RTD opened the Sheridan Station Garage on the W Line in 2013 with 800 parking spaces. In June 2018, RTD received an Unsolicited Proposal for Joint Development of Real Property from the Urban Land Conservancy (ULC) to lease up to 120 spaces in the garage for use by residents of the future Sheridan Station Apartments affordable housing development. On September 11, 2018, the RTD Board of Directors, noting that transit user utilization of the garage was not nearing capacity, approved the lease of these parking spaces.
In 2012, during the construction of the W Line, RTD and ULC participated in a land swap to enable the future creation of transit-oriented development at Sheridan Station. After securing a parking lease from RTD and Low Income Housing Tax Credits, Mile High Development, in partnership with Brinshore Development and the Urban Land Conservancy, broke ground on Phase I of Sheridan Station Apartments in 2019. Phase I will provide 133 permanently affordable housing units when it opens in 2020. The apartment complex will be 8 stories tall and provide housing to people earning 30% - 60% of area median income (AMI). This development would not have been possible without RTD leasing parking spaces to the developer, as the construction of 120 new spaces would have made the project financially infeasible.
Phase II of the project, located on vacant land between Ames Street and the RTD garage, is planned to follow a few years later with approximately 50 additional affordable units.