175 Central Ave, Millcreek, UT 84107
7.18 Acres of Commercial Land Offered at $10,986,000 USD in Millcreek, UT 84107
For Sale
Active
Asking Price $10,986,000
- Property Type
-
Land
- Square Feet
- 312,761 SF
Listing Contacts
Gordon Jacobson
Property Overview
This spectacular Opportunity Zone site is nestled in the center of the Salt Lake Valley and walkable to two light rail train TRAX stations with nearby connections to commuter rail FRONTRUNNER stations. The site is a one of a kind location with beautiful Cottonwood Creek meandering through the property, lending an unmatched connection to nature with the soothing sights and sounds of flowing water. From its Central Valley location the project has nearby access to Big & Little Cottonwood Canyons, home to world class ski resorts, spectacular hiking & climbing and other recreational activities mere minutes away.
The City of Millcreek is a great sponsor of the 423-Unit project having unanimously approved the project with enthusiastic participation throughout the entitlement process. The project is fully entitled with the inclusion of approved Tax-increment-financing in the amount of $3,500,000 that can be used for a variety of public facing improvements, including the bridge and connecting drive from Brick Oven Way to Central Avenue, pedestrian trails, Central Avenue improvements, and façade improvements visible to the public.
In addition to the 423-luxury apartments, there is an additional bonus of 7,000 square feet of commercial space allocated in the Central Avenue frontage.
The entitled project includes the Site engineering and preliminary floor plan and elevation designs ready for your development team to value engineer the construction documents to meet your own expectations. While this project is designed for market rents there is also the opportunity for the creation of a LIHTC affordable housing property.
The project design includes an ample 1.58 parking stalls per unit, which rarely found in a Transit Oriented Development.
The City of Millcreek is a great sponsor of the 423-Unit project having unanimously approved the project with enthusiastic participation throughout the entitlement process. The project is fully entitled with the inclusion of approved Tax-increment-financing in the amount of $3,500,000 that can be used for a variety of public facing improvements, including the bridge and connecting drive from Brick Oven Way to Central Avenue, pedestrian trails, Central Avenue improvements, and façade improvements visible to the public.
In addition to the 423-luxury apartments, there is an additional bonus of 7,000 square feet of commercial space allocated in the Central Avenue frontage.
The entitled project includes the Site engineering and preliminary floor plan and elevation designs ready for your development team to value engineer the construction documents to meet your own expectations. While this project is designed for market rents there is also the opportunity for the creation of a LIHTC affordable housing property.
The project design includes an ample 1.58 parking stalls per unit, which rarely found in a Transit Oriented Development.
Property Details
- Property Subtype
- Commercial
Highlights
- Qualified Opportunity Zone
- 423-Unit Fully Entitled Multifamily Site
- Trax adjacent
- In-place TIFF agreement worth $3.5 million in construction Value
All available spaces
- Space
- Lot 1
- Size
- 312,761 SF
- Price
- $10,986,000
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