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Groundbreaking held for Latitude Apartments, developers and city cite financing and community benefits
Summary
Developers, investors and Salt Lake City officials marked the groundbreaking for Latitude Apartments, a fully affordable project developers said will offer 105 apartments targeted to households at about 30–60% of area median income; partners outlined a capital stack that includes a $25.5M construction loan, state tax credits and $2.4M in city investment.
In Salt Lake City, developers and city officials gathered at the groundbreaking for Latitude Apartments, a fully affordable housing development Chelsea Investment Corporation said will deliver 105 new homes targeted to households earning roughly 30–60% of area median income. The development is scheduled to open in the fourth quarter of 2026, developers said.
Why it matters: Speakers framed Latitude as a public‑private effort to address a housing shortage and rising costs in Utah. Jason Martin, senior development manager with Chelsea Investment Corporation, said the state faces a shortfall in housing and warned, “Make no mistake, we are in [an] affordable housing crisis.” Partners described the project as part of longer‑term efforts to preserve and expand low‑cost housing in the Salt Lake region.
The financing and partners: Developers and…
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