Security National Financial Corporation Announces Groundbreaking of Dry
Creek at East Village
SALT LAKE CITY -- December 2, 2013
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.”
With close access to schools, shopping centers, and hiking and biking trails,
the residents of Dry Creek will have easy access to all the benefits of Sandy
City. Additionally, the regional light rail line, Utah Transit Authority’s
TRAX, which has a stop near Dry Creek, is expected to increase the mobility
through the valley and region. Great care and efforts have been spent during
the design phase of this project to ensure that there will be a seamless
connection for residents living in this community.
The first phase of development consists of six apartment buildings and one
state-of-the-art clubhouse. Amenities include direct connections to miles of
hiking and biking trails, a creek side stroll, a resort-style pool, a private
theater, a demonstration kitchen in the clubhouse, as well as specialized
workout rooms and lounges within each of the residential buildings. In
addition, secured parking stalls and storage units for the residents will be
located in the basement level of every building, and elevators will provide
safe access to and from the garage. The first building of the development is
projected to open in the summer of 2014.
As the Company continues to acquire new real estate holdings and maintain its
current impressive portfolio of undeveloped land, the Company anticipates
improving these properties into future developments which, it believes, will
provide additional long term revenues for the Company.
This press release contains statements that, if not verifiable historical
fact, may be viewed as forward-looking statements that could predict future
events or outcomes with respect to Security National Financial Corporation and
its business. The predictions in these statements will involve risk and
uncertainties and, accordingly, actual results may differ significantly from
the results discussed or implied in such forward-looking statements.
Security National Financial Corporation
Bryce Baker or Garrett S. Sill, 801-264-1060
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