Lt. Governor Bell and the Utah Housing Corporation Break Ground on a 125 Unit Affordable Housing Project
Jan 18 2011
SALT LAKE CITY - Utah Lieutenant Governor Greg Bell joined with other dignitaries from the State of Utah to break ground on a new affordable housing complex in downtown Salt Lake City at 309 East 100 South, on January 18, 2011.
When completed, the Providence Place Apartments will provide a total 114,763 square-feet of living space in 125 units. These units will be constructed in studio, one bedroom and two bedroom apartments.
"One-hundred percent of the units at Providence Place Apartments will be for families earning 60 percent or less of the area median income," said Kipling S. Sheppard of Wasatch Advantage Group, developer for the project. "I believe this project will play a key role in helping the ongoing renaissance of Salt Lake City."
Financing for the nearly $19 Million project will come from a variety of sources, including US Department of Housing and Urban Development, Goldman Sachs Urban Investment Group, the Utah housing Corporation, Olene Walker Housing Trust Fund and Salt Lake City Housing Trust Fund.
"The project will help preserve the economically integrated community by providing critical workforce housing to families that would otherwise be priced out of this neighborhood," said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs.
The apartments mark one of many ongoing projects in downtown Salt Lake. Combined with the $1.5 Billion City Creek Center, the area is expecting a renewed vitalization of office, retail and residential development.