North Temple project, years in development, looks for buyer
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Just east of Redwood Road, at 1625 W. North Temple, a 25,000 sf lot that has sat in wait of development for four years is up for sale. In anticipation of being fully entitled with permits in hand within weeks, JAR Development’s Jay Rice told Building Salt Lake that he’s “looking for partners or a buyer” for his 113-unit mixed-used project.
It’s a story that’s becoming more common as developers shudder at the prospects of permanent financing – or even construction loans – at today’s interest rates.
In the case of Wolf Station, which at 1625 W. North Temple is in an Opportunity Zone and hasn’t had trouble finding construction capital, it may also be the result of fatigue from a design development process that “has taken nearly three years and has been quite an ordeal.”
Rice, a developer that has done a lot of work in southern Utah as well townhouse projects in Salt Lake City, said that at “67 years old I’m ready to retire.”
The project
The nearly-permitted Wolf Station is a five-over-one building not out of character with much of the latest architecture and design along the North Temple transit corridor. Designs are courtesy of Deiv Architecture and aidea design.
Its 113 units will consist of studios (40), one-bedroom (55) and two-bedroom market-rate apartments (18). Architectural drawings show a single double-loaded corridor running north-south the length of the building.
Parking is at ground level within the podium, providing 44 stalls – 17 of them for EVs – as well as 13 bike parking slots and 3 spaces for car sharing program. That’s a .38 to 1 parking ratio.
The building is within 750 feet, just over one Salt Lake City block, from the Power Station TRAX station. The redevelopment of Rocky Mountain Power’s property directly to the east is a strong selling point for the project.
Pedestrians on North Temple will experience a parking garage entrance and exit, a residents’ entrance, as well as a small retail space on the north east corner of the building, prospectively marked as a coffee shop.
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