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Salt Lake City approves $7 million in loans for housing, retail projects

Salt Lake City approves $7 million in loans for housing, retail projects

Money Moves Salt Lake City, UT local

Community Reinvestment Agency funds six projects, defers one downtown rebuild

Today: Council approves $7M in loans for six projects

Overview

Updated 1 hour ago

Salt Lake City's Community Reinvestment Agency approved just over $7 million in loans to six housing and retail projects on Tuesday. The slate includes a 122-unit apartment building near the former Smith's Ballpark, a food pantry expansion in Poplar Grove, and a townhome development in Liberty Wells.

The loans come from the agency's Commercial Development Loan Program, which had $10 million available this round. Two projects received the maximum $2 million each. The council deferred one application, the London Belle and Los Tapatios rebuild downtown, for a future round.

Why it matters

Salt Lake City is using $7 million in public loans to push housing and retail into redevelopment corridors, testing whether the strategy delivers.

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Key Indicators

$7M
Total loans approved
Just over $7 million approved for six projects in the Commercial Development Loan Program round.
6
Projects funded
Six projects received loans, ranging from a 122-unit apartment building to a pizza restaurant.
$2M
Maximum loan per project
Two projects received the $2 million cap: the Ballpark mixed-use building and Archie Archuleta Square.
122
Market-rate units planned
The 1345 S. Jefferson St. project in Ballpark will add 122 market-rate apartments.

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People Involved

Organizations Involved

Timeline

July 2025 October 2026

2 events Latest: Today
  1. Council approves $7M in loans for six projects

    Today Funding

    Council, acting as CRA board, unanimously approved $7 million in loans to six projects.

  2. Ballpark Design Plan presented to CRA Board

    Planning

    CRA released the Ballpark Design Plan for the former Smith's Ballpark site and neighborhood.

Scenarios

1

Approved projects move to construction

Likely Resolves by Q2 2028

Discussed by: Building Salt Lake, local development community

The six projects secure remaining financing and move through permitting. The 122-unit building at 1345 S. Jefferson St. is the largest and most visible, sitting a block west of the former Smith's Ballpark. The CRA loans are gap financing, so projects still need other funding sources.

2

London Belle and Los Tapatios rebuild wins CRA approval

Possible Resolves by End of 2027

Discussed by: Building Salt Lake

The council deferred the application for the rebuild at 321 S. Main St. It could return in a future CDLP round if the applicants address council concerns about the project.

3

Some projects stall on financing gaps

Possible Resolves by Q2 2028

Discussed by: Building Salt Lake

The CRA loans cover only part of each project's cost. If construction costs rise or interest rates stay high, some projects may not pencil out and could be cancelled or delayed.

Historical Context

One moment from history that rhymes with this story — and how it unfolded.

2017-2023

The Aster development (2017-2023)

The CRA repurchased a distressed downtown site for $4 million in a 2017 foreclosure auction after the original developer's project failed. It then selected Brinshore Development to build The Aster, a 190-unit mixed-income development completed in 2023.

Then

The Aster added 168 income-restricted units and 22,000 square feet of commercial space downtown.

Now

The project won a 2025 Urban Land Institute award for attainable housing and demonstrated the CRA's playbook of using public resources to catalyze development.

Why this matters now

The Aster shows how the CRA turns stalled sites into housing. The new loans apply the same approach to smaller projects across Ballpark, Liberty Wells, and Poplar Grove.

Sources

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