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Ground has been broken on the first phase of Eaglewood Village, a new 96-acre mixed-use community located in North Salt Lake City.
Strategic Capital Partners and Compass Development Group are developing the property and have entered into a joint development agreement on Eaglewood Village. The property is located at the base of the Eaglewood area in North Salt Lake at the corner of Eagle Ridge Drive and Highway 89.
Eaglewood Lofts, a Class A, 214 unit apartment project is the first phase in the larger Eaglewood Village development that will ultimately include office, retail, apartments, and for-sale homes. Compass put the finishing touches on the development of the land last summer when the primary infrastructure was completed. Subsequently, SCP purchased all but the apartment portion of the project from Compass. The SCP land includes 17 acres of commercial land and entitlements for 300 residential units.
“We see a tremendous demand for this area and the unique features related to this site,” said Colin Wright, partner at Strategic Capital. “The appeal of the Davis County School District, affordable pricing, proximity to downtown Salt Lake and the mixed use feel of the project will lead to its quick success.”
The apartments will have a bit of an urban, yet classy feel to them. The clubhouse will be first-class and the building exteriors will feature striking limestone accents. The units will feature granite countertops, washers and dryers, walk-in closets, balconies, and oversized windows throughout. The project is scheduled to be completed by June 2013.
“We are excited about the potential of this project to provide a beautiful and functional entry into North Salt Lake City,” said Ben Lowe, principal in Compass Development Group. “Selling elements of the project to a strong partner like Strategic Capital represents the culmination of years of work in cooperation with the city, county, and UDOT to ensure traffic, geotechnical, and design considerations are properly addressed.”
Henry Walker Homes will be building the majority of the homes on site and will offer several housing types in the $200,000 to $500,000 price range. Construction is slated to begin within the next 90 days and retail brokers are being interviewed. “The pricing of the retail and office land will allow us to provide convenient services for those who live in Southern Davis County,” said Wright.
Kent Sulser, Economic Development Director for Davis County said, “This is a tremendous asset that will serve as the southern ‘bookend’ of Davis County. We have encouraged and will continue to promote the successful development of this site.”
Strategic Capital Group provides capital for new and existing real estate projects throughout the Intermountain West. The Company provides solutions in the current real estate environment by combining its capital with a proven ability to execute hands-on strategies. Strategic Capital Group takes an active role in its projects, often leveraging the abilities of its affiliate companies - Strategic Land Development, Strategic Real Estate Brokerage and Strategic Multi Family.
Founded in October 2009, Henry Walker Homes has quickly grown to 70 employees, acquired 31 development communities, and presently has more than 2,500 lots in Davis & Salt Lake Counties and St. George.
For more information, visit: www.henrywalkerhomes.com.