Salt Lake City has seen a drastic increase in multifamily developments this past year to keep up with the population growth. Housing costs and sales are expected to rise as Salt Lake City continues its rapid growth.
The Sugar House neighborhood has been dubbed as the “second downtown” in Salt Lake City. The trendy neighborhood in SLC has over 1,400 new homes under construction as of early 2022.
Salt Lake City has been named as the top housing market in 2022. Home sales and prices are forecasted to increase by a combined 23.7%.
Alta Terra is a major development project in the Sugar House business district headed by developer, Alta Terra Real Estate. Alta Terra includes a north and south building, which will bring 346 new homes to the area. Alta Terra South is under construction, while Alta Terra North has just been approved by the planning commission.
Kensington Investment has broken ground on a major development project in downtown Salt Lake City. Astra Tower, a 40 story building, will be the tallest building in SLC once completed in Fall 2024.