SALT LAKE CITY –The Domain Companies, in partnership with Giv Development, is excited to announce that Mya, a $36 million mixed-income, mixed-use project featuring modern one-bedroom rental units, is now pre-leasing and on track to open in late 2020. This marks Domain’s debut into the Salt Lake City market and is the first of additional planned best-in-class development projects. Mya anchors a $125 million transit-oriented development by Domain combining residences, coworking space, and retailers.
Located at 447 South Blair Street in the heart of Salt Lake City, Mya is centrally located on the TRAX line. This unique community features 126 thoughtfully-designed, one-bedroom apartments with full kitchens, ample storage, and separate living and sleeping space. Each apartment maximizes style and affordability through efficient design, built-in furniture, and flexible layouts. In turn, Mya offers enhanced amenity spaces meant to foster connectivity and community.
Mya’s residents will enjoy on-site parking, a state-of-the-art fitness center, ground-level retail, 31,200sf of coworking space at The Shop, and sustainable, energy-efficient design with electric car charging, solar energy, and Enterprise Green Communities certification.
“We have loved working with and investing in the local community through Mya, and can’t wait to introduce a new, innovative project like this to the city,” said Domain’s co-CEO Matt Schwartz. “There is nothing else like it downtown. Through beautiful, efficient design we’ve been able create affordability and allow residents to live with incredible amenities and downtown at their fingertips.”
Service and leasing ease will be focal points with flexible lease options. Mya will offer a comfortable communal lounge with work and study space, high-speed WiFi, catering kitchen, extensive public and interior art, and on-site management and maintenance. Residents will receive discounts and benefits at local businesses through Domain’s MyDomain program and at The Shop. Participation in Domain’s MyCommunity program, which supports local nonprofits and coordinates volunteer opportunities throughout the year, will also be available to Mya’s residents. Local nonprofit partners will be announced in fall of 2020.
“We’re so pleased to help bring this development to our city. The mixed-income, mixed-use, ground-activated nature of the project is exactly what we need more of in our urban landscape, and its emission free units and carbon neutral commercial spaces show that quality growth needn’t come at the expense of our fragile airshed,” said Giv’s Executive Director Chris Parker.
“We are thrilled to partner with The Domain Companies and Giv Development to add their new mixed-use, mixed-income project, Mya, to our vibrant downtown core. They worked closely with the City and Redevelopment Agency of Salt Lake City to come up with innovative solutions for a range of incomes to offer new-to-market affordable housing options,” said Salt Lake City Mayor Erin Mendenhall.
Making significant long-term investments in the future of Utah, Domain plans to open The Shop later this year, a unique coworking community designed for creative collaboration. Next spring, Domain will unveil Avia, luxury residences and anchor retail in another prime location along the TRAX line. Additional mixed-use projects are planned well into 2021 and beyond.
To advance Mya, Domain tapped a team of trusted financial partners. Goldman Sachs provided $10,500,000 in construction financing, financed with tax-exempt bonds issued by the Utah Housing Corporation. Goldman also provided $5,914,000 in Low-Income Housing Tax Credit equity. A $10,500,000 Freddie Mac Forward Commitment was arranged by Jones Lang LaSalle (JLL). The project was also funded in part by a $3,000,000 loan from the Redevelopment Agency of Salt Lake City (RDA), a $1,000,000 loan from the Olene Walker Housing Loan Fund, and a $622,500 loan from Salt Lake City.
“We are excited to expand our long-standing commitment to create more quality, mixed-income housing and space for small and local businesses to grow in Salt Lake City,” said Margaret Anadu, Goldman Sachs’ Managing Director and Head of the Urban Investment Group. “Creating stronger neighborhoods requires a block-by-block commitment and is only possible through public-private partnerships like this one between community members, Mayor Mendenhall, The Domain Companies and Giv Development.”
The architecture firm behind Mya’s design is KTGY Architecture + Planning with Wadman Corporation serving as the general contractor and Farouki Farouki as interior designer.
As the effects of COVID-19 began to be felt around the world this year, Mya’s construction management team quickly adapted to implement firmer guidelines and protocols to prioritize employee health and safety. The obstacles brought on by the pandemic also reaffirmed Domain’s commitment to the health and wellness of its staff and future residents.
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About The Domain Companies
Founded in 2004, The Domain Companies is based in New Orleans and New York and specializes in the development and management of unique, mixed-use properties in core urban locations. Domain creates high-quality properties that stand apart through innovative design and exceptional management, enhancing the communities in which they build. Domain’s projects include the new construction and preservation of affordable, mixed-income, and luxury housing; the acquisition and repositioning of distressed housing; historic restoration; brownfield redevelopment; seniors and special needs housing; and hospitality, retail, and commercial development. www.thedomaincos.com | @domaincos
About Giv Development
Giv Development is based in Salt Lake City and focuses on mixed-use, catalytic developments in urban corridors. Giv boasts significant experience across a broad range of real estate classes, creating sustainable, lasting, innovative structures that reside well in their place. Giv’s projects often serve as a testing ground for the region in new and emerging community design and building techniques. The company believes in creating community benefit and serves as the primary funding source for its sister non-profit, Giv Communities. givgroup.org.