With a dozen subdivisions either under construction or pending approval, Riverton officials are asking, "What housing slump?"
If all 12 proposed projects are completed and sold, Riverton could have nearly 200 new homes and as many as 1,000 new residents within the next five years.What makes the boom even more remarkable, according to City Administrator Craig White, is that there were no new subdivisions submitted for approval during 1988 and 1989 and only one last year.
"The economic conditions that are causing a housing slump elsewhere in the country don't seem to be affecting the housing industry in Riverton," White observed.
City Engineer Jack A. Zirbes said a number of the proposed subdivisions are projects that were planned and then postponed in years past because of unfavorable interest rates.
"Developers have been waiting for the right time," Zirbes said. "I guess now is the right time."
Riverton is a small, southwest Salt Lake County town with a population of 12,000 and only three traffic signals. It is a community of large families in large houses on large lots, with room to grow.
And while the new subdivisions could dramatically increase the town's population and the demands on its municipal services practically overnight, officials say they are ready for the growth.
Last year, Riverton spent more on road workthan ever before - $250,000 - and the city's proposed budget for 1991-92 sets $300,000 aside for roads. Also, the city issued $2.1 million in bonds to completely upgrade its culinary water system and is studying the possibility of drilling another well.
"We feel pretty good about where we are in terms of city services," White said.
Riverton will strive to maintain its rural character in spite of the growth, White said, noting that it was the rural atmosphere that attracted many residents to Riverton in the first place.
He sees the housing boom as an extension of the rapid growth of neighboring South Jordan and West Jordan. "We're next in line," White said.
"People are deciding to buy again," added Zirbes, "and Riverton is attractive to them because of its tax base and lifestyle."
Business growth has not been as rapid as the residential development in Riverton, but officials expect it to catch up as the population increases. For example, the city learned this week that it will be getting a new service station at 1300 West 12600 South.
The new subdivisions are:
- Victorian Station phases three, four and five, located west of 2700 West at about 11900 South. Developers have received final approval for 25 lots in the third phase and 14 each in the fourth and fifth. A sixth phase is in the planning stage.
- Country Lane, two and three, east of 2700 West at about 12800 South, with 12 lots each.
- Quail Ridge, west of 1300 West at 12500 South, with 32 lots in two phases. The first phase has been approved.
- River Vista II, east of 1300 West at 11900 South, with 18 lots has been submitted for preliminary approval.
- Midas Creek Place, 36 lots, west of Redwood Road at 11700 South. It was proposed several years ago, then withdrawn, but is being revived.
- Homestead Estates, 19 lots in phases three and four, west of 2200 West at about 13600 South. The project has been resubmitted for approval.
- Nielsen Subdivision, four lots, east of existing Victorian Station subdivision.