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The Orthodox Christian News Service

Published by Rocky Mountain News, December 12, 2003

Developer, Church Join Hands on Units

$10.9 million complex in Tech Center offers seniors assisted living

By John Rebchook

Rocky Mountain News, December 12, 2003- A $10.9 million independent and assisted-living senior complex is under construction next to the only church in the Denver Tech Center.

The center, next to St. Catherine Greek Orthodox Church at 5555 S. Yosemite St., will include 63 luxury rental units and 10 "cottages" that will be priced from about $300,000.

The rental units cost $8.9 million to build; the cottages cost $2 million. The rental units, depending on how much medical care the resident needs, will likely rent from $1,500 to $4,000 per month.

They're being developed by Greenwood Village-based Urban Inc., headed by Steve Shraiberg.

Urban has built thousands of units for seniors in Colorado for the past 30 years, as well as developing affordable rental units for low- and moderate-income residents.

Last year, Shraiberg and Urban sold thousands of affordable housing units in Colorado to NBA superstar Shaquille O'Neal in a $100 million deal.

Urban's latest venture with the church is unusual because it involves the nonprofit church, Shraiberg's for-profit company, the federal government and the Denver Tech Center, Shraiberg said.

"There are churches all over the metro area that have land but can't afford to develop it," Shraiberg said on Thursday at the church.

"A lot of churches are going to be watching this to see how we pulled it off."

Geoff Babbitt, head of development of the center for Urban, figured out how to tap a Housing and Urban Development grant program that insured the loan for the project, Shraiberg said. That allowed the church to get a loan for about $8.5 million for the 63 units from GMAC Commercial, Babbitt said.

In addition, the 300-family congregation of the church raised the 10 percent equity the project needed, Babbitt said.

Guaranty Bank, with which Shraiberg has financial ties, provided letters of credit, and Peter Culshaw, president of the Tech Center, sold the land to the church below the market price.

"When I came to the Tech Center in 1990, we had one speed - offices and only offices," Culshaw said. "Since then, we have brought thousands of residential units and first-class retail to the Tech Center. I think the senior center is a wonderful amenity."

Culshaw said while several churches ring the Tech Center, St. Catherine is the only one actually in the office park.

About a year ago, Urban also built a 36,000-square-foot expansion to the church that created 13 classrooms and added a gymnasium.

Culshaw noted that the senior center will be within walking distance of a grocery store and close to two new light-rail stops planned along Interstate 25.

"From an academic point of view, five or 10 years ago, the demographics weren't right for a senior center in the Tech Center," Shraiberg said.

Shraiberg said there's already a waiting list for the units.