SALT LAKE CITY, Utah – Residents at Paperbox Lofts are embracing a new way to park their cars. An innovative mechanical car lift system, which stacks cars in a vending machine-like fashion to save space, is opening at Paperbox Lofts. Thursday, municipal and project leaders gathered with the community to demonstrate how it works at a ceremonial ribbon cutting.
Developed by joint-development partners PEG Companies [“PEG”] and Clearwater Homes, the 195-unit project includes dozens of affordable housing units which PEG worked closely with the Redevelopment Agency of Salt Lake City [“SLCRDA”] to bring to fruition. Located less than one block from the Vivint Smart Home Arena at 160 South 300 West, the 207,000 square-foot development is divided between three buildings with retail space, a vast public plaza, and the largest new mechanical parking lift system in the Mountain West region.
“When residents arrive, they pull in and park on one of several platforms. After drivers exit the structure, their cars will be transported vertically and horizontally to their designated spots,” explained PEG Senior Development Manager, Matt Krambule. “When tenants want to retrieve their vehicles for use, they simply swipe their unique key fobs on an operator panel, and the system delivers their cars the same way it parked them.”
Located 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 tax incentives to investors, Paperbox Lofts today stands where the original Utah Paperbox company headquarters once stood. In 2019, community partners, including employees of Utah Paperbox, joined PEG for a “groundbreaking” and demolition session at the old building. Four years later, PEG is proud to deliver the development it promised the community, despite facing some major challenges including a global pandemic, supply chain issues, skyrocketing construction costs, labor shortages, and more.
“Our Paperbox Lofts project challenged us in ways that no one could have ever foreseen,” explained PEG Founder/CEO Cameron Gunter. “With grit, creativity, and an unwavering commitment to deliver on our commitments, we are excited to bring this cutting-edge project to the market and turn it over to our property management company PEG Property Group to operate it at the highest levels.”
Thursday, stakeholders including Salt Lake City Mayor Erin Mendenhall, representatives from the RDA, PEG project leaders, and more gathered to demonstrate the mechanical car lift system and host tours of the diverse Paperbox Lofts complex. Apartment homes range from affordable housing units to some of the city’s highest rents with the Paperbox Penthouse Suites.
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