The Hendrey
Roers Companies is proposing the new construction of a 5-story, high-quality 348-unit apartment building located in the rapidly expanding Granary District in Salt Lake City, Utah. From 2011 to 2023, the average annual population increase was +13.2% with an unemployment rate of only 2.5%. With strong visibility and walkability to downtown, the project is positioned to capitalize on the rapidly growing market. This project is an Opportunity Zone, which has a number of potential tax benefits for investors looking to participate in a Qualified Opportunity Fund (QOF).
Invest NowProximity
Primary access to the area is provided by Interstate 15 as well as the commuter rail station. Salt Lake City International Airport is located 6.7 miles northwest of the property; travel time is about 9 minutes, depending on traffic conditions. Downtown Salt Lake City, one of the economic and cultural centers of Utah, is less than one mile north of the property.
Demand Generators
With strong visibility on 400W & 700S and walkability to downtown, the project is positioned to capitalize on the rapidly growing market. The site has great access to Interstate 15 as well as the commuter rail station to help residents travel around the metro area. Over 800,000 sq. ft. of office space will be constructed in the area around the project.
Recreation
The Hendrey is strategically located in the Granary District in Salt Lake City, close to the Salt Lake City’s Central Business District and blocks from TRAX light rail line. Proximity to grocery, shopping, over 200 restaurants, recreation, and other services located in the downtown Salt Lake City area make the site an appealing location for residents. Having quick access to all the area has to offer, when they want, with numerous arts and entertainment venues easily accessible via light rail.
Opportunity Zones
Opportunity Zones are an economic development tool that allows people to invest in up-and-coming communities. Their purpose is to spur economic growth and job creation while providing tax benefits to investors. There are two important tax incentives when someone invests in a Qualified Opportunity Fund (QOF): deferral of capital gains and tax-free gain.
Deferral of Capital Gains
Any gain treated as a capital gain (including 1231 gains) generated from a sale can be deferred until December 31, 2026 by investing in a QOF. Examples of capital gains eligible for investment in a QOF are: sale of a business, stock sales, and real estate sales.
Tax-Free Gain
If an Opportunity Zone (OZ) project is held for a minimum of 10 years, appreciation and gain on the project will be tax-free.
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