Denver will allow loan transfer after affordable housing parcel purchased by Broncos

Denver City Council on Monday voted to allow the transfer of a million loan the city had granted developer Jeff Shanahan in so he can build another affordable housing project after a company deduced to be affiliated with the Denver Broncos bought him out in January Denver s Department of Housing Stability or HOST extended the loan funded with federal American Rescue Plan dollars in March to Shanahan for the purchase of W th Ave in the Lincoln Park neighborhood In return Shanahan agreed to construct units affordable to renters or buyers making between to of the area median income under what is known as a rental and occupancy covenant Backed with the city loan Shanahan paid million for a building on acres owned by Savio House a nonprofit that provides family therapy foster care placement and youth promotion The nonprofit had purchased the location for million in from the construction company G H Phipps whose founder Gerald Phipps was a leading owner of the Denver Broncos from to The Denver Broncos appear to have come knocking on the door of Savio House once again in the form of Atel Street LLC which paid Shanahan million for the building and land in January more than double what he had paid less than two years earlier Shanahan and owners of at least a dozen other parcels around Burnham Yard in the Lincoln Park area were offered above market-rate prices and requested to sign non-disclosure agreements according to transactions first uncovered by BusinessDen Why so much and why so secretive The Broncos have stated they are considering a new stadium but not where it might be located Burnham Yard is increasingly considered the leading site given that there aren t various parcels large enough and available within Denver proper The Colorado Department of Transportation is selling the -acre Burnham Yard which it acquired in from the Union Pacific Railroad using state funds and borrowed money Denver Water has also authenticated that it has been in talks with the band for more than a year regarding its -acre campus which is adjacent to the yard Related Articles Broncos mayor s office inquired about urban-renewal tax incentives for promising Burnham Yard stadium site Broncos buying spree near possible Burnham Yard stadium site includes DHA land with housing-related strings attached Gov Polis office involved in Broncos talks over doable Burnham Yard sale for new stadium sources say Privately-funded stadium and arena developments around the country have been criticized for displacing low-income residents and small businesses as they add not just a sports venue but also entertainment and high-end residential districts nearby that can boost revenues for band owners One exception is Willets Point in Queens N Y a -seat soccer stadium that includes units of affordable housing and no high-end housing The sale of W th Ave came with a deed restriction that requires any new owner to build affordable housing on the site as did the deed of another vacant parcel nearby that the Denver Housing Authority sold for million Shanahan informed the city he will use the loan funds for another affordable housing project on acres at W th Ave which is in the Baker neighborhood The ordinance City Council passed describes the loan transfer as a way for the initial resources to be recycled nearly doubling the amount of affordable housing improvement