Developer outlines affordable apartment options for Salt Lake City's new residential project

The Riverton Planning Commission meeting on March 13, 2025, focused on the proposed residential development project, highlighting its affordability and the developer's previous successes.

Commissioner Matheson raised concerns about the potential rental costs for residents, asking for clarity on affordability. The developer responded that rental prices would range from $1,500 for smaller units to $5,000 for larger penthouse apartments, emphasizing that all residents would have access to shared amenities, enhancing the value of the lower-priced units.

The developer also shared insights into their experience with similar projects, noting the success of the Fourth West Apartments in Salt Lake City, which features retail space below residential units. Despite initial skepticism about the location, the project has maintained high occupancy rates, demonstrating strong demand. The developer mentioned that their subsequent projects, including Hardware Apartments and Salt Lake Crossing, have also seen success, with many units leased quickly and a focus on improving amenities based on past experiences.

Looking ahead, the developer indicated that construction for the new Riverton project is set to begin on June 1, 2025. The commission discussed the evolution of the project’s design, which has adapted to better fit the community's needs by shifting focus from commercial to residential elements. This flexibility aims to ensure the project aligns with the overall vision for the Mountain View Village area.

The meeting underscored the importance of balancing residential development with affordability and community integration, as Riverton continues to grow and evolve.