The Grande Hub)
THE L M F J GRANDE HUB THE GRANARY DISTRICT SALT LAKE CITY, UT 2.162 ACRES 212 LIHTC UNITS 21,250 ft.2 COMMERCIAL 157,200 ft.2 LIHTC RESIDENTIAL 16.18% COMMERCIAL IRR $50,305,104 $12,933,126 $17,987,921 TOTAL COST TOTAL EQUITY FROM TAX CREDIT SALE VALUE TO TAX CREDIT INVESTOR [credits + tax losses] SITE EVALUATION Once stagnant and in a state of urban decay, the Granary District is currently transforming into a flourishing area of Salt Lake City. Though its character was once defined by blue collar grit, the District is now mixed with creative ambitions and entrepreneurial energy. As its redevelopment potential is exposed, the District is rapidly changing from static surfaces of pavement and underutilized buildings to a dynamic space full of investment opportunities. PROJECT PROPOSAL Based on market research, LMFJ proposes developing affordable housing under the LIHTC model [4% credits] ; a moderate sized, local pharmacy/grocery; and small-scale restaurant. With the current rapid growth and planned restoration projects, maintaining and preserving housing affordability throughout the Granary District must be imperative along with the provision of essential needs. The Granary District, Personal Photographs The basis of our development plan builds upon the vision of the Granary District — a thriving social hub of blue collar workers, entrepreneurs, and creatives who can live comfortably and actively contribute to its revitalization. LEGAL PROFILE The site contains two separate parcels located along 900S and Rio Grande St. To feasibly develop the site, LMFJ proposes purchasing the entire block these parcels are within, and demolishing all existing structures.
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