Named Paperbox Lofts, the mixed-use development will include 195 apartment units, retail and restaurant space, and a park for public use.
PEG Development, Clearwater Homes Utah, and the Redevelopment Agency of Salt Lake City (“RDA”) invite the media to attend a groundbreaking ceremony for Paperbox Lofts, Utah’s first development to build a standalone parking garage, on Tuesday, March 26 at 9:30 a.m. at 160 South 300 West. Salt Lake City Mayor Jackie Biskupski, City Council Member and RDA Board Chair Amy Fowler, and development professionals will provide comments celebrating the forthcoming mixed-use development, which will feature affordable housing, public open space, and mid-block connections to both 200 South and 300 West.
Located less than one block from the Vivint Smart Home Arena, the two-acre mixed-use development will consist of 195 apartment units divided between three buildings, retail and restaurant space, and a 10,000-square foot “pocket park,” open to the public. Additionally, as part of an ongoing effort to alleviate parking woes in the area, development partners PEG Companies (“PEG”) and Clearwater Homes Utah (“Clearwater”) have confirmed plans to construct a 7-level, 112-parking space mechanical car lift system that will maximize space by stacking and organizing vehicles.
“When tenants arrive, they will pull in and park on one of six platforms. After drivers exit the structure, their cars will be transported vertically and horizontally to their designated spots,” explained PEG Development Manager, Matt Krambule. “When tenants want to retrieve their vehicles for use, they will simply swipe their unique key fobs on an operator panel, and the system will deliver their cars the same way it parked them.”
“Salt Lake City understands that parking is top-of-mind for many of its residents,” stated City Council Member and RDA Board Chair Amy Fowler. “We applaud this project’s innovative approach to making the best use of a small amount of space by investing in the first car-stacker system in the state of Utah.”
In addition to designating 39 apartment units as affordable housing for people earning 60 percent or below the area’s median income, project leaders are also pleased to support the community by developing Paperbox Lofts in a Qualified Opportunity Zone (“QOZ”), one of about 8,700 federally designated geographical areas throughout the United States established to spur economic growth by extending generous tax incentives to investors in those projects.
Firm in their commitments to bridge the Downtown Core and Gateway District, PEG and Clearwater continue to invest heavily in the area. Directly south of the Paperbox Lofts property, Clearwater converted former Westgate Business Center into Paragon Station Lofts. In 2016, PEG completed the Courtyard by Marriott and Downtown Hyatt House, which sit slightly north of the Paperbox site. Additionally, just across the street from the property stand Salt Lake City’s first ever AC Marriott Hotel and adjacent Milagro Apartments, a 170-unit multi-family residential complex – both of which are PEG Companies developments.
The co-developers also have plans to improve surrounding roads and walkways as part of the project.
“The Paperbox Lofts project exemplifies the kind of thoughtful connectivity the City strives for in its redevelopment projects” said Salt Lake City Mayor Jackie Biskupski. “The addition of both a one-way street and mid-block walkway creating connections to 300 West and 200 South will not only increase access to the reborn Gateway District, but also allow for more overall walkability and activation in the West Downtown area.”
Project leaders aim to begin preleasing in late 2020.