A new affordable apartment complex near downtown Salt Lake City almost didn’t happen three times.
Gary Knapp, an architect with JZW, thought the project that just opened as the 144 South Apartments was dead on three occasions with three different developers before Peter Corroon came along.
Even then, the project wasn’t easy and hit many barriers and unexpected expenses, Corroon said Wednesday morning before a ribbon-cutting for the income-limited complex of 110 units.
Corroon, the real estate manager for Sentry Financial and a former Salt Lake County mayor, teared up while thanking the many people who helped make the six-story building at 144 S. 500 East a reality.
While those tears may have harked back to past pain, they’ll turn to tears of joy in the future, said Salt Lake City Council member Alejandro Puy.
“Many people wish to live in this neighborhood,” said Puy, who represents District 2 covering the southwest corner of Salt Lake City. “You are giving housing and a home to hundreds of families here.”
The 110 units — a mix of studio and one-bedroom apartments — will be available for people making up to 60% of the area’s median income, or about $50,000 or less.
About 36% of Salt Lake County residents working full time made less than $50,000 in 2023, according to U.S. Census Bureau estimates.
That includes people who work nearby in the Central City neighborhood, said Salt Lake City Mayor Erin Mendenhall — from firefighters at Station 1 to workers at the Oasis Cafe and from bus drivers to librarians.
“These Salt Lakers deserve housing that they can afford that’s safe,” Mendenhall said, and even a little nicer than might be expected.
Michael Akerlow, the county’s housing and community development director, remarked that he saw the building the other day while parked across the street and thought he’d like to live there.
The complex sports a fitness center, a dog wash and park, a firepit and spa on the patio, bike storage and a coworking space with private offices, a conference room and other amenities.
(Chris Samuels | The Salt Lake Tribune) Recreation space of an affordable housing development on 500 East in Salt Lake City, Wednesday, Jan. 8, 2025.
It’s also less than a block from a major bus route and about a 15-minute walk to TRAX.
That reflects a changing dynamic in the need for affordable housing, Akerlow said. “The perception used to be that affordable housing was just for people with low incomes, but now it’s ubiquitous.”
While lots of units are going up downtown and in desirable neighborhoods, he said, “incomes are too low, and rents are too high.”
Affordable housing is for people working hard to make it, Puy said, and “they deserve to live in all the [city’s] neighborhoods.”
City officials have been working to help finance affordable housing projects, Mendenhall said, leading to 1,256 new affordable units since July. She noted that 127 have been deeply affordable units.
(Chris Samuels | The Salt Lake Tribune) Salt Lake City Mayor Erin Mendenhall gives remarks at the opening of an affordable housing development on 500 East in Salt Lake City, Wednesday, Jan. 8, 2025.
Though Corroon jested that he swore off ever doing another project, Mendenhall joked back that she’s sorry, but he can’t stop because the city has to keep going to provide more housing for working-class residents.
“This can’t be your last project,” Mendenhall said. “And we’ll keep bringing some money.”
Megan Banta is The Salt Lake Tribune’s data enterprise reporter, a philanthropically supported position. The Tribune retains control over all editorial decisions.
