A groundbreaking ceremony took place Thursday, marking the official start of construction on one of the latest major developments in the city’s heart.
The upcoming Meridian Lofts will be situated at 1420 Oakridge Avenue in Riverton.
Representing a $50 million investment, the development will feature 215 residential units, along with a cabana, swimming pool, and a suite of upscale amenities. According to Victor Alvarez, president and CEO of AltaVista Capital Partners, the project is set to deliver an elevated living experience for residents.
Alvarez, who has previously invested in Riverton, explained his ongoing commitment to the area.
“Riverton has remarkable potential when it comes to quality of life,” Alvarez said. “The city improvement district and the efforts of the local police force have been outstanding.”
“Security is improving rapidly. Mayor Stevens has been a driving force behind these changes, and state leaders are fully engaged in Riverton’s progress,” Alvarez continued.
Despite lingering misconceptions about the city, Alvarez said he remains committed to Riverton and the state as a whole.
“Many have written off this region, but I haven’t—and I intend to inspire others to invest here as well,” Alvarez said. “This goes beyond economics. It’s about changing the narrative and encouraging others to see the promise in Riverton and in our state.”
Mayor Daniel Stevens and several city and state officials attended the ceremony to celebrate the milestone.
According to Mayor Stevens, developers like Alvarez are instrumental in the city’s ongoing revitalization.
“To truly restore our community, alongside our other improvement initiatives, we must develop new businesses, retain the ones we have, and attract fresh investment,” Stevens said.
Stevens noted that this marks the city’s first $50 million project since 2021 and expressed full confidence in Alvarez’s vision.
“I have great faith in Victor Alvarez,” Stevens said. “He dreams big and delivers on those dreams. He has an ambitious vision for Riverton’s future, and we look forward to a strong, ongoing partnership.”
Construction on Meridian Lofts is scheduled to begin Friday and is projected to be completed within 13 months.
