(SALT LAKE CITY, UT – June 3, 2022) C.W. Urban, an innovative Utah real estate developer, announces the opening of theRANDI, a mixed-use urban in-fill housing complex, which replaced a surface parking lot at 218 South 200 East in downtown Salt Lake City.
The six-story apartment building features 61 residential units over a one-story podium with custom curated finishes including quartz countertops, stainless-steel appliances, gas ranges, 10-12’ ceilings as well as a mix of traditional floor plans and oversized penthouse units. The rooftop plaza gives residents the opportunity to experience a 4,220 square foot urban open space featuring a tree canopy, gazebos, and fire pits. Link to photos: https://www.dropbox.com/sh/ywn8o8ejjf9yqtk/AABy5ndTVJk9g81o1huyzq2aa?dl=0
The street design of the building concentrates on enhancing the pedestrian experience with interesting landscape planters, seating areas, and bike racks along the sidewalk. Transportation-centered amenities include a bus stop right outside the front doors, long-term conditioned bicycle storage, along with 1,280 square feet of ground-floor space for commercial use.
Additionally, theRANDI incorporates Trivial, a 3-story mechanical parking garage system that will maximize space by stacking and organizing vehicles vertically and horizontally in assigned stalls. Due to the site’s tight constraints, this forward thinking parking system allows cars to be taken off the street while making the best use of a small amount of space.
C.W. Urban was one of the first companies on the forefront of Salt Lake City projects to take advantage of tax incentives with the federal Qualified Opportunity Zone (QOZ) program. “We were deep into the due diligence process on this project when the QOZ maps were released,” said Darlene Carter, CEO of C.W. Group. “Our team was nimble to be able to follow the rules and regulations associated with the QOZ and build this project with QOZ funds.”
The Opportunity Zone program, established under the 2017 Tax Cuts and Jobs Act, provides special incentives for investors to spur economic development and job creation while substantially improving distressed communities.
C.W. Urban was joined with equity partner, Argosy Real Estate Partners (“Argosy”) to fund theRANDI. Argosyspecializes in opportunistic, value-add and core-plus real estate investments in the lower middle market. Through joint venture structures, Argosy partners with entrepreneurial operating partners possessing significant local market knowledge and a demonstrated track record of operating success. Argosy is a division of Argosy Capital Group, Inc., an SEC registered investment adviser with approximately $1.3 billion of assets under management.
Based in Centerville, Utah, C.W. Urban is a real estate developer specializing in the construction of urban in-fill townhomes, condos, single family homes, apartments and master planned for rent communities across the Wasatch Front. Its core team of industry professionals has a wealth of experience in home construction and land development. The company prides itself on crafting superior residences and is currently building some of the trendiest residential projects in the urban core. Visit: builtbycw.com for more information on their projects.
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