May 2, 2023
The ribbon has been cut on Downtown Salt Lake City’s newest mixed-use development, The Aster. Salt Lake City Mayor Erin Mendenhall and members of the Salt Lake City Council joined community and financial partners to officially open and tour the three buildings at 255 South State Street, which include a total of 190 residential units and 20,000 square feet of commercial space.
Between the Aster’s two newly constructed mixed-use buildings there is 18,000 square feet of commercial space and 168 studio to 4-bedroom units that are designated as deed-restricted to households making 20-80% of the area median income (AMI), with over half at 50% AMI or below. A public paseo runs between the two buildings, connecting State Street to the midblock Floral Street where the third building is located, the historic Cramer House. The 2,000-square-foot brick building was renovated to serve as a commercial space and will become the home of a new bar concept from the owners of the local Water Witch.
“This is a flagship redevelopment project for Salt Lake City, as its mix of uses it will provide are unparalleled,” said Mayor Mendenhall. “The Aster’s sheer number of affordable units – including those large enough for families – combined with its creative 3-building layout, block-activating commercial storefronts, and public spaces and access points make it like nothing else in Downtown, the City, County, or even State.”
The project’s developer, Brinshore Development, was selected by the Redevelopment Agency of Salt Lake City (RDA) in 2018 through a competitive public Request for Qualifications process to build affordable housing on the RDA-owned 1.1-acre property. The Aster project received a total of $14.5 million in RDA financial assistance. Other public financing came from the Utah Housing Corporation (4% and 9% Low Income Housing Tax Credits), tax exempt bonds, the Olene Walker Housing Loan Fund, state housing tax credits, Salt Lake City’s Division of Housing Stability, and Salt Lake County. Architecture and construction partners include KTGY Architecture + Planning and Wadman Corporation.
“The Aster is the culmination of a wonderful public-private partnership,” said Whitney Weller, Senior Vice President of Brinshore Development. “Brinshore is very pleased to have been able to execute the vision of the Redevelopment Agency of Salt Lake City.”
The development is located across the street from the Gallivan Center and one block from a TRAX station. It includes 71 parking spaces located in a one-level subterranean garage, as well as a bike-sharing program for use by employees and residents.
“Easy access to TRAX, bus routes, and bikes provides residents with strong transit connections and promotes movement and activity in the Downtown core,” commented RDA Board Chair and District 2 Salt Lake City Council Member Alejandro Puy. “I look forward to the Aster serving as a vibrant cultural hub for not just its residents, but also passersby and destination-oriented guests.”
B-roll of the property for media use is available here. Photos are available here.
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. More information at www.slcrda.com.Tags: affordable housing, Redevelopment Agency of Salt Lake City, Salt Lake City Council, Salt Lake City Mayor Erin Mendenhall