McWhinney Makes Salt Lake City Debut with Acquisition of Red Lion Hotel and Commencement of Micro Apartment Conversion

September 20, 2021 Posted In

McWhinney, a national real estate investment, development and management firm with expertise in commercial, multifamily, hospitality, residential and mixed-use assets, is excited to enter the Salt Lake City market with the completion of a joint venture agreement with local developer RL Group and Colorado’s Sage Hospitality Group for the redevelopment of two former Red Lion Hotel towers and the surrounding development site.

The 5-acre site is located in the vibrant Granary District, one of Salt Lake City’s oldest neighborhoods, being transformed from its industrial roots into an inspiring urban destination infused with creative makers and local businesses. Salt Lake City-based RL Group acquired the Red Lion Hotel towers and surrounding development site in December 2019.

“We are thrilled with the opportunity to transform this unique place into an energetic mixed-use community in Salt Lake City’s historic Granary District,” said Kirsty Greer, Senior Vice President of Multifamily and Urban Mixed-Use Development at McWhinney.  “We look forward to connecting and collaborating with neighbors, local residents and businesses as we become part of this spirited community.”

Conversion of the first tower into 184 micro apartments is slated for completion by late 2022. Project plans include both furnished and un-furnished units offered at an attainable monthly rent, with amenities including a 13th floor rooftop lounge and clubroom with expansive views of the Wasatch Range. Residents will enjoy in-unit laundry, co-working spaces and a high-end fitness center.

“From the beginning, we had an ambitious concept for this project,” said Ron Heffernan, Partner at RL Group. “With McWhinney and Sage, we have found like-minded partners with the experience and capabilities to revitalize and re-energize the entire city block.”

McWhinney, RL Group and Sage Hospitality Group are working on a vision and development plans for the second tower and remaining land.

“We are excited to continue our long-standing partnership with McWhinney and bring an amazing mixed-use development to life in Salt Lake City,” said Walter Isenberg, chief executive officer of Sage Hospitality Group. “We look forward to creating a destination that has a positive impact on the local community.”

Earlier this year, McWhinney was also awarded the opportunity to partner with the City of Provo to redevelop the Civic Center block in downtown. Plans are underway to create a vibrant new mixed-use destination for the region to enjoy.

McWhinney has a strong 30-year history of successfully investing across all real estate mixed-use asset classes including hospitality, multifamily, industrial and office projects located in Colorado, Texas, Massachusetts, Oregon, California and Nebraska.

McWhinney has more than 4,000 apartment units completed or under construction. Other current projects include FoundryLine, luxury apartment community located in Denver’s RiNo Art District currently under construction, PARK40, a development of 313 apartment homes that is leasing at the new Baseline master-planned community in Broomfield, Colo., and Clovis Point, which features 208 modern apartment homes now available for lease in Longmont, Colo. McWhinney also recently partnered with Lightning Tree Capital, LLC. to acquire and operate Kelley at Samuels Avenue, an upscale residential project in Fort Worth, Texas.