Salt Lake City to Get Affordable Mixed-Use Project
- Jul 26, 2018
Nonprofit Columbus Community Center has recently begun work on a 200,000 square-foot, 156-unit mixed-use residential development in the southern part of Salt Lake City.
The $40 million project will be known as The Hub of Opportunity and will include 16,000 square feet of ground-floor commercial and office space. Completion of the transit-oriented development is scheduled for next year.
Located at 3900 S.W. Temple St., the community will be close to a UTA TRAX bus stop. The Hub of Opportunity is set to include 110 income-restricted units and 30 market-rate apartments. Roughly 20 percent of the residents will be individuals with impairments who will receive onsite support services. The property is also planned to house NextWork Autism Academy, a vocational training space for young adults with autism.
Columbus Community Center has arranged the necessary financing for the project through a combination of Low-Income Housing Tax Credits, New Market Tax Credits and donations. The Housing Authority of the County of Salt Lake is also part of the public-private project.
“Other partners involved in financing the project include the Rocky Mountain Community Reinvestment Corp., Utah Housing Corp., State of Utah Private Activity Bond Authority, State of Utah Olene Walker Housing Loan Fund, Salt Lake County, the State of Utah Legislature and foundation and corporate donors. Columbus is also in the process of raising $5 million from foundation and corporate donors to support the project,” Columbus Community Center Chief Innovation Officer Stephanie Mackay told Multi-Housing News.
The affordable housing market in Salt Lake City is expanding. A joint-venture between Giv Group and Domain Properties announced plans to turn a 2-acre plot into a $110 million community. The 412-unit development is slated to include affordable and market-rate apartments, as well as micro-units.
Image courtesy of Columbus Community Center