CW Urban announces The Birdie, a mixed-use urban in-fill housing complex, replacing a surface parking lot at 218 South 200 East in downtown Salt Lake City.
The site is located in one of Salt Lake City’s Qualified Opportunity Zones and activates an underutilized corner of the CBD on a site totaling .34 acres.
The six-story apartment building will feature 61 residential units over a one-story podium with condominium-level finishes including quartz countertops, black stainless-steel appliances, gas range, 10-12’ ceilings as well as a mix of traditional floor plans and oversized penthouse units. The roof top plaza will give residents the opportunity to experience an urban open space with a 4,220 square foot rooftop plaza featuring a tree canopy, gazebos, and fire pits.
The street design of the building concentrates on enhancing the pedestrian experience with interesting landscape planters, seating areas, fire pits and bike racks along the sidewalk. Transportation-centered amenities include a bus stop right outside the front doors, long-term conditioned bicycle storage, and indoor bike wash station, along with 2,300 square feet of ground-floor space for commercial use.
Additionally, The Birdie will incorporate City Lyft, a 3-story mechanical parking garage system that will maximize space by stacking and organizing vehicles vertically and horizontally in assigned stalls. Due to the site’s tight constraints, this forward thinking parking system allows cars to be taken off the street while making the best use of a small amount of space.
CW Urban is one of the first companies on the forefront of Salt Lake City projects to take advantage of tax incentives with the federal Qualified Opportunity Zone (QOZ) program. “We were deep into the due diligence process on this project when the QOZ maps were released,” said Darlene Carter, Division President of CW Urban. “Our team was nimble to be able to follow the rules and regulations associated with the QOZ and close on this project with QOZ funds to build a ‘community within community’.
The Opportunity Zone program, established under the 2017 Tax Cuts and Jobs Act, provides special incentives for investors to spur economic development and job creation while substantially improving distressed communities. Construction is anticipated to commence by July 2019 and be completed in the fall of 2020. The development will fill a niche in the market.
CW Urban has joined with equity partner, Argosy Real Estate Partners (“Argosy”) to fund The Birdie. Argosy specializes in opportunistic, value-add and core-plus real estate investments in the lower middle market. Through joint venture structures, Argosy partners with entrepreneurial operating partners possessing significant local market knowledge and a demonstrated track record of operating success. Argosy is a division of Argosy Capital Group, Inc., an SEC registered investment adviser with approximately $1.3 billion of assets under management.