SALT LAKE CITY (ABC4) — Salt Lake City leaders celebrated on Wednesday the opening of an apartment building in Ballpark that is designed to be affordable and transit-oriented.
Colony b, located at 228 West 1300 South, houses mostly studio and one-bedroom apartment units. For at least the next 50 years, the residential project has agreed to make 106 of its 140 total units affordable to families earning 20% to 25% of the area’s median income or below. Per the United States Census, the median household income for Salt Lake City residents in 2021 was $65,880.
“Making Salt Lake City more affordable and accessible to residents of varied backgrounds, abilities, and incomes is absolutely essential as we continue to cultivate a more vibrant, inclusive, and equitable community,” said Salt Lake City Mayor Erin Mendenhall. “The addition of 106 affordable units to our housing stock will profoundly impact the surrounding Ballpark neighborhood and our city as a whole.”
Additionally, colony b will be leasing out 11 units to teens aging out of the foster care system. Among the 140 units, 15 of them will reportedly be wheelchair assessable as well.
The monthly rent ranges from $401 to $1,200, according to the Apartments website.
“The tremendous amount of public benefit this project will bring to our City is clear,” said Salt Lake City Council Member Alejandro Puy. “As representatives for our districts and communities, the Board [of Redevelopment Agency of Salt Lake City] has been thrilled to help secure the development of colony b.”
Officials have also described the apartment building as transit-friendly, as it is reportedly a mere two-minute walk from the Ballpark TRAX station that services the green, blue and red lines.
The housing project has an estimated cost of $22 million, with $1.34 million of the total being a loan from the Redevelopment Agency of Salt Lake City. Other funding partners for this residential development include Rocky Mountain Community Reinvestment Corporation, Key Bank, the Richman Group, Enterprise Green Energy rebates, and the Olene Walker Housing Loan Fund.