500 South Development Site
Covered OZ Multifamily Development Opportunity
Marketing description
Cushman & Wakefield, as exclusive advisor is pleased to present the opportunity to acquire the 500 South Development Site (the “Site”), a premier D-2 zoned, 1.55-acre OZ development site located in the heart of Salt Lake City, Utah.
The Site is encumbered by two single-tenant retail properties currently leased to Safelite and a local restaurant operator, through December 2029 and October 2029, respectively providing near-term income as development plans commence.
This offering represents a rare chance to secure highly coveted, developable land in the heart of the Mountain West’s fastest-growing metro. With minimal new multifamily supply expected over the next three years and renter demand holding strong, Salt Lake City’s multifamily market is approaching a pivotal moment. This creates a rare window for developers to deliver high-quality product and meet growing demand.
Investment highlights
Strong Zoning Paired with Near-Term Income
The Site is zoned D-2, allowing for height up to 120’. In addition, the Site is encumbered by two single-tenant retail buildings currently leased to Safelite and local restaurant operator, Smothered Burrito providing near-term income as development plans commence.
Resilient Rental Market and Positive Demographic Tailwinds
Salt Lake City is entering a supply-constrained window, with multifamily deliveries projected to drop over 80 percent between 2025 and 2026. With a young, high-income population and rising home prices, demand for rental housing is surging. This creates a rare opportunity for outsized rent growth.
Central Proximity to Live Event Venues
The Site is steps from Salt Lake City’s top entertainment and event venues, offering unmatched lifestyle appeal. Future residents will enjoy vibrant activity with the Delta Center hosting 320+ events annually, the Salt Palace Convention Center drawing 150+ conventions and trade shows, and live music destinations like The Union Event Center (3,500 capacity) and The Depot (1,000 capacity). Living here means being at the center of it all.
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