Salt Lake City has two recently completed luxury multi-family developments. Or perhaps I should say, at least two.
The first is The Worthington by Chicago-based developer Convexity Properties. It has 31 floors and 359 apartments. Leasing started last summer and seems to be going well.
The second is the Astra Tower by Kensington Investment Company, which is being managed by Greystar. It has 41 floors, 377 apartments, and is 451 feet tall, making it the tallest building in the state of Utah. Construction was completed at the beginning of this year and, according to Building Salt Lake, it's already about 30% occupied with full stabilization forecasted for summer 2026.
It's interesting to compare these projects to multi-family developments here in Toronto.
First of all, the reported average rent for Astra is US$3 per square foot, which works out to ~C$4.19 psf for us Canadians at today's exchange rate. I would say that this is at least ~15% lower compared to where I would expect most Toronto developers are underwriting new projects. This suggests to me that it's more cost effective to build in SLC.
The product is also different. On Astra's website, they have two virtual tours.
The first is for a studio apartment at 554 sf and the second is for a one bedroom at 788 sf. These are meaningfully larger than new apartments in Toronto. Here, the first would have to be a one bedroom and the second would be at a minimum a one bedroom plus den, though probably a two bedroom.
Every market has its nuances. In the case of SLC, the model suites appear to be very clearly competing with low-rise housing. The one bedroom has a dedicated entrance foyer, there's a separate dining area, and the bedroom has carpet, among other things. It reminds me of earlier multi-family vintages in Toronto.
Of course, one really unique feature you get here is views of the Wasatch mountain range (see cover photo above). It's a special feeling being in an urban center where you have mountains all around you, and it's one of the primary reasons why an increasing number of people are being drawn to Utah.
Congratulations to the team on successfully completing such an ambitious project. It's exciting to see SLC continue to grow and urbanize.
Cover photo via the Astra Tower
