About this project

We have been working with Salina City and the Utah Inland Port Authority on a multifamily project in Salina City. The project will consist of four 30-plex 3-story walk up buildings and 100 townhomes for a total of 220 units. We will be building the same products that were used at South Haven Farms in Payson. We took the 25-plex foot print from the 210 Apartments in Payson and added 5 additional units by removing the built in garages on the first floor. The townhomes that AIM Development built next to the Clubhouse at South Haven Farms are the foot prints we have used for the townhomes on this project.

The city has approved a resolution for an infrastructure bond. They have been working with the Utah Inland Port Authority and received designation for the property to be included in the inland port area. This will allow future property tax revenue to be diverted to pay back the bond. The city will be using the bond to pay for the property, utility and road work, and water hookup/impact fees associated with the project.

We hired Western States Multifamily (Jeff Neese) to do a market study and he is very positive on the project. He estimates an absorption rate of 12 units a month and the project being stabilized 6 months following the completion of the final building. He states the demand is currently in place for this project and any additional demand that will come in conjunction with the inland port area and the recruitment of new business will only add to that demand.

We show a total project cost of $47,172,173 and an anticipated cash equity raise of $9,502,956.00.