Posted Jan 4, 2017, 11:55 AM
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Join Date: Aug 2006
Location: Downtown Los Angeles
Posts: 19,386
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Downtown Update - North Fourth Apartments
Isaac Riddle Reports - Full Article @ http://www.buildingsaltlake.com/city...sing-projects/
...The North 4th project, on the 300 North block of 500 West, will be the developers’ (Giv Development Group) second affordable housing project in District 3. Giv also developed the North Sixth Apartments just south of North Temple on 600 West. Penfold, who represents District 3 referenced the North Sixth development as the type of project he expects from the developers.
“What I like about Giv, is that they consistently add a mix of affordable units,” said Penfold.
City Council approved a $1.5 million loan from the Housing Trust Fund budget for Giv to refinance and purchase an adjacent parcel for the project’s second phase. The first phase will be six stories with 112 one and two-bedroom apartments, 81 of which will be affordable housing. The project will include 31 market-rate units and the affordable housing units will include a mix of units available for residents earning between 25 and 50 percent of the Area Median Income (AMI).
The second phase of the North 4th project will consist of three mixed-use buildings with a combined total of 124 units, 80 of which will be affordable housing. The second phase will include 16 three-bedroom units, many of which Giv states will be reserved for refugee families, and five units reserved for homeless individuals. Depending on the AMI, rents for the affordable units will be vary between $260 and $600 a month.
Both phases will share amenity space that will be provided in and around a restored historic furniture warehouse building located just behind the site of the first-phase building. The amenities will include a gym, clubhouse, conference room, office space, greenhouse, patio, yard space and bike repair area...
Rendering of the first phase of the North 4th Apartments. Image courtesy Salt Lake City Planning Documents.
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