The first phase of a major residential and commercial development is almost complete just south of the Utah Valley University Wasatch Campus off U.S. 40 in the Heber Valley.
The first phase involves eight apartment buildings with a clubhouse totaling 168 units of varying size. A trailer office is open for signing leases for the first 42 units to be ready in August.
Built by Rimrock Construction the same firm building the HGTV “Dream House” for The Thackeray Company, the entire phase should be complete by the end of the year.
The apartments are being leased at market rate, which is between $671 to $1,000 per month depending on the unit. Rates are likely to go up once the project is complete, said Thackeray partner Michael Christensen.
The buildings have been under construction since September. It is still undecided whether any of the units will be designated for people making less than the area median income, Christensen said. But the rates are still affordable for people making 70 percent of the area median income for Wasatch County, he said.
The clubhouse will have a gym, swimming pool, hot tub and outdoor playground. All units will have a washer and dryer inside.
The nine buildings sit on 11 acres on the far south side of a 158-acre parcel where single-family homes will be built in the future. When the development is completed, it will be across the street from the UVU campus.
Commercial units will be built along U.S. 40 later, Christensen said. Eventually the plan is to include a hotel with suites to offer lower lodging rates to people wanting to ski Park City’s resorts. Several hotel groups have expressed interest, he said.
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