East Village Project back on schedule, projected completion June 2016
East Village – Sandy, UT
East Village is a multifamily ground up development located in Sandy, UT. The development is currently under construction and has a completion date of June 2016. Once completed, the subject will feature 3 buildings comprised of 271 units. East Village is a transit oriented development that is also part of a master planned community. It is part of the first phase of the master planned community and additional phases are expected to include at least one additional multifamily development. The property manager is anticipating that East Village will have a 7 year investment timeline.
Buildings 2 and 3 have begun interior work. The clubhouse will open for marketing/preleasing in January 2016.
Neighboring property Dry Creek has experienced a positive lease up with rents higher than initial projections.
Due to manpower shortages in Utah the project fell approximately 4 weeks behind schedule. The general contractor, Jacobson, has supplemented the project with additional personnel and the project is back on schedule.