Salt Lake City Expands Draper Suburb with New Residential Complex
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.