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This Investment Offering provides an exclusive opportunity for an Opportunity Zone Fund to invest in a uniquely located Salt Lake City MULTI-FAMILY DEVELOPMENT to be executed by a nationally experienced development team with a strong local Salt Lake City presence.
PROPERTY INFORMATIONAddress: 1528-1548 West North Temple Street
143 North Cornell Street Salt Lake City, Utah
Parcel Sizes: #08-34-452-014: 2.02 acres#08-34-452-013: 0.24 acres#08-34-401-015: 0.16 acresTotal: 2.42 acres
Zoning: TSA-MUEC-C (Transit Station Area District - Mixed-Use Employment Center Station - Core)
Project Size: 280 units
Parking: 1.16 spaces per unit (325 spaces)
Projected Full Development Cost:
$68,756,969(including land, soft and hard costs)
Land Value: $6,325,000 ($60 psf - 105,415 sq. ft.)
HIGHLIGHTS INCLUDE:• Transit Oriented Development located across the street from
Power Station of the TRAX Light Rail Green Line, connecting the airport with downtown
• Prime central Salt Lake City location:
• 7-minute drive to the Central Business District and 5-minute drive to Salt Lake City International Airport
• ½ mile to I-80 and I-215 Freeway interchanges and less than 2 miles to I-15 Freeway
• Walking distance (1/2 mile) to Cottonwood Park and the regional recreation trail along the Jordan River
• Strong future growth trajectory along the recently improved North Temple corridor with significant job growth occurring at the airport and SLC Inland Port to the west as well as downtown to the east
• Strong value proposition for the renter market offering rents at a discount to the new luxury apartments being built downtown and limited new competing supply along the North Temple Corridor.
1528 West North Temple Street - Salt Lake City, Utah
MULTI-FAMILYDEVELOPMENT SITESEEKING OPPORTUNITYZONE CAPITAL
North
Temple
Stre
et
TRAX Gre
en Li
ne
Exclusively Marketed by
Kip Paul Vice Chairman - Investment Sales801-303-5555 [email protected]
Jorgi Paul Senior Associate - Investment Sales801-303-5570 [email protected]
Rhett BueDirector - Investment Sales801-303-5416 [email protected]
INVESTMENT OFFERING
Imagery: Google Earth/Landsat/Copernicus
80
80
80
15
15
15
5 Minutes to Salt Lake City International
Airport
7 Minutes to Downtown
Salt Lake City
Poplar Grove Boulevard
400 South
76,0
00 A
DT
154,000 ADT
CBD and Periphery
StateCapitol
Jordan River Parkway Bridge
Futu
re C
ity C
reek
& Fo
lsom
Tra
il
200
Sout
h
North
Temple
Stre
et
Intermodal Hub
14,0
00 ADT
TRAX Green Line
TRAX Gre
en Li
ne
TRAX Blue Line
TRAX Main Line
TRAX Red Line
UTA FrontRunner High-Speed Commuter Train
Jordan River Parkway Trail
Jordan RiverJordan River
The existing Developer, a partnership between Henderson Development and Forum Real Estate Group, is seeking an Opportunity Zone Fund to invest in a development project that is ripe for success. The Developer owns the land, currently zoned for a dense Transit-Oriented Development, and has engaged its design team to create a concept plan that is the basis of the financial model reflected in this Offering Memorandum. The Developer has significant historical experience in developing, owning and operating Multi-Family assets nationally as well as transforming SLC’s North Temple Corridor, with two stabilized assets along the corridor complete and an additional new development currently under construction.
Over the next six months, the Developer will advance the design of the project and take the building through the approval process, targeting a closing of construction debt and Opportunity Zone equity by mid-year 2020.
Exclusively Marketed by
Kip Paul Vice Chairman801-303-5555 [email protected]
Jorgi Paul Senior Associate801-303-5570 [email protected]
Rhett BueDirector801-303-5416 [email protected]
170 South Main Street, Suite 1600Salt Lake City, Utah 84101Tel 801-322-2000 Fax 801-322-2040cushmanwakefield.com
©2019 Cushman & Wakefield. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. path: 1- Projects/Paul, K/1 - Flyers/1528wNorthTemple
MULTI-FAMILY DEVELOPMENT SITE SEEKING OPPORTUNITY ZONE CAPITAL
DEVELOPMENT SITE
