Salt Lake City's Community Reinvestment Agency board is set to consider Tuesday afternoon whether to sell more than two acres in the Rio Grande District to Denver-based Ulysses Development Group for $2.5 million. The proposed price is far below the property's roughly $12.2 million appraisal, but the board's review also involves the development requirements attached to the site. Known as the Parry Block, the parcels sit along 100 South between 600 West and Dansie Drive, bordering the FrontRunner line and I-15.
The Board Must Weigh Price Against Public Benefits
The January appraisal valued the Parry Block parcels at about $12.18 million. They were listed for sale in March for $12,175,000, or just under $120 per square foot, as a 2.33-acre assemblage, according to Building Salt Lake. The proposed $2.5 million offer works out to about $25 per square foot and is roughly 80 percent below the appraisal, according to the outlet's report on the proposal.
CRA policy requires any proposed land-sale discount greater than 10 percent of appraised fair-market value to go before the agency's Board of Directors, with market conditions, economic trends and public benefits factored into the review, according to the Salt Lake City CRA. The Salt Lake City Community Reinvestment Agency has owned the property since October 2008, the station's report notes, and the CRA received two offers for the land, with staff identifying the Ulysses proposal as the preferred option.
The Requirements Behind the Offer
The CRA's staff report attributes the low offer partly to restricted density, fire access requirements and other site limitations, the same report notes, and partly to broader multifamily headwinds — falling rents, increased vacancy and lower investor demand for apartment housing across the market. CRA spokesperson Tauni Barker said the developer offered the $2.5 million price and that it has not been finalized, adding that the appraisal reflects the land's unrestricted market value. Barker also said the agency prioritizes strategic, place-based investments meant to deliver long-term neighborhood benefits.
The CRA's request for proposals requires at least 116 residential units, with at least half to be for-sale condominiums. It also calls for a minimum of 10,000 leasable square feet for art space, sustainable design and limited surface parking, while listing urban agriculture as a development preference. Barker told Building Salt Lake that the proposed affordable and for-sale housing, public art space and community garden affect development economics and can result in offers below what an unrestricted sale might bring.
Housing and Community Uses in the Proposal
Ulysses Development Group, based in Denver, is proposing 116 residential units: 22 townhomes and a 94-unit apartment building. The apartment building would include 5 studio units, 31 one-bedroom units, 34 two-bedroom units and 24 three-bedroom units, while the townhomes would include 12 two-bedroom units and 10 three-bedroom units. Overall, the proposed development includes 34 three-bedroom, family-sized units. For-sale units are projected to range from $365,000 to $440,000, with apartment rents projected between $1,250 and $1,900 a month.
The plans place townhomes along the eastern side of the site and include retail, artist studios and community garden space in the mixed-use building. The 100 South frontage is labeled “artist alley.”
Artist Space and a Relocated Urban Farm
The proposed development includes roughly 10,000 square feet of artist space that could house galleries, performance spaces and studios, with the Utah Arts Alliance listed as a prospective tenant. Wasatch Community Gardens is listed as a prospective tenant for the proposed community garden as well — a notable detail given the property's history. The site formerly housed the organization's Green Phoenix Farm, described as one of Wasatch Community Gardens' largest urban farms.
That farm is already on the move. According to FOX 13 News, Wasatch Community Gardens is relocating Green Phoenix Farm from its longtime home at 622 West 100 South to a new open space along 1300 South between 700 and 800 West. The Parry Block site is zoned Gateway-Mixed Use, which allows building heights up to 180 feet, with a minimum required height of 75 feet.
What Happens Next
The CRA board can accept, deny or counter the Ulysses proposal Tuesday, and additional deal details — including contingency plans in case the developer fails to meet project requirements — remain unnegotiated and would be addressed later if the board approves the sale. Sale proceeds are intended to fund infrastructure improvements in the Rio Grande District.
Districtwide Infrastructure and Public Space
As noted above, sale proceeds are intended to fund infrastructure improvements in the Rio Grande District. The Salt Lake City Community Reinvestment Agency's district plan identifies water, sewer, stormwater and electrical upgrades as district-level priorities. The plan also envisions a Festival Street on 300 South and an Arts Alley for art installations, cultural events and performances.
The proposal lands amid a tough stretch for Salt Lake City's multifamily market. Effective rents are down about 8.25 percent from their 2022 peak, and overall multifamily property values have fallen 26 percent, according to analyst Michael King, cited in a Building Salt Lake report on the broader market. Landlords have resorted to concessions including up to three months of free rent and gift cards worth as much as $3,000 to attract tenants, and that competitive pressure could persist through 2026 and into 2027. Still, steady population growth and the 2034 Winter Olympics are cited as reasons investors remain interested in the market longer term.
