515 Tower project brings affordable, stable housing options to Salt Lake City families

SALT LAKE CITY — Salt Lake City leaders held a ribbon-cutting ceremony on Thursday for the 515 Tower project, which has created affordable housing options for families. Originally built in the 1980s, the 515 Tower (515 E. 100 South) is being transformed into a long-term affordable housing project called Arbor 515 to help address the housing crisis. "Only nine percent of Utahns can afford a median-priced home right now in our state," said Utah Gov. Spencer Cox, during the ribbon-cutting. That's why leaders are leaning into efforts like the 515 Tower project. "This project is built for families — 96 units, one, two and three bedrooms, not mostly studios and bedrooms," said SLC Mayor Erin Mendenhall.The project was born out of the pandemic, when a major shift in affordability left many Utah families priced out of stable housing. Cox said affordability isn't the only goal; it's about breaking cycles of poverty. "It gives residents an opportunity to earn money on the housing they're living in. Breaking that cycle of generational poverty — that's something really special," Cox said. And creating stability for generations. "The idea of perpetual housing — meaning housing that makes wealth-building possible, stability for families possible and lets kids stay in the same school throughout their childhood," Mendenhall said.Rent will range from $1100 to $1200 for the two to three-bedroom units. "That's a third of the market price, but then to know that you're also going to get a check that helps you sustain life," Cox said. "And there's more to that in the building, a school down below with daycare and a restaurant where you can get all you need for a very affordable price." Cox said the legislature approved a $5 million revolving fund that can be reused for projects like this one to continue expanding attainable housing options. "It really is the epitome of who we are — the Utah way," he said. "(It's) collaboration, bringing multiple stakeholders together to do something truly impactful."