Affiliates of Cantor Fitzgerald and Silverstein Properties closed a $176.2 million construction loan for the development of Astra Tower, a 40-story, 377-unit residential building in Salt Lake City that is the latest investment from Cantor Silverstein Opportunity Zone Trust Inc.
Cantor and Silverstein, as well as their partner Kensington Investment Co. Inc., secured the construction loan from Mack Real Estate Credit Strategies for the development that will be Utah’s tallest building when completed. Excavation and foundation work began in the spring with delivery of the tower scheduled for late 2024.
Kensington, a Boston-based developer, launched the project in January. Ed Lewis, CEO of Kensington Investment Co., said in prepared remarks that the company believes Astra Tower will elevate Utah multifamily and create a new gold standard for apartment living across the West.
Astra tower details
Designed by HKS, the Astra Tower will be located at 200 S. State St. and will be 450 meters tall. It will offer studios, one and two bedroom apartments, with two floors of penthouse units. The equipment will be spread over three floors. The eighth floor will feature a patio, gourmet kitchen, living room with TVs and games, fire pit, outdoor patio with seating and grilling, urban park and fitness center and fitness studio.
The 22nd floor will have a terrace with swimming pool, jacuzzi, spa with saunas, plunge pool and treatment rooms. The 40th floor will be a residents-only rooftop terrace with a big-screen TV, grill, and areas for group socializing.
The development team is seeking LEED Gold certification and plans to incorporate WELL Building concepts into the design to improve the health and well-being of residents.
Jacobsen Construction Co. is the general contractor.
Other OZ developments
Cantor and Silverstein launched an Opportunity Zone business in early 2019 to invest, develop, redevelop and manage a diversified portfolio of institutional-grade commercial real estate assets with a focus on multi-family properties in Opportunity Zones qualified in the United States.
OZ’s current development portfolio includes nine projects in seven states, comprising 2,788 residential units and a 250,000 square foot life sciences facility in Philadelphia, totaling $2 billion in estimated project costs. In addition to the Astra Tower, other CSOZ Trust multi-family projects include:
- [email protected] – a 334-unit, multi-family property, consisting of two buildings, near the Las Vegas Medical District and the Las Vegas Strip. Plans for the project at 4490 Meadows Lane were announced in March 2020 and construction began in March 2021. Completion is expected in early 2024.
- North Boulevard – a 354-unit multi-family property located in the Astoria section of Queens, NY, across the East River from Midtown Manhattan. The development will designate 25 percent of the units as affordable housing. Silverstein began construction this spring and is expected to be completed in the spring of 2024.
- 420 Carroll Street. – a 360-unit multifamily project on the Gowanus Canal in Brooklyn, NY, which will have a 21-story tower and a 16-story tower with 25% of the units allocated as affordable housing. Construction began this summer and is expected to be completed in winter 2024.
- Yesler West Terrace – a 200-unit multifamily property in the Yesler Terrace redevelopment area of downtown Seattle, co-developed with Mack Real Estate Group. Construction began this summer and delivery is scheduled for summer 2024.
- 505 E. Tyler – The Silverstein-sponsored project is a development in Tampa, Florida that will feature 429 residential units, 15,000 square feet of retail space and a 598-space garage. Construction is expected to begin in the summer of 2023 with an expected completion date of 2025.
- South Pier Lot 6 Towers I & II – In partnership with the McBride-Cohen Group, the fund will develop two residential towers as part of a three-tower, 724-unit complex on the south side of Tempe Town Lake in downtown Tempe, Arizona. The project is expected to be completed in 2025.