Salt Lake City welcomes the Nest, a new affordable housing project in Rio Grande

 

A project that began during one of the most uncertain periods in recent memory — amid skyrocketing interest rates, rising construction costs, and a volatile housing market —officially opened today as a new beacon of housing stability for Salt Lake City’s workforce: The Nest, a 220-unit affordable housing development located at 382 Rio Grande.

Developed by W3 Partners and coalition of public and private partners, including the Salt Lake City Community Reinvestment Agency, The Nest is a testament to perseverance, creativity, and purpose.

“This really is a big deal to us,” said developer John West during the opening celebration. “We started working on this project in 2021, and I’m sure you remember what that was like. Interest rates started to climb, construction costs were through the roof, and we were trying to build something affordable in the middle of it all.”

A Personal Mission Becomes a Legacy Public Resource

For Janet West, this wasn’t just a development, it was personal. Her desire to create affordable housing was fueled by firsthand experience.

“As I’ve watched my kids and grandkids try to find housing, it really hit home,” she shared. “I was a single mom with five kids. I know what it’s like to struggle. I want people to have an opportunity to find a place they can afford.”

The W3 team worked closely with designers and vendors to keep the project beautiful yet affordable. She even ensured the lobby would feature a mural, a visual reminder of the heart behind the housing.

A Strategic Investment in People and Place

Salt Lake City Councilmember and CRA Board Chair Darin Mano celebrated the milestone, saying, “Salt Lake City has long had a goal of fostering more affordable housing. Projects like this help us actually achieve it.”

He emphasized the broader impact: “This building will house 220 individuals and families — teachers, firefighters, restaurant workers — the people who keep our city running but can’t afford market-rate housing anymore. That’s remarkable.”

The CRA invested $2 million in the project, selected through a competitive process that prioritizes deeply affordable and workforce housing. The Nest’s 60 percent AMI (Area Median Income) pricing is targeted directly at Salt Lake City’s middle-income earners.

Funding Against the Odds

As with many affordable housing projects, The Nest’s financing relied on a complex stack of tools: low-income housing tax credits, private activity bonds, and opportunity zone investments.

“It took commitment, grit, and teamwork,” said Utah Housing Corporation COO Jonathan Hanks. “But today, 220 households will find a safe, stable, and affordable place to call home.”

Hanks described The Nest as “a big win for Salt Lake City,” not just for government and developers, but for the people who will now have a place of their own.

Momentum in the Rio Grande District

The opening of The Nest marks just one piece of a larger wave of reinvestment kicking off in Salt Lake City’s Rio Grande District. Just a block away, the University of Utah recently secured a record-setting Environmental Protection Agency brownfields grant, bringing federal dollars to help prepare property for future development. The area is also set to welcome a major new tenant with the headquarters relocation of USA Climbing, the national governing body for competition climbing in the United States.

Together, these milestones signal a new era of growth, opportunity, and community-driven transformation in one of Salt Lake City’s most historic neighborhoods.

 

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