Catalyst’s $56 Million Investment in a $270 Million Master Plan is the Latest in a Series Leading to Revitalize the Historic Granary District

Salt Lake City, UT — February 29, 2024 — Catalyst Opportunity Funds (Catalyst), a private equity firm focused on affordable and workforce housing, announced today the groundbreaking ceremony for The Silos, a collaborative public private partnership effort including Catalyst and its partners, Blaser Ventures and Lowe Property Group, which aims to repurpose the former Husler Flour Mills and grain silos into a vibrant mixed-use neighborhood in Salt Lake City. This is the first phase of a much larger $270 million master plan for the Silos that will include eight separate structures featuring retail shops and a hotel.

The event marks a significant milestone in the revitalization of Salt Lake City’s Granary District, a historically overlooked industrial and railroad corridor on the periphery of downtown. This innovative master plan will feature ground-up development of new commercial office spaces, retail outlets, and multifamily units, with a significant focus on creating workforce affordable housing, offering a total of 733 housing units, the majority of which are targeting individuals and households earning less than 80% of the area median income, including 180 units financed through Low-Income Housing Tax Credits.

Since 2019, Catalyst and its partners at Brandon Blaser of Blaser Ventures (BV) and Alex & Ben Lowe of Lowe Property Group (LPG) have become the largest landowners and investors in the neighborhood. The Silos Master Plan, an ambitious project aimed at creating a dynamic, mixed-income neighborhood, is an expansion on that partnership and commitment to the neighborhood’s revitalization.      

"The Silos master plan represents a unique opportunity to revitalize the Granary District, creating vibrant spaces for residents, businesses, and visitors alike,” said Jeremy Keele, Managing Partner at Catalyst. “At Catalyst, we are dedicated to creating and fostering inclusive communities, all while driving economic growth through strategic investments. Through collaborations with visionary partners and a commitment to affordable housing, we aim to create lasting value for individuals and families from all walks of life. Together, we are building a new and exciting Salt Lake City neighborhood that offers a diverse array of housing options, commercial spaces, and recreational amenities, ensuring that the Granary District thrives for years to come.”    

The cornerstone of the Silos Master Plan includes the redevelopment of eight separate buildings, with residents benefiting from retail and recreational amenities on the Silos, which includes the creation of a public park, additional retail offerings at the neighboring Post District, and employment opportunities throughout the burgeoning Granary District. 

Catalyst has been the largest individual investor in the Granary District, investing in projects totaling approximately $600 million. Catalyst was the first mover in this neighborhood, making the first of many investments in 2019 which has since attracted other developers and investors to the neighborhood and showcased the potential to create walkable, transit-oriented, mixed-use neighborhoods that spur revitalization and development. Once complete, the Catalyst portfolio investments in the Granary District will have contributed to the development of close to 1,000 units and 900,000 square feet of commercial space.

About Catalyst:

Catalyst is a double bottom-line private equity firm focused on transformative real estate investments in high potential, but historically underserved U.S. markets. With over $1b worth of total real estate across the US, Catalyst invests in impactful, market-rate return oriented development projects led by community-driven, diverse developers, with a primary focus on workforce affordable housing. In addition to providing new, affordable housing units, Catalyst works to facilitate an influx of community services tailored to the needs of each investment community, including preventative healthcare, workforce training and healthy, nutritious food. Institutional investment expertise, relationships with qualified sponsors in high-growth secondary markets, as well as significant experience in the structuring of creative capital stacks give Catalyst a competitive advantage in delivering long-term value creation to investors, as well as positive outcomes within communities.

Media Contact: Julianna Scionti / 385.317.7255 / julianna@catalystimpact.com