March 8, 2023
Located at 228 W. and 1300 South, the studio- and one-bedroom –apartments will suit the needs of a variety of tenants, with 106 of its 140 total units being made affordable to households earning 25-50% of the area median income (“AMI”) or below, for a minimum of 50 years. colony b will provide a unique public benefit by initially leasing 11 units to young people aging out of the foster care system. In addition, the apartment complex includes 15 ADA units to ensure accessibility to Salt Lake City residents with long-term mobility concerns.
“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. That’s why I’m so excited about the opening of colony b,” said Salt Lake City Mayor Erin Mendenhall, who also serves as the RDA’s Executive Director. “The addition of 106 affordable units to our housing stock will profoundly impact the surrounding Ballpark neighborhood and our City as a whole.”
The Redevelopment Agency of Salt Lake City (RDA) and other funding partners gathered with the developers of colony b, a transit-oriented, residential development built with affordability in mind, to celebrate its opening today.
Estimated to have cost a total of $22 million to construct, the project received a $1.34 million loan from the RDA, in addition to loans, investments, and other contributions from Rocky Mountain Community Reinvestment Corporation, Key Bank, the Richman Group, Enterprise Green Energy rebates, and the Olene Walker Housing Loan Fund.
The project’s development partners, the Neighborhood Nonprofit Housing Corporation (NNHC), also known as Neighborhood Housing Solutions, and defy Co. Labs, have extensive experience in affordable housing, multi-family development, and housing counseling. NNHC and defy Co.Labs are dedicated to developing housing for the greater good, with a mission to create quality affordable housing opportunities that strengthen and enhance communities and provide households with the skills to become self-sufficient.
“The tremendous amount of public benefit this project will bring to our City is clear,” said Council Member and RDA Board Chair Alejandro Puy. “As representatives for our districts and communities, the Board has been thrilled to help secure the development of colony b.”
About the RDA:
The Redevelopment Agency of Salt Lake City (RDA) strengthens neighborhoods and business districts to improve livability, create economic opportunity, and foster authentic, equitable communities. Acting as a catalyst for strategic development projects, the RDA prioritizes redevelopment projects that enhance the City’s housing opportunities, commercial vitality, public spaces, and environmental sustainability. To review some of the RDA’s latest work, please visit www.slcrda.com.Tags: affordable housing, Ballpark Neighborhood, foster care, Neighborhood Nonprofit Housing Corporation, Redevelopment Agency of Salt Lake City (RDA), Salt Lake City Council, Salt Lake City Mayor Erin Mendenhall