New TSA Project Entitled and Up for Sale - Building Salt Lake
A TSA project by Go West follows their trend: For sale and entitled. The project seeks to expand North Temple housing even more. Investors are seeking to replace four single-family homes on Salt Lake City’s west side with a 137-unit multi-family building. The project, which is entitled and up for sale, would add to the growing redevelopment in the TSA zone along the North Temple Corridor. The homes are currently being rented to families or boarded up, and three are currently leased. The developer, Go West Development, plans to replace these homes with a mix of studio, one, and two-bedroom units, with some amenities but no ground-floor retail or non-residential-based services. Despite plans to sell the site for a multifamily project fell through, Kyle Zack, a developer with Go West development, believes there will be a difficulty selling this project given its location.
Опубликовано : 4 недели назад от Zeke Peters в
Investors who are seeking to replace four single-family homes on Salt Lake City’s west side are looking for a buyer after plans to sell their site for a multifamily project fell through.
Go West Investments recently listed its entitled holding at 59 N. Chicago St. for sale.
The existing homes are being rented to families or are boarded up, and some of the residents were interviewed for a previous article on Chicago Street. None at the time were aware of this project. According to the developer in an email blast about the sale of the project, three of the four homes are currently leased.
The homes are as follows:
69 N- Currently Vacant and boarded up
The new project on Chicago would replace these four homes with a 137-unit multi-family building, adding to the growing redevelopment in the TSA zone along the North Temple Corridor.
The building would be a mix of studio, one, and two-bedroom units, with some amenities but no ground-floor retail or non-residential-based services.
The project plans for a resident gym, an amenity deck, and 56 parking stalls, 7 of which are motorcycles and one designated as loading. This is more than the required 34.5 stalls that the zoning calls for due to the proximity to the UTA TRAX line, currently the Green Line.
Kyle Zack, a developer with Go West Development, said his group bought the homes with a plan to sell the assemblage.
“We bought 59 Chicago as a long-term hold, and over the years, we ended up acquiring the four connecting properties. We were under contract the past 11 months, but unfortunately, the deal didn’t work out, “ Zack said, about the project, “I don’t think we will have a problem selling this project either, given the location.”
This is one of numerous projects being proposed, entitled, or that are under construction along the North Temple Corridor. Many groups are continuing to take advantage of the lucrative zoning with the appeal of a possible MLB stadium coming to the Rocky Mountain Power Site.
The pitch deck for the project also mentioned neighborhood impact but failed to mention the homes currently renting without issues being torn down:
urban fabric, contributing positively to the neighborhood’s dynamics and appeal.
Salt Lake City is exploring new zoning across the board while still being pro-building, even if Thriving in Place and other development measures are being introduced. Until then, expect a lot more proposals and developments like this along the North Temple Corridor.