Salt Lake City Expands Draper Suburb with New Residential Complex

The multi-family community will begin construction immediately and is expected to be open for first moves by the end of 2023. Photo courtesy of Prosek Partners

The suburb of Draper in Salt Lake City, Utah, will host a new mixed-use multi-family community complex to help meet its growing population.

Located at 12300 Pony Express Road, the development will consist of three six-story buildings with 423 apartment units, spanning 1087 m2 (11,700 square feet) of retail on the ground floor, 703 parking spaces and a variety of desirable community amenities such as a fitness center, business center, swimming pool, land pickle ball and dog park, plus rooftop decks with stunning views of the Wasatch Mountains.

The multi-family community will benefit from its central location within ‘Silicon Slopes’, the bustling employment hub that has experienced strong population growth driven by the rapid expansion of high-income jobs in the tech sector. Located just 18 miles from downtown Salt Lake City, it will also be near popular ski resorts in the area.

Canyon provided $ 23.7 million of preferred stock for this project, which also secured a senior syndicated construction loan led by CIBC Bank USA. The subscription and the financing were organized by LGA Capital. The multi-family community will begin construction immediately and is expected to be open for first moves by the end of 2023.

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