Catalyst Announces Delivery of Millstone at Silo Park, Bringing 180 Units of Deeply Affordable Housing to Salt Lake City’s Granary District
Millstone at Silo Park is the second building to open on the Silos block — reflecting Catalyst’s commitment to expanding its impact across the full housing income spectrum.
Millstone at Silo Park is the second building to open on the Silos block — reflecting Catalyst’s commitment to expanding its impact across the full housing income spectrum.
With all 180 units income-restricted below 60% AMI and structured as a Low Income Housing Tax Credit (LIHTC) development, Millstone was purpose-built for Salt Lake City’s working families who have been priced out of an increasingly competitive housing market. Catalyst’s role in Millstone was distinct from its typical equity partnerships — anchoring the project through early investment in site acquisition, infrastructure, and the parking garage that made the development possible. That foundational commitment reflects Catalyst’s approach to place-making: investing not just in individual buildings, but in the conditions that allow an entire neighborhood to take shape.
“Salt Lake City needs housing solutions across the entire income spectrum, and Millstone delivers on that commitment: 180 deeply affordable units in a neighborhood that is rapidly becoming one of the most dynamic in the city. Building a block where households across the income spectrum can live side by side — that’s exactly the kind of impact we set out to create,” said Jeremy Keele, Managing Partner at Catalyst.
Millstone is part of The Silos, a $270M masterplan designed to transform the Granary District — a historically underinvested industrial and railroad corridor on the periphery of downtown Salt Lake City. The masterplan encompasses 740 total housing units spanning an income spectrum of 0–120% AMI. Millstone reflects Catalyst’s conviction that a truly mixed-income neighborhood requires investment across the full affordability spectrum — from market-rate to workforce housing to deeply affordable LIHTC units. More than 30% leased within weeks of opening, Millstone’s early momentum reflects the strong demand for deeply affordable housing and the continued confidence in the Granary District as a place people want to call home.
The project was developed by Blaser Ventures in partnership with Lowe Property Group. Since 2019, Catalyst, Blaser Ventures, and Lowe Property Group have become the largest landowners and investors in the Granary District. Once the full Silos masterplan is complete, Catalyst’s Granary portfolio will have contributed to the development of nearly 900 housing units and 100,000 square feet of commercial space available to local businesses.
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 $1.1 billion in real estate assets, Catalyst invests in impactful, market-rate return oriented development projects with a primary focus on workforce affordable housing. 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: Nina Tschinkel / 914.221.7999 / nina@catalyst-invest.com
