REVITALIZING DOWNTOWN WITH HOUSING AND ARTIST STUDIOS

Artspace Affordable Housing
Salt Lake City, Utah

Situation:

Salt Lake City’s Central business district is a thriving professional community located near the State Capital Building, Symphony Hall, Temple Square, the ZCMI Center, Crossroads Plaza, and the Delta Center, home of the Utah Jazz. However, the area lacked affordable housing.

Solution:

CRF worked with the Utah Community Reinvestment Corporation to provide a $1.6 million loan for the Artspace project. The loan was originated to refinance a higher rate bond issue on a 53-unit affordable housing complex.

Benefits:

Since Artspace was built, the area has seen dramatic improvements to area buildings as new lofts built in older warehouse buildings are bringing full-time residents to the area. The Artspace property was the first development of its kind in Salt Lake City, and the new construction trend continues.