2022 Residential Development that Overcame Significant Obstacles
Developer: Hampstead Jackson Partners, LP
Location: Salt Lake City
The Jackson Apartments in Salt Lake City will remain affordable for seniors through 2070 thanks to a $25.8 million rehabilitation that included $4 million in HTC equity. However, the property had to survive the repercussions of the COVID-19 pandemic to reach completion.
Developer Hampstead Jackson Partners LP put together the transaction to renovate the property, which was built in 1916 and had major systems nearing the end of their useful life. After the pandemic hit, construction began in June 2020 and continued through the end of 2021–persisting through COVID-19, supply shortages, labor shortages and a 5.7 magnitude earthquake that damaged the property. The earthquake led to reconstruction of the masonry parapets and a change in the brick chimney that once stood nearly 15 feet above the roof line.
Thanks to $4 million in HTC equity ($2.4 million in federal HTC equity with the owner as the investor and $1.6 million in state HTC equity from Key Community Development Corp.) and $8 million in 4% LIHTC equity from Key Community Development Corp., the Jackson Apartments were completed.