Security National Financial Corporation Announces Groundbreaking of Dry Creek at East Village
Grading for the first phase of the nearly 40-acre mixed-use, transit-oriented development began in mid-October. The project will be the first project to be completed under Sandy City's new 30-year vision plan. The Company has owned the land for the development since 1991, when the Company purchased the land, along with the cemetery and mortuary that are adjacent to the property. The Company continues to operate this cemetery and mortuary.
The Company initially worked on the design and development of this site
in the early 2000s, but the project was placed on hold prior to the
recent economic recession because the Company was concerned about the
possibility of overbuilding of multifamily properties in the area. A
year and a half ago, the Company revisited the project with the goal of
developing a new multifamily facility in the
Mayor
With close access to schools, shopping centers, and hiking and biking
trails, the residents of
The first phase of development consists of six apartment buildings and one state-of-the-art clubhouse. Amenities include direct connections to miles of hiking and biking trails, a creek side stroll, a resort-style pool, a private theater, a demonstration kitchen in the clubhouse, as well as specialized workout rooms and lounges within each of the residential buildings. In addition, secured parking stalls and storage units for the residents will be located in the basement level of every building, and elevators will provide safe access to and from the garage. The first building of the development is projected to open in the summer of 2014.
As the Company continues to acquire new real estate holdings and maintain its current impressive portfolio of undeveloped land, the Company anticipates improving these properties into future developments which, it believes, will provide additional long term revenues for the Company.
This press release contains statements that, if not verifiable
historical fact, may be viewed as forward-looking statements that could
predict future events or outcomes with respect to
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