Adams CRA budget and Alpha Adams apartments (2637 Adams Avenue)
A proposed 101-unit market-rate apartment project with structured parking and public plazas, backed by a $4.7 million tax increment incentive, along with an amendment raising the Adams Community Reinvestment Area budget from $10.8 million to $30.5 million. The council and Redevelopment Agency discussed both in a Feb. 11, 2025 work session.
- Where it stands
- In review
- Type
- Development agreement
- Location
- Adams Avenue and 26th Street; Adams CRA between 23rd and 28th Streets
- Homes
- 101
- Applicant
- Alpha Adams, LLC
Every hearing and vote
February 11, 2025 · City Council
Adams Community Reinvestment Area budget amendment (work session)
Discussed
Economic Development Director Sara Meess presented an amended budget for the Adams area, roughly between 23rd and 28th Streets and Washington Boulevard and Jefferson Avenue. It would raise projected investment from $95.6 million to $133.4 million and the total budget from $10.8 million to $30.5 million, keep the term through 2045, and keep taxing-entity participation at 100 percent through year 10 before dropping to 75 percent for Weber County and the school district and 90 percent for the city. The city asked the school district to extend its participation, which now ends in 2038. Discussion covered money for historic renovation, extending county and school district participation and a possible shared parking project with the county.
February 11, 2025 · City Council
Participation and incentive agreement, Adams Avenue Apartments (work session)
Discussed
Alpha Adams, LLC proposes a 101-unit market-rate apartment project, referred to as the Alpha Malakite project, at Adams Avenue and 26th Street, with 65 parking stalls, plazas and walkways for the Nine Rails Creative District, and renovation of adjacent commercial space. Estimated private investment is $35 million. The proposed incentive is $4.7 million in tax increment paid annually after performance through 2044 or 2045, directed to $3.25 million for structured parking, $1 million for plazas, walkways and landscaping and $1.5 million for exterior finishes. Staff said the incentive is needed to make the project feasible. Discussion covered the use of the adjacent commercial space and the effect on the area's tax base.
- Applicant: Alpha Adams, LLC
- Units: 101
- Estimated private investment: $35 million