Development Updates in Utah:
Despite economic headwinds, Utah real estate developers are pushing forward on several exciting residential projects in Salt Lake City this month. From build-to-rent townhome communities to affordable housing developments, here are the latest development updates in the city.
New Build-to-Rent Community by C.W. Urban
Utah home builder C.W. Urban recently broke ground on an 8.57-acre opportunity zone site in Salt Lake City. The project will bring a build-to-rent townhome community called the YARD to the city. The YARD will feature 157 three-story, two- and three-bedroom single-family townhomes averaging 1,512 sq. ft. Each unit will include an attached garage and access to a community clubhouse, fitness center, outdoor swimming pool, landscaped greenway bisecting the site, and a riverfront space. With construction actively underway, the first units are expected for delivery in Spring 2024.
Affordable Apartment Community: “Spark”
In February, construction of an affordable housing project named “Spark” kicked off on the former site of a North Temple motel in Salt Lake City. The Redevelopment Agency of Salt Lake City purchased the land site in 2017. Once completed, Spark will provide 200 apartment units to city residents, allocating 100 units to households making between 20-60% of the area median income (AMI) and the remaining 100 units to those making 70-80% of the AMI. The units range from studios to 4-bedroom apartments and will bring much-needed housing options to the city's residents. The project’s developer, Brinshore Development, estimates that the project will cost about $96 million.
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Utah Digest