SALT LAKE CITY — Six construction projects in Salt Lake City just got the gap funding they needed. The board of the city's Community Reinvestment Agency (CRA) approved $7,030,501 in loans this week through its new Commercial Development Loan Program. Together, the six projects add up to nearly $54 million in planned development.
It is the first funding round for the program, which is built to fill the money gaps that keep commercial and mixed-use projects from getting financed. The city announced the awards on Oct. 14.
How the program works
The CRA scored applications on financial feasibility, readiness, fit with its priorities and community benefit. Borrowers can earn lower interest rates by hitting goals such as creating jobs, improving walkability or preserving older buildings.
The loans still have to clear final underwriting and closing. The CRA generally expects projects to break ground within 12 months of receiving their award letters.
The six projects
Project | Location | CRA loan | Total cost | Scope |
|---|---|---|---|---|
1345 S. Jefferson | State Street area | $2,000,000 | $43.4M | 122 apartments, about 4,000 sq ft of retail |
Archie Archuleta Square | 1410 Indiana Ave. | $2,000,000 | $5.3M | Thrift store, food pantry, leasable space, courtyard |
Edison Mixed-Use Townhomes | 956 S. Edison St. | $1,806,501 | $2.3M | 5 townhomes, about 1,250 sq ft of commercial |
Central 9th Market / One-Eyed Dog Pizza | The Aster, Main Street | $500,000 | $859K | Restaurant and catering kitchen build-out |
Remora | 228 S. Edison St. | $418,000 | $1.05M | Rehab of about 4,300 sq ft for a hospitality venue |
Cramer House | 255 S. State St. | $306,000 | $1M | Historic two-story building rehabbed into two bars |
1345 S. Jefferson is by far the largest. Abstract Development Group plans 122 apartments over about 4,000 square feet of ground-floor retail in the State Street project area.
Archie Archuleta Square is a $5.3 million project by the nonprofit Crossroads Urban Center in the 9-Line area. It includes about 5,265 square feet for a thrift store and food pantry, about 2,378 square feet of extra commercial space to lease, and an outdoor courtyard.
Edison Mixed-Use Townhomes will add two three-bedroom and three two-bedroom townhomes plus a small commercial space. At least two of the homes must be sold to buyers earning no more than 120% of area median income.
The three smaller loans fund interior build-outs and rehabs for local businesses. Cramer House will bring a vacant historic building on State Street back into use.
CRA project coordinator Taylee Foulger said the projects will close financing gaps, support local businesses, add housing and bring commercial space back to life in city neighborhoods.
What it means for contractors
This is a near-term pipeline. If the CRA's 12-month expectation holds, all six jobs should start by late 2027. They span a wide range: one $43 million mid-rise, a $5 million nonprofit build, a small townhome project, and three interior and historic rehab jobs between about $860,000 and $1 million.
The smaller jobs are well suited to local general contractors and interior subs. The city did not name general contractors or architects for any of the projects, so most of this work has not been publicly assigned yet.