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Despite the nationwide slowdown in multi-family development, investors are not shying away from Salt Lake City’s Downtown transit corridors.
The North Temple transit corridor (and Opportunity Zone) continues to fill out, but it’s not alone. Between 400 and 500 North (a half mile from North Temple), residential development along the tracks that carry the FrontRunner to Ogden shows no sign of stopping.
Meet Modera Marmalade, at the north end of the Hardware District at 456 West 400 North.
Owned by an investor group based in Austin TX, the project is in design review at the city, and can hope to meet the Planning Commission in six months.
The 3.52-acre former light-industrial site is zoned TSA-UN-T, which allows up to 60 feet in height.
The 356-home, 532,000 SF project will be framed in five stories, with a concrete 442-stall, seven-level parking garage attached.
Images courtesy Dwell Design Studio.
Whether street-level active uses are planned is unclear from the developer’s documents, submitted by Dwell Design Studio.
Unit mix looks to be 50% studios and 1-BR, and the other half mainly 2-BR units. All will be market-rate.
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