Groundbreaking held for Latitude Apartments, developers and city cite financing and community benefits

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 investors outlined the project’s capital stack. Hao Lee of City Community Capital (Citibank’s affordable housing arm) said Citibank provided a $25.5 million construction loan and intends to provide an $11.5 million permanent mortgage after stabilization. Jason Martin also named Utah Housing Corporation, the Private Activity Bond Authority, Salt Lake City’s redevelopment agency, The Richmond Group and American Express among partners. Claudio O’Grady of Utah Housing Corporation described state tax credits as the key piece of the capital stack, saying the state credit program’s expansion in recent years has been critical to making deals feasible.

Local investment and impact: Mayor Erin Mendenhall said the city has committed $2,400,000 to the project and urged that housing stability supports economic mobility for residents and students who will attend nearby Franklin Elementary, Bryant Middle School and East High. Terry Gentry of The Richmond Group said the project will produce economic activity — he stated “the economic impact of these 108 units ... is over $30,000,000” and estimated a tax revenue base of about $1,500,000. (The developer’s opening remarks described the project as 105 units; the transcript contains both figures.)

Construction and delivery: John Tebbz of Bonneville Builders described the firm’s role as general contractor and emphasized the company’s experience building LIHTC‑funded affordable housing across the Intermountain West. Chelsea executives reiterated their commitment to delivering quality housing on time and on budget.

Community context: Alejandro Puig, Salt Lake City council member for District 2, acknowledged that the site previously held a small number of older houses and said the project must respect neighborhood history while ensuring the area remains accessible to working‑class families. Dave DeRocher of the Other Side Academy, representing a local nonprofit, thanked Chelsea for a donation tied to the project.

What’s next: Speakers invited media questions and planned photo opportunities; the ceremony closed without recorded formal actions or votes. Developers said they expect to return for a ribbon cutting once construction is complete.

Representative quotes from the event: “Make no mistake, we are in [an] affordable housing crisis,” said Jason Martin of Chelsea Investment Corporation. Terry Gentry of The Richmond Group said, “The economic impact of these 108 units ... is over $30,000,000.” Mayor Erin Mendenhall noted, “Salt Lake City has invested $2,400,000 into this project.”