NEWS RELEASE
FOR RELEASE JUNE 9, 2021
NAI Shames Makovsky Represents Denver Public Schools and Denver Housing Authority in Purchase of Former Johnson & Wales Campus
DENVER, CO (June 8, 2021) — Urban Land Conservancy (ULC), Denver Public Schools (DPS), and Denver Housing Authority (DHA) announce they have purchased the former Johnson & Wales University Denver campus today.
Last summer, the university announced it would cease operations in Denver after the 2020-21 school year and sought to sell the entire 25-acre campus. In January of this year, JWU representatives, using CBRE brokers, selected ULC as the lead buyer of the property. ULC submitted a proposal in partnership with DPS and DHA. Of three finalists that bid on the campus, ULC was the only nonprofit and the only organization with goals to preserve the campus for community purposes.
Both DHA and DPS were represented in this transaction by Dorit Fischer and Hayden Hirschfeld of NAI Shames Makovsky. “We are honored to have been part of this transaction that brings community partners together and preserves a key asset for community use. The involvement of DPS will continue the legacy of education on this campus; DHA’s commitment to provide much needed affordable housing to the neighborhood is so important for the City of Denver,” said Dorit Fischer.
“We love nothing more than seeing the power of collaboration harvested to achieve community serving goals. This would not have been possible without the leadership of DPS, DHA and of Urban Land Conservancy in submitting an offer for the entire campus on behalf of it and the partners,” said Hayden Hirschfeld
With the completion of this transaction, ULC is the new owner of the east side of the campus and holds the land in a 99-year ground lease, which preserves its affordability and commitment to community-serving uses in perpetuity. Acquisition of the property furthers the goals of ULC, which intervenes in the metro-area real estate market on behalf of low-income, disadvantaged communities currently put at risk for displacement by gentrification.
DPS owns the west side of the campus and plans to expand Denver School of the Arts (DSA) and to utilize the campus as a community arts hub. The expansion will allow DSA to accept 500 to 700 additional students over time, focusing on equity and inclusion of low-income students and students of color. The west campus includes the Wildcat Center, Whatley Chapel, Academic Center, and Aspen Hall.
“When I heard that the [Johnson & Wales] University would be selling the property right across the street, I began thinking about how DSA might expand to the campus to serve more students,” said Dr. Anthony McWright, Principal of Denver School of the Arts.
Denver Housing Authority (DHA) purchased the south portion of the campus, which includes Triangolo Hall and Gaebe Hall, two former dormitory buildings, with the goal of expanding affordable housing opportunities in the community.
“DHA is excited about this unique partnership to preserve opportunities for affordable housing in Denver and looks forward to working with the surrounding neighborhoods to create a vibrant community with our partners on campus,” said David Nisivoccia, Executive Director of Denver Housing Authority.
About NAI Shames Makovsky
NAI Shames Makovsky has been shaping the Denver commercial real estate landscape for 50 years by providing solution-driven, innovative, and decisive services to the community. Our full suite of offerings includes brokerage, development, property management, and lending—allowing us to successfully address the most challenging real estate situations. NAI Shames Makovsky believes in strongly supporting the community by assisting with its growth and development while providing rewarding financial opportunities for our clients. For more information visit, www.naishamesmakovsky.com or call 303-534-5005.
Contact:
Deb Stevens, NAI Shames Makovsky
dstevens@shamesmakovsky.com
303-565-3015
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