A new six-story development of affordable housing units is officially open to the east of downtown, with units available now and a handful of residents already settled in.
The building, located at 144 South 500 East in Central City, is an energy-efficient development that features 110 studio or one-bedroom apartment units for rent. To live at the development, a resident’s income must be at or below 60% of the area median income.
Known as 144 South, the development was built with the help of the Redevelopment Agency of Salt Lake City, which gave the project a loan of $1.7 million, according to a news release from project developer Peter Corroon. The property is set to be managed by EMG Management.
In total, the project cost around $40 million, Corroon told Building Salt Lake on Wednesday. He said the majority of funding came from federal tax credits, and around $17 million came via a permanent loan from Cedar Rapids Bank and Trust. Corroon is also a former Salt Lake County mayor and Utah gubernotorial candidate.
During an event to commemorate the project’s opening, Corroon said the project was beset by a number of issues, including the majority partner filing for bankruptcy and inflation driving up building costs. Ultimately, he was the last developer left standing.
“We were in charge,” Corroon said during his remarks. “And we decided that the greatest need was affordable housing. So we changed what was going to be a higher end building into affordable housing.”
The building offers a number of amenities that aren’t common in affordable housing — a coworking space, private rooms for Zoom calls, a dog park and an outdoor deck with a spa, to name a few features.
Salt Lake City Mayor Erin Mendenhall was also on hand for the event, and she touted the importance of affordable developments like 144 South. Mendenhall pointed to the nearby Fire Station 1 and the main library, saying Salt Lake firefighters and librarians would be able to live just a short walk from their workplaces.
“These Salt Lakers deserve housing that they can afford, that is safe and that’s even a little nicer than expected, maybe,” Mendenhall said.
Units at 144 South are available to lease, with rates starting at $1,164 for a studio and one-bedroom units range from $1,175 to $1,200 per month. Corroon added that employees of nearby businesses, like Oasis Cafe or the nearby US Bank branch, can receive $500 off when they sign a lease.
The 144 South building is the latest apartment building to come online in a growing Central City. It’s a few blocks away from the TRAX Red Line along 400 South, as well as State Street and downtown as a whole.
0 Comments