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Ascentris, Lowe Property Group to redevelop multifamily property in Salt Lake City
Ascentris announced the formation of a joint venture with Salt Lake City-based developer Lowe Property Group (LPG) to recapitalize and redevelop The Residences at Sugar Alley (Sugar Alley), a class A multifamily property located in Salt Lake City. The eight-story property will feature 193 units above 17,000 square feet of ground-floor retail and three levels of structured parking.
LPG, with its partner EightBay Advisors, began development on Sugar Alley in 2020. In October 2022, when the property was approximately 85 percent through construction completion, a fire occurred that burned the property’s wood frame structure down to the three-story concrete podium. Ascentris recapitalized the property and, together with LPG, will redevelop The Residences at Sugar Alley.
The Residences at Sugar Alley is in the heart of the Sugar House micro-market, Salt Lake City’s most amenitized commercial neighborhood, directly across the street from Whole Foods and within one block o