Exclusive: Affordable Project Advances in Salt Lake City
The developer of the $65 million property owns another community on that block.
The Lotus Co. has obtained a $17 million private activity bond from Utah Housing Corp., with U.S. Bank as trustee, for the development of Lotus Forge, a 193-unit fully affordable project in Ogden, Utah, Yardi Matrix data shows. Development costs may rise to as much as $65.4 million, according to an August meeting of the Utah Housing Corp.
The bonds are placed with Citi Bank, while Raymond James serves as the State of Utah Housing Credits equity provider, documents from the same meeting show. Lotus requested $2.7 million in federal 4 percent LIHTC, a motion supported by the August meeting participants.
Upon completion, Lotus Forge will comprise one- to three-bedroom apartments set aside for residents earning 60 percent or less of the area median income. Amenities are slated to include a swimming pool, spa, deck space and two clubhouses, as well as a gym and dog park, among others.
Lotus’s Ogden holdings and beyond
Located on 3.5 acres at 2270 Lincoln Ave., the project is across the street from Lindquist Field Stadium, while the Ogden train station is within walking distance. The developer is responsible for more new multifamily construction on the same block, having broken ground on another 97-unit affordable project, dubbed Lotus Ember, last year. That community started leasing earlier this fall, as reported by Buildings Salt Lake.
The Lotus Co. is active across Utah, Florida and Ohio, having more than 15 years of experience in multifamily development. In Ogden alone, the firm brought online some 500 units in recent years. The company’s Salt Lake City holdings include The Lotus, an 84-unit community completed in 2013.
