Dec 21, 2016
RTD approves sale of its 29th and Welton site to City and County of Denver for future mixed-income condominiums
The Denver Office of Economic Development (OED) is leading an effort to spur the construction of affordable, for-sale housing at a vacant parking lot site owned by RTD at 29th and Welton St. The project received an initial green light last night, as the RTD Board of Directors granted the City and County of Denver the option to purchase the site for the future development of mixed-income condominiums.
“Collaboration is alive and well in Denver and because of our work with RTD we are making affordable homes a reality at TOD sites,” said Denver Mayor Michael B. Hancock. “It takes strategic, proactive efforts like this to put homeownership within reach of the hard-working residents of our great city.”
In early 2017, the OED will offer a competitive process to solicit developers to build a mixed-income condo project on the light rail corridor property. RTD will serve on the selection panel.
“By voting to sell this RTD parcel to the City of Denver to enable transit oriented development and affordable housing, the RTD Board of Directors is showing once again that we strongly support the entire community we serve,” said RTD Board Chair Tom Tobiassen.
Under the approved purchasing deal with RTD, the city can assign the site’s purchasing option to a developer. The final purchase price will be based on a fair market value appraisal of the property.
“RTD is proud to partner with Denver to help facilitate another transit oriented community. We are especially pleased that Denver will be making affordable housing a key focus for this location,” said RTD General Manager and CEO Dave Genova.
“Investing in affordable home ownership at transit sites underscores our JumpStart 2016 commitment to building economic mobility for Denver residents,” said OED Executive Director Paul Washington. “We’re proud to partner with RTD to support mixed-income development along the Welton corridor, which in turn will boost light rail ridership through Five Points and the connecting transit system. We envision an exciting project at 29th and Welton, and we’re preparing to provide substantial gap financing to make this project viable.”
The 29th and Welton project represents the OED’s second recent effort at spurring the construction of new mixed-income condos. This fall, the city provided a $3 million loan to support land acquisition for a similar mixed-income project adjacent to the 41st and Fox Street commuter rail station. The project is slated for groundbreaking in 2017 by developer Confluence Cos.