County will own and operate two floors and the basement. The six-story building at 7190 Colorado Boulevard is across from the East 72nd and Colorado Boulevard station on RTD’s planned N Line.
The building now dubbed South Platte Crossing, which has been vacant for just over a year, will house nonprofit organizations and services including the Tri-County Health Department, the Department of Motor Vehicles and a community food bank. ULC also plans to set aside one acre of the 4.5-acre site and work with a developer to construct up to 70 units of permanently affordable rental housing or a for-sale affordable housing development.
It’s ULC’s first property in Commerce City. The announcement came the week Adams County officials held a symposium bringing together nonprofits and municipal and county officials to discuss how to better support low-income families.
“The acquisition of South Platte Crossing directly aligns with ULC’s mission to make strategic real estate acquisitions for long term community benefit,” Aaron Miripol, ULC’s president & CEO, said in a statement. “We are excited about growing our partnership with the city and Adams County to preserve additional affordable space for service providing organizations and create opportunities for new attainable housing options.”
The ULC purchase was made with funds from the Metro Denver Impact Facility, which was launched last month by ULC, FirstBank, Colorado Health Foundation, The Denver Foundation and Colorado Housing and Finance Authority. The facility is a revolving loan fund for ULC projects. The first purchase, announced when the fund was launched, was the Harlan Nonprofit Center, a Lakewood office building that houses the headquarters of Lutheran Family Services, a dental practice and a law firm specializing in education and civil rights law. The ULC spent $3.69 million for Harlan.