Security National Financial Corporation (NASDAQ: SNFCA) (the “Company”) announced the groundbreaking of Dry Creek at East Village, a 282-unit multifamily development in Sandy City, Utah. The Company believes that this development will complement its strong portfolio of real estate assets held by the Company’s other subsidiaries.
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 Greater Salt Lake City market. The result will be a first-class, transit-adjacent development that capitalizes on the natural beauty and amenities in the 30-year plan.
Mayor Tom Dolan stated: “We know that there have been several iterations in terms of the development concepts for the site and are very pleased that Security National has been able to design a development that works well for the property and adds to the City’s endeavor for new development in our civic center area.” In addressing the need for quality, affordable housing in Sandy City, Mayor Dolan also stated: “This project provides a key housing component as we look to reposition the destination opportunities while enhancing the quality of life for the area.”