Salt Lake City’s old Fleet Block, in redevelopment limbo for well over a decade, may be finally beginning its transformation.
In its first Budget Amendment of the year, the Salt Lake City Council is about to approve a request from the Department of Community and Neighborhoods (CAN) that reallocates $3.9 million of existing funds to be reimbursed by “the anticipated sale” of a one-acre parcel on the Fleet Block.
Located at the southeast corner of the Granary District, the city-owned 8.75-acre assemblage sits between 300 and 400 W, 800 and 900 S.
The $3.9 million will “backfill” a new Capital Improvement Projects (CIP) Account for the Fleet Block, which the city will use to build the midblock streets and public utility infrastructure. The creation of a CIP holding account is a major step toward spending those funds.
Coincidentally, $3.9 million is also the approximate purchase price currently being negotiated with a buyer for the one-acre parcel. Those sale proceeds, city documents say, will replace the reallocated funds.
However, a spokesperson for CAN, Sofia Jeremias, cautioned in an email that “the property negotiation process is ongoing and has not been finalized.”
The city’s latest published proposal for the block creates four parcels, one of which is a ~3-acre public open space. The one-acre parcel in question sits adjacent to the west.
The proposal considers both land sales and land leasing options. In 2022 the city received an appraisal of $37.5 million for the 8.75 acres, or $98.39 per SF.
$3.9 million, the anticipated price for the one-acre parcel, equals $89.53 per SF.
The Mendenhall Administration’s budget request states that among the city’s terms of the sale are “new housing, including family-sized units and affordable at 80% AMI, as well as commercial spaces for non-profits and local businesses.”
The block is zoned MU-11, one of the city’s new mixed-use zones. It allows builders to go up to eight stories by right, and to 11 with design review.
While the sale of the one-acre parcel has not been finalized, it is clear that the city is gearing up for action on the block – perhaps in the next few weeks.
“The City is actively planning for the public space and preparing the site for redevelopment, Jeremias told us. “Additional details on site preparation activities, procurement offerings, planning efforts, and public engagement will be announced over the next few weeks as details are finalized.”
Editor’s Note: This story has been updated to correct the spelling of a name.
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