Perry Block Land Disposition

At a glance

Based on auto-generated captions; names and details may be misheard.

What: a proposal to sell the CRA-owned Perry block (2.33 acres on 100 South in the Depot District project area) to Ulysses Development Group (captioned variously) for $2.5 million. The block was appraised at just over $12 million in January 2026 ($120 a square foot).
Where it stands: briefing only. Board members said the gap is too large and gave initial feedback that they will not approve it as proposed. No vote.
Next: staff to bring the item back at a later board meeting, ideally the next one, with more analysis, possibly an updated appraisal, and options for a new request for proposals.

The March 17 request for proposals asked for at least 116 homes (half for sale), 10,000 square feet of artist space, sustainability and reduced parking, with preference points for urban gardening, family-sized and starter homes. Two responses came in; the higher-ranked was forwarded.
The proposal: 116 homes (58 for sale, 34 family-sized) in a seven-story building and townhomes, for-sale prices of $365,000 to $440,000, projected apartment rents starting around $1,225 (upper figure garbled), 10,000 square feet of artist space and community gardens, with Utah Arts Alliance and Wasatch Community Gardens as prospective tenants. No other CRA money requested.
Staff said the developer's reasons for the low price are a weak multifamily market, the RFP's housing and condo requirements and gardening space, lost street access on the north side (a closed street means a new access road is needed), and density limits that push some units into townhomes and a capped tax credit.

Petro called a roughly $10 million reduction ridiculous and asked about a joint venture with the city taking equity.
Young said she could not stand behind such a decrease without a numerical breakdown of how each pressure produces it.
Puy called the appraisal possibly detached from reality, wanted the fire-access effect understood and was not ready to move forward.
Staff offered three ways to raise the price in a new request: drop the public benefits (for-sale housing was a sticking point), drop the housing requirement, or hold the land for a stronger market. The board deferred feedback on these for lack of time.

About 22 minutes across 1 meeting (from transcript timestamps; approximate).

Meeting	Minutes
2026-10-13 - Community Reinvestment Agency	22

2026-10-13 - Community Reinvestment Agency - Briefing on the Perry block sale; board gave initial feedback not to approve at the proposed price and asked staff to return, possibly at the next meeting. No vote.