SALT LAKE CITY, Utah – A high-end apartment community is approved for construction in Salt Lake City’s Broadway District. Full-service commercial real estate leader PEG Companies [PEG] has received design review approval for the project from the Salt Lake City Planning Commission.
Located at 371 S 200 W, the 147,000 square-foot project to be known as The Revival will feature 142 sleek apartment units, ranging from studios to three-bedroom suites with balconies. Geared toward young working professionals, the unique design of the project will be the first of its kind in Salt Lake City. Future tenants can look forward to prominent geometric patterns, unique color schemes, and elegant finishes throughout the art-deco inspired interiors of this building—a modern twist on classic Western European design characteristics of the 1920’s. Architectural concepts include open floor plans, large floor-to-ceiling windows, and a leasing lobby with a 25-foot high ceiling.
Upon completion, The Revival will boast industry-leading amenities new to the area. The third floor will feature a 1,200 square-foot fitness center and spacious clubroom that overlook the outdoor terrace and seamlessly convert into an indoor/outdoor concept with large garage-like doors. The adjoining terrace will feature lush landscaping, elegant festoon lighting, an oversized spa, and outdoor grills with comfortable lounge areas scattered across the property.
PEG began pursuing the project in 2017, before the Tax Cuts and Jobs Act designated the project site as a Qualified Opportunity Zone [QOZ]. Now holding a QOZ designation, the deal has become even stronger.
“The Opportunity Zone program just so happened to cater to the strategy PEG was already pursuing—to reimagine communities, revitalize neighborhoods with real potential, and create value for those neighborhoods and our investors,” said Cameron Gunter, Founder/Chief Executive Officer of PEG. “While some firms are now scrambling to find QOZ deals to capitalize on, PEG is fortunate to be well ahead of the curve, having already secured such projects because they were strong from the beginning—with or without the QOZ tax benefits.”
Currently standing on the site are surface parking lots and three impoverished structures, which will be demolished and cleared this spring. Project leaders plan to salvage a handful of elements from the buildings to incorporate into The Revival including some eclectic orange barn doors and a 1998 mural of the NBA Utah Jazz that will be restored and displayed in the fitness center.
Part of PEG’s plans to improve the area include the addition of a mid-block walkway to the north of the property that will eventually connect 200 W to West Temple. The group will also lease a retail pad on 400 S—a separate building located on the same site.
“Now that we are fully entitled, we are very excited to begin bringing new life to this area,” said PEG Development Manager Matt Krambule. “This unique project will truly ring true to its name, reviving the site with energy, connectivity, and elegance for the community to enjoy.”
PEG anticipates receiving a building permit this summer and aims to open the project in late-Spring 2022.