UCD purchases two buildings on Auraria campus
Two sizable downtown Denver office buildings, used by the University of Colorado Denver’s downtown campus for its administrative offices and classrooms, have finally been acquired by the university from the buildings’ owner, the Auraria Foundation.
The real estate transaction was completed with CU paying $36.5 million from its treasury account for the Lawrence Street Center, at 1380 Lawrence Street, and the CU Denver building, at 1250 14th Street. The legislation for the sale of the buildings was authorized by the Legislature and signed into law by the Governor in May 2006.
The Auraria Foundation, an independent, not-for-profit organization that exists to support facilities on the Auraria Higher Education campus, realized $7.1 million from the sale. The Foundation, after paying costs of the real estate transfer, retired $29 million in outstanding bonds used to purchase the buildings. Outstanding obligations on the King Academic and Performing Arts Center on the Auraria campus also were retired.
Barbara Mendel, Auraria Foundation Chairperson, said the Foundation is exploring the feasibility of creating an investment fund to cover long-range building and maintenance expenses on the Auraria campus. There are also needs for immediate physical improvements to Auraria, including renovating and expanding the existing science classroom and lab building. In addition, there are urgent health and safety issues, such as improving lighting and adding more emergency phones on campus pedestrian walkways.
Mendel said all three Auraria institutions—the University of Colorado Denver, Metropolitan State, and the Community College of Denver—have submitted a prioritized list of campus projects that need funding. “The Foundation will make distributions to partially fund some of these projects,” said Mendel.
Mendel announced that the Foundation board, comprised of eight local business leaders, will in the near future make funding allocation decisions. While the board is looking at long and short term uses for the money, Mendel indicated it is most concerned with fulfilling its fiduciary responsibilities for the future of Auraria and in supporting the diverse student body the campus brings to the community.
“ We’ve held these buildings as an investment for 11 years,” said Mendel. “It is logical and seems reasonable to allow CU to convert its long-term leases into ownership.”
