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175 W Central Ave - Millcreek Apartment Project 7.19 Acres of Commercial Land Offered at $12,277,000 in Millcreek, UT 84107
INVESTMENT HIGHLIGHTS
- Qualified Opportunity Zone/QCT 2025
- Trax adjacent
- 423-Unit Fully Entitled Multifamily Site
- In-place TIFF agreement worth $3.5 million in construction Value
EXECUTIVE SUMMARY
All of the site investigation has been done, along with the approved civil engineering documents.
This is truly a ready to roll project and the site preparation work can likely proceed while your architect finishes the CD's.
Did we mention the in-place $3.5-million tax increment financing?
DATA ROOM Click Here to Access
- Offering Memorandum
- Third Party Reports
- Title and Insurance
- Miscellaneous
- Knight Architecture Site Studies
- Knighton Architectural Preliminary Drawings
PROPERTY FACTS
| Price | $12,277,000 | Property Subtype | Commercial |
| Sale Type | Investment | Proposed Use | Apartment Units |
| No. Lots | 1 | Total Lot Size | 7.19 AC |
| Property Type | Land | Opportunity Zone |
Yes
|
| Zoning | RM Multi-Housing - The R-M zone is intended for medium to high density residential development/complexes.. | ||
| Price | $12,277,000 |
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units |
| Total Lot Size | 7.19 AC |
| Opportunity Zone |
Yes |
| Zoning | RM Multi-Housing - The R-M zone is intended for medium to high density residential development/complexes.. |
1 LOT AVAILABLE
Lot
| Price | $12,277,000 | Lot Size | 7.19 AC |
| Price Per AC | $1,707,510.43 |
| Price | $12,277,000 |
| Price Per AC | $1,707,510.43 |
| Lot Size | 7.19 AC |
This Opportunity Zone/QCT site in the center of the Salt Lake Valley and walkable to two light rail TRAX stations with nearby connections to commuter rail FRONTRUNNER stations. One of a kind location surrounding beautiful Big Cottonwood Creek!
DESCRIPTION
This spectacular Opportunity Zone site is nestled in the center of the Salt Lake Valley and walkable to two light rail train TRAX stations with nearby connections to commuter rail FRONTRUNNER stations. The site is a one of a kind location with beautiful Cottonwood Creek meandering through the property, lending an unmatched connection to nature with the soothing sights and sounds of flowing water. From its Central Valley location the project has nearby access to Big & Little Cottonwood Canyons, home to world class ski resorts, spectacular hiking & climbing and other recreational activities mere minutes away. The City of Millcreek is a great sponsor of the 423-Unit project having unanimously approved the project with enthusiastic participation throughout the entitlement process. The project is fully entitled with the inclusion of approved Tax-increment-financing in the amount of $3,500,000 that can be used for a variety of public facing improvements, including the bridge and connecting drive from Brick Oven Way to Central Avenue, pedestrian trails, Central Avenue improvements, and façade improvements visible to the public. In addition to the 423-luxury apartments, there is an additional bonus of 7,000 square feet of commercial space allocated in the Central Avenue frontage. The entitled project includes the Site engineering and preliminary floor plan and elevation designs ready for your development team to value engineer the construction documents to meet your own expectations. While this project is designed for market rents there is also the opportunity for the creation of a LIHTC affordable housing property. The project design includes an ample 1.58 parking stalls per unit, which rarely found in a Transit Oriented Development.
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175 W Central Ave - Millcreek Apartment Project
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