Eaglewood Lofts, a 214 unit apartment project, is the first phase of Eaglewood Village, which ultimately will include office, retail, apartments and homes.
Compass Group developed the land last summer after the primary infrastructure was completed. Subsequently, SCP, an investment management firm, purchased all but the apartment portion of the project from Compass.
The SCP land includes 17 acres of commercial land and entitlements for 300 residential units.
"We see a tremendous demand for this area and the unique features related to this site," said Colin Wright, an SCP partner. "The appeal of the Davis County School District, affordable pricing, proximity to downtown Salt Lake and the mixed use feel of the project will lead to its quick success."
The apartments will have an urban feel. Units will feature granite counter tops, washers and dryers, walk-in closets, balconies, and oversized windows.
The project is scheduled to be completed by June 2013.
"We are excited about the potential of this project to provide a beautiful and functional entry into North Salt Lake City," said Ben Lowe, principal at Compass Development Group.
Henry Walker Homes will build the majority of the homes on site . The company will offer several housing types in the $200,000 to $500,000 price range. Construction is slated to begin within the next 90 days.
Henry Walker Homes' corporate office is in Centerville.