Urban Land Conservancy to deliver 60 affordable apartments in Commerce City via innovative community land trust DATE: JANUARY 3, 2024
South Platte Crossing apartments to provide at least 99 years of affordability
DENVER – RealEstateRama – Urban Land Conservancy (ULC), a Denver-based nonprofit, has secured the future development of 60 affordable apartment homes at South Platte Crossing in Commerce City through an agreement with Nesbitt Development and Brinshore Development. As part of ULC’s innovative approach to keeping affordable housing affordable, ULC will retain ownership of the land beneath the building as part of its community land trust.
The South Platte Crossing development will feature studio, one-, two- and three-bedroom homes in a four-story building at 72nd Avenue and Colorado Boulevard to be built, owned and operated by Nesbitt and Brinshore. ULC’s community land trust enables Nesbitt and Brinshore to pass their savings on to residents in the form of affordable rent, and allows ULC to ensure the building is used for community benefit for 99 years or more. Construction is expected to begin in early 2024.
“South Platte Crossing is the newest Urban Land Conservancy development collaboration that can improve the lives of Coloradans through long-term affordable real estate,” said Sarah Harman, senior vice president of real estate for ULC. “ULC recognizes the value in locating affordable housing close to services and transit, and so we believe South Platte Crossing is a place where residents can thrive while saving money on housing, transportation and other needs.”
South Platte Crossing apartments will be available to those making 30% to 80% of area median income (AMI), and is the first new development to be located in close proximity to the RTD N Line’s Commerce City / 72nd Avenue Station. The site is adjacent to the South Platte Crossing office building, partially owned by ULC since 2018. The office building includes nonprofit health care clinics, along with other nonprofits and municipal service providers.
The Denver-based, Black-owned, affordable-housing development firm Nesbitt selected national affordable-housing developer Brinshore as a partner on this project. This will be Nesbitt’s first and Brinshore’s fifth affordable apartment development in the Denver metro area.
“Commerce City, like the rest of Colorado, is in need of affordable housing,” said Eric Nesbitt, principal of Nesbitt Development. “This development is an opportunity to support residents of Commerce City who are feeling the strain of housing costs yet want to stay rooted in their community.”
“Brinshore is extremely excited to work on another transit-oriented development with ULC and our partner, Nesbitt Development, to bring balanced revitalization to Commerce City,” said David Brint, Brinshore principal and co-founder. “We are committed to delivering much-needed affordable housing to Colorado neighborhoods.”
The entire design and construction team is based locally in the Denver metro area. Chris Carvell Architects is the architect. Alliance Construction Solutions is the general contractor. Wilson Engineering is the civil engineer and surveyor. Terracon is providing environmental services. DAE Company is providing construction management services.
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About Urban Land Conservancy
Established in 2003, Urban Land Conservancy is a Denver-based nonprofit real estate development company that uses innovative methods to protect affordability in perpetuity and benefit urban communities in the Denver region. ULC preserves, develops and invests in affordable housing, nonprofit commercial space, community centers and schools. Learn more at urbanlandc.org.
About Nesbitt Development, LLC
Founded in 2019, the firm is a natural outgrowth of the work of Eric L. Nesbitt, Esq. over decades building a successful commercial real estate brokerage firm and a real estate law practice, including representing clients in complex real estate development matters. The primary mission of Nesbitt Development is to do good for and by our community by investing in challenged neighborhoods and the people living in them.
About Brinshore Development
Brinshore Development, LLC is an experienced real estate development firm based in Evanston, Illinois with 29 years of expertise. As an industry leader, Brinshore excels at creating diverse teams to transform the most complex development challenges into well-designed and vibrant communities. Brinshore’s current portfolio includes 12,000 affordable rental housing units valued at more than $1.7 billion in 22 states and the District of Columbia. For more information, visit www.brinshore.com.
