Strategic Capital, Compass Development Launch N. Salt Lake City Mixed-Use Project
By Alex Girda, Associate Editor
Strategic Capital Partners and Compass Development Group have broken ground on the initial phase of Eaglewood Village, a mixed-use development located in North Salt Lake City. The community will take shape across a 96-acre site at Eagle Ridge Drive and Highway 89. Phase one, a 214-unit apartment complex dubbed Eaglewood Lofts, is scheduled for completion next June.
Set on a parcel originally owned by the Compass Development Group, Eaglewood Village will include office, retail, multi-family and single-family components. Compass sold its stake to Strategic Capital except for the apartment portion. Strategic Capital now owns 17 acres of land that will feature office and retail space, as well as entitlements for 300 residential units.
The apartment complex will feature a community clubhouse with kitchen, fitness facilities, executive business center, pool with spa and outdoor grills. In-unit amenities will include designer interiors, personal decks and patios, granite countertops, modern cabinetry and a full set of kitchen appliances.
Multi-family construction trends are on the rise in the Salt Lake City area, according to Marcus & MIllichap Real Estate Investment Services Inc. This year’s completions may lag 2011, but an uptick in permitting volume suggests that volume will bounce back during the next few years.
Image courtesy of eaglewoodlofts.com