Urban Land Conservancy
Partnering with the City and County of Denver, Enterprise Community Partners and other investors, Urban Land Conservancy (ULC) established the first-of-its-kind transit-orientated development (TOD) fund for the purpose of acquiring property in the interest of creating and preserving affordable housing. Using this fund ULC acquired property at Evans Station in Denver and awarded Medici Communities with the rights to program and develop the property. Sharing ULC’s vision for the fund, Medici Communities designed and built a 50-unit apartment building which has served as a model in creating attractive and quality housing at transit stops.
Volunteers of America
Medici Communities has partnered with Volunteers of America (VOA) twice since 2007 to increase and improve VOA’s portfolio of housing units available in their Colorado region. Having assembled the land and performed all necessary due diligence on a potential senior housing facility in the Villa Park neighborhood in central Denver, CO, Medici Communities solicited Volunteers of America to play a role in the project recognizing the neighborhood-wide services envisioned as an integral part of the project would be best implemented and managed by an entity with the resources and expertise necessary to ensure a successful service program.
Payne Chapel AME Church Housing Corporation & City of Colorado Springs
Faced with the upcoming expiration of the HUD-financed mortgage on three properties it owned in Colorado Springs, CO, Payne Chapel AME Church Housing Corporation turned to Medici Communities to assist them in identifying and implementing solutions that would achieve their goal of protecting this inventory of affordable housing for the Colorado Springs area.
After the original solution which included financing through low income housing tax credits became unfeasible due to a major downturn in the market, Medici Communities continued to work with Payne Chapel and Colorado Housing and Finance Authority to identify alternate sources of underwriting which included gap financing provided by the City of Colorado Springs. Through perseverance and creativity, Medici Communities was able to successful implement this project in a very challenging market while still meeting the owner’s original goals. Medici Construction Management, Inc. was the general contractor for the associated renovations which assisted in keeping the construction budget in compliance with the underwriting.
Aurora Housing Authority & the City of Aurora
In order to broaden the positive community impact of the Florence Square project that was being developed, Medici Communities actively pursued a partnership with Aurora Housing Authority that eventually expanded the product mix and increased financing options for the property. This agreement concluded that Aurora Housing Authority would build an additional 38 units of housing on a parcel that was originally awarded to be developed by Medici Communities. As a result, this partnership allowed Medici Communities to access financing options typically reserved for housing authorities while the City of Aurora was able to gain a greater inventory of a diverse housing options.
Jefferson County Housing Authority
Medici Communities and MGL Partners assisted the Jefferson County Housing Authority during the due diligence and acquisition of two family apartment properties in Arvada, CO. Medici Construction Management provided construction management services to the housing authority during renovations which included challenges associated with environmental abatement, structural repairs and performing work in occupied buildings.