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SALT LAKE CITY -- A downtown renaissance. That's what some people call a resurgence in new or renovated housing in the heart of downtown Salt Lake City.
The city is in the midst of adding hundreds of units, all part of a trend they call the "new urbanism."
After decades of decline, cities across the country are adding significantly to their downtown housing stock and to those urban populations.
"Downtown is in the midst of a really remarkable time. I'd say we're on the cusp of transformational change," said Jason Mathis, executive director of the Downtown Alliance.
New apartment and condo projects are popping around downtown Salt Lake as well, like the Liberty City Walk apartments: 73 units of low-income housing on the corner of 200 South and 300 East.
- Richards Court
90 condominiums
Opened May 2010 - Promontory on South Temple
185 condominiums
Completion expected mid-2011 - The Regent at City Creek
150 condominiums
Completion expected mid-2011
Near Pioneer Park, several different projects are adding more than 100 new townhouses and condos.
At the big City Creek project, crews have been building 425 for-sale condominiums and 111 rental apartments, which will be opening over the coming months.
"There was a slowdown in the market and there are a lot of units that are sort of in limbo in the market, but we're seeing more and more construction going on now in downtown housing units," said Salt Lake City Director of Community and Economic Development Frank Gray. "Over the next couple of years you're going to see that accelerate quite a bit."
"City Creek is clearly leading this trend, but it really spreads throughout the entire downtown to places like the Broadway Park Lofts, the Metro Condos, Patrick Dry Goods, Broadway Tower," Mathis said. "People are just coming downtown and they want to live in Utah's capitol city in the heart of our urban region."
The new urbanism trend is being driven by neighborhood preferences: people seeking to live near transit, in walkable communities, and with urban entertainment choices like sports, concerts and farmers markets.
From college students to empty nesters, many are motivated by the variety of housing options.
"I think people are becoming more and more aware of what a great opportunity there is to live downtown, what a rich environment it is," Gray said. "To be real honest with you, the investment that was made in TRAX and the light rail system really makes living downtown very comfortable."
Despite the hurdles -- mostly stemming from the rough economy and difficulty developers, businesses and would-be buyers have in getting bank loans -- with Utah's expected strong growth, downtown is projected to grow noticeably.
Demand for downtown living is expected to grow by between 1 percent and 3 percent within the next generation. That means that by the year 2040 downtown Salt Lake City is expected to add between 40,000 and 120,000 people.
With City Creek opening in phases over the next two years, a new era of downtown resurgence appears to be underway.
E-mail: jdaley@ksl.com
