A large-scale multi-family development will soon break ground in a Tooele City subdivision.
The complex, developed by Salt Lake City-based Castlewood Development, boasts 132 units on just over 7.5 acres in central eastern Overlake.
Comprised of class A apartments, or upperscale units not subsidized by the government, developers are hedging their bets that Tooele is ready for an increase in the rental market.
“The market is very tight out there right now,” said Duaine Rasmussen, a partner at Castlewood Development. “We think this will be absorbed very quickly.”
Rasmussen said the complex — which will be dubbed The Cove at Overlake — features one, two and three bedroom units with 9-foot ceilings, washers and dryers, detached garage or canopy parking, a swimming pool, and a clubhouse with workout facilities and kitchen area. The development will also have a park for kids.
The city is currently reviewing building plans for the development and once plans are approved construction will commence.
“We anticipate starting in the next 60 days,” said Rasmussen, adding that the project will take 12 months to finish. “We will complete the clubhouse and one building first and then continue from there. We expect to be leasing later this year.”
While the complex isn’t the largest built in Tooele, it does contain more units per acre than most in the city because it’s a PUD, according to Tooele City Planner Rachelle Custer.
“We are definitely filling a void in the market out there that people are looking for,” said Rasmussen. “We love the location and its relation with the job base in Tooele and closeness to the hospital.”