Salt Lake City CRA Approves $7 Million in Loans Supporting Nearly $54 Million in Development
Salt Lake City is a city in Salt Lake County, Utah. The Salt Lake City Community Reinvestment Agency (CRA) Board of Directors on October 14 approved $7,030,501 in loans to support six commercial and mixed-use projects representing nearly $54 million in planned development.
The awards mark the first funding round of the CRA's Commercial Development Loan Program (CDLP), established to help close financing gaps for commercial and mixed-use projects that support neighborhood investment and long-term economic development. The six projects span the Central Business District, State Street, and 9-Line project areas, supporting new housing, neighborhood-serving businesses, nonprofit services and the rehabilitation of historic commercial buildings.
The largest project, at 1345 S. Jefferson, received a $2 million loan. Abstract Development Group will construct a $43.4 million mixed-use project featuring 122 residential units and approximately 4,000 square feet of ground-floor commercial and retail space in the State Street Project Area. The Edison Mixed-Use Townhomes project at 956 S. Edison St. received $1,806,501 toward a $2.3 million development of five townhomes and approximately 1,250 square feet of commercial space, with at least two units to be sold to income-qualified buyers earning up to 120% of area median income.
Archie Archuleta Square, developed by Crossroads Urban Center at 1410 Indiana Ave in the 9-Line project area, received $2 million toward a $5.3 million project including approximately 5,265 square feet for the nonprofit's thrift store and food pantry, 2,378 square feet of additional leasable commercial space, and an outdoor courtyard. Central 9th Market and One-eyed Dog Pizza received $500,000 to build out approximately 3,347 square feet of ground-floor retail space in The Aster mixed-use development.
Two rehabilitation projects also received funding: Remora Bar LLC received $418,000 to rehabilitate approximately 4,297 square feet of existing commercial space at 228 S. Edison St. for a hospitality venue inspired by the Great Salt Lake, and Cramer House LLC received $306,000 to rehabilitate a vacant, two-story historic building at 255 S. State St. and return it to active commercial use.
"These are the kinds of investments that can make a meaningful difference in our neighborhoods," said Taylee Foulger, CRA project coordinator. "By helping close financing gaps, we're supporting local businesses, creating opportunities for housing and bringing new life to commercial spaces."
The CRA said CDLP applications are evaluated based on financial feasibility, project readiness, alignment with CRA priorities, and anticipated community benefits. The approved loans are subject to final underwriting and closing requirements, with projects generally expected to break ground within 12 months of receiving award letters.
Source: GSM · USA (original Chinese edition)
Photo: 图：Salt Lake City市郡大楼（City and County Building）。照片：Sean Breazeal，Wikimedia Commons，公共领域。Photo: The Salt Lake City and County Building. Photo by Sean Breazeal, via Wikimedia Commons, public domain.
