Over two acres of land in Salt Lake City’s Rio Grande District is officially on the market, and city officials are ready to receive proposals for the project.
Last week, the Salt Lake City Community Reinvestment Agency (CRA) listed a 2.33 acre assemblage, priced at $12,175,000, according to its online listing. Conditions on the sale include realizing the CRA’s plans for the site, which include over 100 housing units, with at least half of those being for sale.
The land, which is being dubbed as the Parry Block, is located along 100 South between 600 West and Dansie Drive, bordering FrontRunner and I-15. It’s currently zoned as Gateway-Mixed Use (G-MU), which allows building heights up to 180 feet with a minimum height of 75 feet.
The online listing describes the land as a, “well-positioned site (that) gives developers a chance to shape one of the city’s quickly-transforming neighborhoods.”
“Parry Block offers convenient access to so much of what downtown Salt Lake City has to offer,” the listing says. “It is just one block from The Gateway and two blocks from the Delta Center. It is only two blocks away from UTA’s Salt Lake Central and North Temple stations which provide frequent service to SLC International Airport, Park City, and the entire I-15 corridor from Provo to Ogden.”
Additionally, the listing outlines a handful of requirements that Requests for Proposals (RFPs) must include. Proposal requirements include a minimum of 116 residential units with at least 50% being offered as for-sale condominiums, a minimum of 10,000 leasable square feet for art spaces, sustainable design and limited surface parking.
The CRA will accept responses to the RFP until May 15.
The land will be sold to help cover the cost of needed infrastructure in the district, which is a notable departure from the CRA’s recent approach of offering long-term ground leases on plots owned by the city.
The land falls within the CRA’s Depot District, and the lots currently include a vacant house, a vacant barn and a self-storage building. The area used to be home to one of the Wasatch Community Gardens’ largest urban farms, though the community garden moved out several years ago.
A CRA staff report from last November to the Salt Lake City Council, which was acting as the CRA’s board, indicated the land could fetch up to $13.7 million in total, which would come out to about $135 per square foot. With the current listing, the price would be just under $120/square foot.
In addition to this land for sale, just 1.5 blocks away, 32 parcels between 200 and 300 South, 500 and 600 West will be subject to a rezoning vote Tuesday before the city council. That upzone will change properties owned by the CRA and the University of Utah from G-MU to Downtown Secondary Central Business District (D-4). If the rezone is approved, additional RFPs would likely follow, as the city looks to overhaul much of the area in the coming years.
A rendering of the potential uses for the 2.23 acres being sold by the CRA. The subject land could feature vertical farming and a residential building with ground floor artist space. Image via Community Reinvestment Agency of Salt Lake City
0 Comments