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SALT LAKE CITY — Mayor Jackie Biskupski on Monday announced an intent to create new affordable housing and a business incubation project at a pair of downtown properties, including the old Barnes Bank building.
The two sites — 320 E. 400 South and 338 E. 400 South — would provide approximately 2.24 acres of space for micro-unit apartments, mixed-income housing and commercial opportunities, including business incubator space, Biskupski said in issuing a request for proposals.
The project, being called Fourth Street TOD, is envisioned as a transit-oriented development that would incorporate the existing Barnes Bank structure and the underground parking on-site.
“Today we are launching another unique project here at the site of the old Barnes Bank,” Biskupski said.
The project has stated goals to provide a minimum of 40 micro-unit housing units, providing 250 to 500 square feet of space for rent at 40 percent of the area median income — about $540 a month.
About 20 percent of housing in the project would be reserved for those who make 60 percent of the area median income level. The request for proposals also stated preferences for housing rates for those at 40 percent and 50 percent of the median income for the area.
“These are individuals making less than $10 an hour, often working multiple jobs, where an illness can be the difference between the housing they have and homelessness,” Biskupski said.
The mayor noted the importance of the affordable housing project to provide stability for those making less than $20,000 per year. She also emphasized economic opportunity in the proposed commercial areas.
Selection criteria for proposals will be based on review of completed proposals, with emphasis placed on maximizing affordable units, efficient parking, sustainable components and commercial tenants that pay wages exceeding the area median income.
Further details will be provided at a development meeting and site tour on Feb. 9.
