Non-profit housing developers are nearly set to begin construction on a 140-unit, five-story micro-unit apartment project at 228 W 1300 South in Salt Lake City, directly adjacent to the Ballpark (1300 South) Trax station.
Called Colony B, the $21 million building will offer 106 of its units at “deeply affordable” rates, between 25-50% AMI.
For a resident making 25% AMI, a studio (324 sf) will rent at $351/mo and 1-bdrm (520 sf) at $359. At 50% AMI, those rents are $736 (studio) and $792 (1-bdrm).
34 of the building’s units will rent at market rate.
Images courtesy SLC RDA and JSF Architects. Photo by Taylor Anderson.
The project sits on .5 acre in CG Commercial General zoning. There is no parking on site.
Immediately to the north is The Lucy, a condo project by CW Urban.
The developers, Colony B LLC, is a partnership between the Neighborhood Nonprofit Housing Corporation and Defy I LLC, a Bountiful-based company.
They put together a capital stack that includes LIHTC federal tax credits, and loans from the Rocky Mountain Community Reinvestment Corporation, the Olene Walker Loan Fund and the Salt Lake City RDA.
Colony B will initially lease to eleven young adults aging out of foster care, and also includes 15 Type A ADA units.