An apartment complex featuring a mechanical car lift system has broken ground in Salt Lake City, marking Utah’s first project to benefit from the federal Opportunity Zone incentive program. Located at 160 S. 300 W., less than one block from the Vivint Smart Home Arena, the two-acre project is being developed within a federally designated Qualified Opportunity Zone.

The project is also slated to include Utah’s first car-stacker system, a seven-level structure with 112 parking spaces that will automatically transfer cars to and from their designed spots. “The Paperbox Lofts project exemplifies the kind of thoughtful connectivity the City strives for in its redevelopment projects,” commented Salt Lake City Mayor Jackie Biskupski in a prepared statement.

The 2017 Tax Cuts and Jobs Act created the Opportunity Zone program, which aims to promote long-term investment in low-income rural and urban communities across the U.S. by offering large tax cuts to companies that hold the investment for at least 10 years. Qualified investments in the zones may include real estate, businesses and infrastructure and they must be made through opportunity zone funds. Based in Provo, Utah, commercial real estate specialist PEG develops hospitality, retail, office and multifamily projects across the U.S. West.