214-unit apartment complex coming to Riverwoods

A new multi-story, $18.8 million, 2-14-unit apartment community may soon be coming to Logan. During a workshop session following the regular meeting of the Logan Municipal Council Tuesday, Wasatch Properties officials talked about possible redevelopment incentives for The Falls at Riverwoods. Logan Economic Development Director Kirk Jensen said the project would be buiilt at approximately 600 South 100 East in the South Main Redevelopment Project area near the Riverwoods hotel, conference center and business office complex. According to a resolution that will be considered at a later date by the council, incentives for the project could include The Falls at Riverwoods receiving 50 percent of the property tax increment generated by the project annually during the life of the redevelopment area. That means that, if approved, Riverwoods would receive 50 percent of the new property tax generated on the land, up to $355,000, unless the organization installs a ground-source heating system into the project. Such an addition would allow Riverwoods to retain 60 percent of new property tax increment, up to $426,000. That and other incentives reportedly would be contingent on Riverwoods including several features in the project, including a trail system, a waterfall feature and other amenities. Jensen described where the facility would actually be located. “Far to the east, up near the treeline that separates Logan with River Heights, there is a canal running there,” Jensen said. “The owners are saying that they will maintain that canal. They will also put in a trail that runs around the perimeter of the apartment complex, which will have public access, and they plan to tie that into the existing trail, which runs along the river and by the Riverwoods.” Jensen said the apartments would have one, two and three bedrooms and rent would be toward the high end of the market due to the included amenities, such as walking trails, water features, trailside benches, adult and children’s swimming pools, hot tub, children’s play area, outdoor picnic areas, outdoor gazebo, indoor fitness facility and an indoor business facility.

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