Salt Lake City, UT (2008)

Artspace Commons North

Investment

  • NMTC Amount: $35,733,000
  • Total Project Cost: $35,733,000

IMPACT

  • 96 FTE jobs
  • 353 construction jobs
  • 53,000 sq. ft. of real estate

Investor

Project Description

Artspace Commons North is a green, mixed-use artist community in downtown Salt Lake City, Utah. The development offers 102 affordable rent-to-own apartments and 53,000 sq. ft. of commercial space for offices, art galleries, studios and retail, on the site of a former scrap metal recycling facility. The development involved construction of a three-level commercial building with perimeter parking and an interior courtyard, and a four-story mixed-use building that houses commercial space on the ground floor and residences on the upper floors. Apartments are affordable to households earning up to 70 percent of area median income (AMI). At the end of the seven-year NMTC compliance period, the apartments were be sold as condominiums affordable to households earning up to 80 percent of AMI, with current residents having right of first refusal.

MAP

850 South 400 West, Salt Lake City, UT 84101

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