ULC receives Prop 123 funding for future affordable homes at 375 Logan St. in Denver

Partnership with Evergreen Development would bring 100 apartments to Speer neighborhood at up to 60% AMI

This week, the Colorado Office of Economic Development and International Trade (OEDIT) and the Colorado Housing and Finance Authority (CHFA) awarded Urban Land Conservancy $3.48 million in Proposition 123 land-banking funds to acquire the property at 375 Logan St. in Denver for the development of affordable housing. Chicago-based Evergreen Real Estate Group will build 11 stories of one-, two-, three- and four-bedroom apartments – 100 units in all. The homes will be available to qualifying households earning up to 60% of area median income ($69,000 for a two-person household). 

ULC will acquire the land and place it in its community land trust under a 99-year renewable ground lease, which ensures the housing is held at affordable lease rates for generations. Close to major transit corridors, as well as downtown, Denver Health, the Cherry Creek Trail, and other major employers and destinations, the family-sized homes will be an affordable option for households renting in one of Denver’s most expensive submarkets. 

“Securing 375 Logan now preserves a foothold for low- and moderate-income households in an area where rising rents otherwise lock them out,” said Brad Dodson, ULC’s chief finance and investment officer. “Voter-approved Prop 123 continues to be a critical first step in the development of much-needed housing across Denver and our state, and we’re grateful for this funding award.”  

The Prop 123 land banking program provides grants to eligible local or tribal governments, and forgivable loans to eligible nonprofits with a demonstrated history of providing affordable housing. These funds must be used to acquire and preserve land for affordable for-sale housing or affordable rental housing.

The acquisition marks ULC’s first work in the Speer neighborhood in the organization’s 23 years of affordable real estate in and around Denver. 

The unit mix is 20 one-bedroom, 30 two-bedroom, 30 three-bedroom, and 20 four-bedroom units. ULC and Evergreen are emphasizing larger homes in the development to best serve families; three- and four-bedroom apartments are increasingly hard to find in central Denver.  

On-site amenities are expected to include a community room, fitness room, co-working and study space, on-site management and maintenance offices, secure bike storage, and a modest outdoor amenity deck. All units will have in-unit washers and dryers. 

Evergreen Real Estate Group has multiple developments in Colorado, including in Denver, Grand Junction and Rifle.