McWhinney participating in Salt Lake City deal
LOVELAND — McWhinney Real Estate Services Inc. will redevelop five acres in a growing part of Salt Lake City with two others. A McWhinney affiliate raised $10.92 million this month for work in the city.
The plan follows McWhinney’s model of working with local parties, in this case RL Group in Salt Lake City, and Denver-based hospitality investor-manager Sage Hospitality Resources LLC. McWhinney and Sage co-developed Maven Hotel at Dairy Block in Denver and The Elizabeth in Old Town Fort Collins.
RL Group bought the 394-room Red Lion hotel from Denver-based hotel chain RLH Corp. in November 2019 for $33 million, trade journal reports said. The hotel parent was going asset-light in a greater focus on franchising its eight flags; it has about 900 locations. RL Group is an investor consortium led by Ron Heffernan, Justin Earl and Thomas Lee.
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One of two former hotel towers will become 184 micro apartments to be delivered by the end of 2022. Amenities include a 13th-floor rooftop lounge, co-working space and a fitness center. The joint venture didn’t give specifics for the second tower and remaining land.
Kirsty Greer, a McWhinney senior vice president, said the overall result will be “an energetic mixed-use community in Salt Lake City’s historic Granary District.”
The Granary District is an older industrial area on the edge of downtown Salt Lake City. It’s seen a good deal of development recently under the federal Opportunity Zone program, which confers tax benefits to investors.
This is McWhinney’s first Utah project; it’s redeveloping a portion of downtown Provo into mixed-uses as well. It has developments in six states.
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