Rural development nonprofit pays $4 million for Broadway building

The nearly 8,000 square foot building at 838 Broadway previously housed local real estate brokerage PorchLight Real Estate Group. (Courtesy of Loopnet)

A non-profit organization focused on rural community development in the Mountain West region sets up shop in Denver.

The LOR Foundation purchased a 7,931 square foot building at 838 Broadway in Cap Hill for $4 million on May 19, according to property records, and plans to open its new Denver office with eight employees at the end of the summer.

“We are growing in the region and we need a good central support hub to ensure our growth is sustained and our local rural communities are supported,” said LOR Foundation CEO Gary Wilmot.

Kentwood commercial broker Karen Landers represented the foundation in the purchase.

The property was previously home to local real estate brokerage PorchLight Real Estate Group. PorchLight co-founder Carol Bayer was the seller, records show. She did not respond to requests for comment.

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The LOR Foundation helps fund projects in rural communities. (Photos courtesy of the LOR Foundation)

The LOR Foundation, which was founded in 2007, helps secure grants for projects in rural communities, such as Taos County, New Mexico; Lander, Wyoming; and Cortez and Monte Vista, Colorado. The name represents its values: livability, opportunity and responsibility.

The non-profit organization helps obtain grants for projects focused on the economy, education, health, environment, housing, transport and water.

In November last year, the LOR Foundation approved a $10,700 grant to help complete a bike shop in Cortez, where Southwest Open School, an educational program that immerses high school students in the outdoors, hosts a bicycle mechanics program.

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The LOR Foundation provided a grant to help complete a new bike shop in Cortez for a bike mechanic program.

“Charity dollars aren’t widely available in rural communities,” Wilmot said. “The needs are higher and the resources are fewer. And unlike a city like Denver, we work in communities that may have one or two total nonprofits. Like the population, there are far fewer of them. We’re looking for places where maybe our resources become significantly important and ultimately game-changing for those communities that don’t see that kind of investment.

The LOR Foundation earned revenue of $6.9 million in 2020 and $10.7 million in 2019, according to public tax filings.

The LOR Foundation has staff in every rural community it serves, but said the Denver office will be a hub for its support services, where community workers can train and seek help.

The LOR Foundation is looking to expand its operations in Idaho, New Mexico and Wyoming, Wilmot said.

About Keneth T. Graves

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