Rural development nonprofit pays $4M for Broadway building

A nonprofit focused on rural community development in the Mountain West region is planting roots in Denver.

The LOR Foundation purchased a 7,931-squarefoot building at 838 Broadway in Capitol 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’re expanding across the region, and we need a good center pivot of support to make sure that our growth is sustained and our local rural communities are supported,” LOR Foundation CEO Gary Wilmot said.

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.

The LOR Foundation, which was founded in 2007, helps secure grants for projects in rural communities, such as Taos County, N.M.; Lander, Wyo.; and Cortez and Monte Vista. The name stands for its values: livability, opportunity and responsibility.

The nonprofit helps secure grants for projects that focus on the economy, education, health, environment, housing, transportation 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 education program that immerses high school students in the outdoors, is hosting a bike mechanic program.

“Charitable dollars aren’t widely available in rural communities,” Wilmot said. “Need is higher and resources are fewer. And unlike a city like Denver, we work in communities that might have one or two nonprofits total. Just like population, there are far fewer. We look for places where, maybe, our resources become significantly important and, ultimately, game changing for these communities that don’t see that kind of investment.”

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

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

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