Salt Lake City approves $7 million in loans for housing, retail projects

Overview

Updated Oct 18

Salt Lake City's Community Reinvestment Agency approved $7,030,501 in loans to six housing and retail projects Tuesday, backing nearly $54 million in planned development. The slate includes a 122-unit apartment building in Ballpark, a food pantry and thrift store project in Poplar Grove, and five townhomes in Liberty Wells.

Two projects received the $2 million maximum: the Ballpark apartments and Archie Archuleta Square, out of a $10 million first-round fund. Loans carry five-year terms, extendable to 10, with interest at the U.S. Treasury yield curve rate plus 3%. The council deferred a second $2 million request for the London Belle and Los Tapatios rebuild downtown, asking for more information.

Why it matters

Salt Lake City is using $7 million in public loans to push housing and retail into redevelopment corridors, testing whether the strategy delivers.

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Key Indicators

122

Market-rate units planned

The $43.4 million project at 1345 S. Jefferson St. in Ballpark will add 122 market-rate apartments.

Voices

Curated perspectives — historical figures and your fellow readers.

People Involved

Darin Mano

Salt Lake City Council Member and CRA Board Chair

Represents the Ballpark area

Erin Mendenhall

Mayor of Salt Lake City

In office

Robert 'Archie' Archuleta

Community activist (deceased)

Died in 2019

Taylee Foulger

CRA Project Coordinator

Quoted on the first CDLP funding round

Organizations Involved

Salt Lake City Community Reinvestment Agency

City development agency

Administering the Commercial Development Loan Program

The CRA is Salt Lake City's development arm, using loans and other tools to catalyze redevelopment in targeted areas.

Crossroads Urban Center

Nonprofit organization

Receiving $2M loan for Archie Archuleta Square

Crossroads Urban Center provides food pantry and thrift store services in Salt Lake City's west side.

Abstract Development Group

Real estate developer

Developing 1345 S. Jefferson St. project

Abstract Development Group is developing the 122-unit mixed-use project at 1345 S. Jefferson St. in Ballpark.

Timeline

July 2025 October 2026

2 events Latest: October 13th, 2026 · 4 weeks ago

October 2026
Council approves $7M in loans for six projects
Latest Funding

Council, acting as CRA board, unanimously approved $7 million in loans to six projects.
October 13th, 2026
July 2025
Ballpark Design Plan presented to CRA Board
Planning

CRA released the Ballpark Design Plan for the former Smith's Ballpark site and neighborhood.
July 8th, 2025

Scenarios

Approved projects move to construction

Likely Resolves by Q2 2028

Discussed by: Building Salt Lake, local development community

The six projects secure remaining financing and move through permitting. The 122-unit building at 1345 S. Jefferson St. is the largest and most visible, sitting a block west of the former Smith's Ballpark. The CRA loans are gap financing, so projects still need other funding sources.

London Belle and Los Tapatios rebuild wins CRA approval

Possible Resolves by End of 2027

Discussed by: Building Salt Lake

The council deferred the application for the rebuild at 321 S. Main St. It could return in a future CDLP round if the applicants address council concerns about the project.

Some projects stall on financing gaps

Possible Resolves by Q2 2028

Discussed by: Building Salt Lake

The CRA loans cover only part of each project's cost. If construction costs rise or interest rates stay high, some projects may not pencil out and could be cancelled or delayed.

Historical Context

One moment from history that rhymes with this story — and how it unfolded.

2017-2023

The Aster development (2017-2023)

The CRA repurchased a distressed downtown site for $4 million in a 2017 foreclosure auction after the original developer's project failed. It then selected Brinshore Development to build The Aster, a 190-unit mixed-income development completed in 2023.

Then

The Aster added 168 income-restricted units and 22,000 square feet of commercial space downtown.

Now

The project won a 2025 Urban Land Institute award for attainable housing and demonstrated the CRA's playbook of using public resources to catalyze development.

Why this matters now

The Aster shows how the CRA turns stalled sites into housing. The new loans apply the same approach to smaller projects across Ballpark, Liberty Wells, and Poplar Grove.