A key property on Foothill Boulevard hit the market this week ahead of another attempted rezone nearby that could bring the potential for more housing to one of the wealthiest areas in the Salt Lake Valley.
The 1.29-acre properties at 1629 S. Foothill Blvd and 2475 E. 1700 S. were marketed for sale for $4.8 million. Cushman & Wakefield are handling the marketing of the properties.
The properties are currently zoned MU-2 and MU-3, the newest versions of mixed-use zoning that allow for buildings that are up to 30 feet and 40 feet, respectively, and allow for a mix of uses.
“Located on Foothill Drive, the Site offers exceptional visibility, strong demographics, and proximity to the University of Utah, Research Park, and major medical center,” the listing says. “Situated in the East Bench, one of Salt Lake City’s most affluent and supply constrained neighborhoods, it is ideally suited for high-end development serving both residential and commercial demand.”
The property is owned by TP Lamplighter, or the Thackeray Company, a prominent developer in the area.
Cushman’s Senior Director Michael King announced the listing on Tuesday, saying the offering represented an opportunity to develop the property and an adjacent 0.35-acre parcel for luxury townhomes.
“In addition to this offering, the adjacent 0.35-acre (currently zoned R-1-7000) parcels are separately available, providing a developer a contiguous 1.64-acre site of highly coveted land through rezoning, potentially allowing for a total of 22+ luxury for sale townhomes in one of the highest demographic areas in the valley with average household income of $222,925,” King wrote.
The property is about a half-mile south of a separate assemblage that a developer is working to rezone from R-1-7000 to MU-3 to allow for the construction of eight townhomes and 20 condos.
J-Development, LLC, would include 10 percent of units at affordable for those earning no more than 80 percent area median income.
That proposal is on the Planning Commission’s Nov. 12 agenda.
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