Site within a Denver Opportunity Zone Sells to Affordable Housing Developer
Denver-based non-profit Brothers Redevelopment Inc. has purchased a 0.25 acre parcel of land at 4401 Josephine St, located in Denver’s Elyria-Swansea neighborhood, for $720,000. Brothers plans to develop affordable housing in the rapidly redeveloping neighborhood.
4401 Josephine St is a parcel of land zoned U-RH-3A within an opportunity zone. The property is located just minutes from RiNo, Denver Coliseum, and the 38th and Blake RTD Station, with easy access to I-70 and I-25.
While development plans are still in the preliminary stages, Jeff Martinez, president of Brothers Redevelopment did say that he anticipates seven to 10 affordable townhomes will be built on the site that will be placed into a land trust and managed by the neighborhood. According to Martinez, Brothers has two affordable housing contracts for Globeville and Elyria-Swansea, one with the Colorado Department of Transportation and another with the City of Denver.
“We thought it was a fair deal in terms of pricing and it has good proximity to another parcel we acquired that’s just a few blocks south.”
Travis Hodge & Tony Bobay of Nexus Commercial Realty, LLC, represented Brothers Redevelopment Inc. in the transaction and Erik Toll & Christian Burgdorf of Pinnacle Real Estate Advisors advised the seller in the transaction.
“We were very pleased the land ended up in the hands of an affordable housing developer,” said Toll. “When opportunity zones were introduced in 2017, it was largely unclear how the market would react. While many questions still remain, this case was an example of a lower-income area directly benefiting from federal tax incentives and programs.”
Map courtesy of Pinnacle