Denver-Based McWhinney Makes Salt Lake City Debut
McWhinney, a national real estate investment, development and management firm with expertise in commercial, multifamily, hospitality, residential and mixed-use assets, is excited to enter the Salt Lake City market with the completion of a joint venture agreement with local developer RL Group and Colorado’s Sage Hospitality Group for the redevelopment of two former Red Lion Hotel towers and the surrounding development site.
The 5-acre site is located in the vibrant Granary District, one of Salt Lake City’s oldest neighborhoods, being transformed from its industrial roots into an inspiring urban destination infused with creative makers and local businesses. Salt Lake City-based RL Group acquired the Red Lion Hotel towers and surrounding development site in December 2019.
“We are thrilled with the opportunity to transform this unique place into an energetic mixed-use community in Salt Lake City’s historic Granary District,” said Kirsty Greer, senior vice president of multifamily and urban mixed-use development at McWhinney. “We look forward to connecting and collaborating with neighbors, local residents and businesses as we become part of this spirited community.”
Conversion of the first tower into 184 micro apartments is slated for completion by late 2022 and the partnership is working on a vision and development plans for the second tower and remaining land.
“We are excited to continue our long-standing partnership with McWhinney and bring an amazing mixed-use development to life in Salt Lake City,” said Walter Isenberg, chief executive officer of Sage Hospitality Group. “We look forward to creating a destination that has a positive impact on the local community.”
McWhinney has a strong 30-year history of successfully investing across all real estate mixed-use asset classes including hospitality, multifamily, industrial and office projects located in Colorado, Texas, Massachusetts, Oregon, California and Nebraska.
McWhinney has more than 4,000 apartment units completed or under construction. Other current projects include FoundryLine, luxury apartment community located in Denver’s RiNo Art District currently under construction, PARK40, a development of 313 apartment homes that is leasing at the new Baseline master-planned community in Broomfield, Colo., and Clovis Point, which features 208 modern apartment homes now available for lease in Longmont, Colo.
Rendering courtesy of McWhinney