Salt Lake City: Official Development News Thread - Part 5

[delts145]

HATTERAS SKY LAUNCHES OPPORTUNITY ZONE FUND FOR ADAPTIVE REUSE OF SALT LAKE CITY’S HISTORIC UNION PACIFIC TRAIN DEPOT

January 10, 2020 - https://www.utahbusiness.com/hattera...redevelopment/

Salt Lake City— Real estate development firm Hatteras Sky has launched an Opportunity Zone Fund targeting a hotel development in downtown Salt Lake City, Utah featuring the newest US addition to Autograph Collection Hotels, a part of Marriott International. Hatteras Sky is co-developing the hotel with The Athens Group, a Phoenix, Ariz. based real estate development company specializing in the development of luxury resorts and hotels, upscale resort communities, golf courses, and hotel-serviced residential and recreational properties. The proposed development will be housed in the converted Union Pacific Depot railroad station and a new eight-story guestroom structure featuring 225 guestrooms, 10,000 square feet of restaurant and retail space, 8,000 square feet of meeting and function space, and complimented by The Depot by Live Nation, an existing 17,000 square foot live music venue.

Originally constructed in 1909, the historic Union Pacific railroad station is regarded as one of the most outstanding architectural structures in Utah. The historic station features irreplaceable French Second Empire architecture, original stained glass windows and original oil on canvas murals: “Driving The Golden Spike” commemorating the completion of the Transcontinental Railroad at Promontory Summit depicting the driving of the Golden Spike at Promontory Summit, and “This is the Place” portraying Brigham Young making his famous exclamation upon first seeing the Great Salt Lake Valley. Located in The Gateway, a one million square foot mixed-use commercial business, retail, residential, dining and entertainment center, the site sits directly across the street from Vivint Smart Home Arena, the TRAX Blue and Green light rail stops and is within walking distance of the Salt Palace Convention Center.

“We are excited to partner with The Athens Group on this project. Salt Lake has exhibited great economic development in recent years, placing it as one of the top cities in the country for employment and population growth.” says Oz Friedmann, Managing Director of Development for Hatteras Sky. “This project will be a marquis asset for the community.”

Thirteen specialty guestrooms, food and beverage outlets, retail and meeting space will be crafted inside of the historic railroad station, with the remainder of the hotel constructed in the eight-story building situated directly behind it. Hotel guests will have immediate access to all dining, entertainment and business venues located adjacent to the hotel. The development aims to capture the region’s growing hospitality market given the project’s location in downtown Salt Lake City and within The Gateway.

Hatteras Sky’s Union Station Opportunity Zone Fund is available to investors who qualify as “accredited investors” and offers opportunity zone tax benefits, including a deferral of capital gains tax until 2026, a discount on that tax, and the elimination of all tax on appreciation earned by the fund. The opportunity zone incentive was created in the Tax Cuts & Jobs Act of 2017. Additional terms and conditions of the investment offering are set forth in the offering’s prospectus.

“We aim to give investors a straightforward investment opportunity that avoids the complexity that pundits focus on when discussing the opportunity zone incentive,” says Jason Cordon, co-founder and CEO of Hatteras Sky. “This is a single asset fund and
we anticipate starting construction in summer 2020, so a lot of the timing and ‘deployment’ issues in the law are not really present.”

Hatteras Sky has also teamed with law firm Morris, Manning & Martin, LLP and accounting firm CliftonLarsonAllen, LLP, both leaders in the opportunity zone space. The investment is being offered through Cabot Lodge Securities.

Investors can request more information about the investment offering and Union Station project **here**.

ABOUT HATTERAS SKY

Hatteras Sky is a commercial real estate development company based in Atlanta, Georgia that was founded by Jason Cordon and Amy Kelly. The group specializes in tax-incentivized and conventional development, focusing on opportunity zones, affordable housing, and historic rehabilitation. For more information about the firm and its team, please visit the Hatteras Sky website.

ABOUT THE ATHENS GROUP

The Athens Group is a full-service real estate development company specializing in the development of environmentally conscious upscale resort communities, luxury resort and urban hotels, golf courses and related residential and recreational properties. The firm was founded in 1988 by Kim Richards. For more information about the firm and its team, please visit The Athens Group website.

[Wasatch Wasteland]

Originally Posted by Orlando

Me and a couple others at my firm developed a masterplan and design/vision for a large area of the Granary district to help a developer sell the vision of developing in the area to potential stake holders, such as the UofU research, tech firms, IHC, and the City. We tried to develop a sense of place by using the history of the place by re-using structures, etc. as much as possible.

If you don’t mind me asking, what firm/type of firm do you work for? This is incredible work, and I have a couple guesses... 😉

[Orlando]

Originally Posted by Wasatch Wasteland

If you don’t mind me asking, what firm/type of firm do you work for? This is incredible work, and I have a couple guesses... ������

I work for an architecture firm in Seattle. We've been looking into doing work in Salt Lake City ever since the Station Center project. We've got some good developer contacts, and have been monitoring development. As you guys have seen, many out-of-state design firms have recently jumped in with a lot of new proposed work. We're hoping to jump in, too. I have a special interest in Salt Lake City, because I'm from there.

We do have some other work in the city, also. We have a condo/housing project on south temple with PRI that has been postponed.

[DCRes]

What is the location of the proposed UTA HQ tower?

[delts145]

Same question DCRes,, Thank you. Also, if anyone is passing by either the Marmalade and or Hardison Projects could you please snap a couple of shots. Anxious to see how they're coming along. Thanks in advance

Originally Posted by Utah_Dave

On the development front the Marmalade project is coming along nicely and you can already get a sense of the life that project will bring to that area. Downtowns northern entrance has always had a dilapidated feel in that area but this project and all the recent projects around West High have really infused a shot of energy to this part of the city. There are some store fronts just west and across the street of the marmalade project that I hope will soon fill in with businesses. The store fronts sat empty for sometime and I was a little discouraged about this areas future. It didn’t bold well at the time. I’m hoping the Marmalade project turns out as good as I think it could for this part of the city.

[Makid]

Originally Posted by DCRes

What is the location of the proposed UTA HQ tower?

The UTA HQ building would be on 6th West and 3rd South on the west side of the street. It will be connected to the Central Station.


Image from BSL site.

[Always Sunny in SLC]

Originally Posted by Makid

The UTA HQ building would be on 6th West and 3rd South on the west side of the street. It will be connected to the Central Station.


Image from BSL site.

Why would they build there when they have an empty spot on the Southwest corner of 2nd and 6th screaming for something?

[Blah_Amazing]

Originally Posted by Makid

The UTA HQ building would be on 6th West and 3rd South on the west side of the street. It will be connected to the Central Station.


Image from BSL site.

Does this mean it will also act as a new Central Station? Cause this rendering shows the building right on top of the current Salt Lake Central Station.

[Makid]

Originally Posted by Blah_Amazing

Does this mean it will also act as a new Central Station? Cause this rendering shows the building right on top of the current Salt Lake Central Station.

These buildings would be over an updated Central Station and provide restaurant and shops for travelers, residents and workers.

I think the building on the right side is supposed to be apartments.

This rendering also includes a bridge over the tracks that would remove the need for riders to cross at track level to get to the next platform.

The building on the SW corner of 6th West and 2nd South I think is planned to be apartments as well.

[Ironweed]

The UTA complex would be a great addition. As an avid rail proponent, I read that there is growing interest in high speed rail. In our region, Virgin is building a line initially from Victorville CA to Vegas. An extension to Utah would be a distinct possibility someday. If so, I hope that it can tie in with the Central station area.

[Utah_Dave]

^^^^

That would be incredible! What stage is the Virgin project at? Is it still just a dream or is there more too it? Victorville seems like a weird place to start. I assume it’s quicker and easier to start there then to tackle the El Cajon pass. Can you share a link on that info?

Thanks

[Utahn]

Virgin's project is starting to seem more and more likely. They now are the owner and operator of the ongoing high speed rail project in Florida, and they've just received authority from the State of California to issue bonds for their project. They are waiting for the same authorization from Nevada, but it seems possible that construction will begin in California this year. More at the link below.

There is a later phase of the project which could include linking Victorville to Palmdale and the rest of the rail network there.

https://archpaper.com/2019/12/las-ve...h-speed-train/

Originally Posted by Utah_Dave

^^^^

That would be incredible! What stage is the Virgin project at? Is it still just a dream or is there more too it? Victorville seems like a weird place to start. I assume it’s quicker and easier to start there then to tackle the El Cajon pass. Can you share a link on that info?

Thanks

[Hatman]

Originally Posted by Utah_Dave

^^^^

That would be incredible! What stage is the Virgin project at? Is it still just a dream or is there more too it? Victorville seems like a weird place to start. I assume it’s quicker and easier to start there then to tackle the El Cajon pass. Can you share a link on that info?

Thanks

Much discussion on that project here:
http://forum.skyscraperpage.com/show...198371&page=80

Based on the costs of their initial phase of construction, I think it is very unlikely Virgin Trains will extend HSR to Utah. A daily passenger train between Salt Lake City, Provo, Cedar City, and Las Vegas isn't impossible, but the costs of HSR just barely justify a connection to Los Angeles, which is much closer to Las Vegas.

Also, while I'm interrupting the SLC thread, here is a link to my post on the SLC transit thread, where I proposed using the Rio Grande Depot as a new Central Station, abandoning the current Central Station site, and turning the old rail yards into 80 acres of newly develop-able downtown parcels:

http://forum.skyscraperpage.com/show...postcount=8267

A sneak-preview to the google map that is now linked in my signature line:

[Ironweed]

Originally Posted by Utah_Dave

^^^^

That would be incredible! What stage is the Virgin project at? Is it still just a dream or is there more too it? Victorville seems like a weird place to start. I assume it’s quicker and easier to start there then to tackle the El Cajon pass. Can you share a link on that info?

Thanks

Here is some information:

http://trn.trains.com/news/news-wire...as-vegas-route

Many corridors are starting to take shape through out the country.

To say it won't happen in Salt Lake is shortsighted.

[i-215]

Originally Posted by Ironweed

Here is some information:

http://trn.trains.com/news/news-wire...as-vegas-route

Many corridors are starting to take shape through out the country.

To say it won't happen in Salt Lake is shortsighted.

I don't believe the plan was ever to take HSR down the I-15 corridor through the Cajon Pass. It was to carry it across the desert along the future High Desert Corridor tollway to Palmdale, where it would connect with CA-HSR. Now with that project dead, and the High Desert Tollway perpetually stalled out, I'm not holding my breath.

It's possible Virgin Trains will have better luck with the Victorville to Vegas route. Anything to help move people on weekends would be a huge help.

IMHO, I think we're more likely to see gradual addition of truck hill climbing lanes on I-15, but that's about it.

[ThePusherMan]

The newly appointed city council member is an architect with a city planning background. Sounds like a good thing to me!!!

[ucsbgaucho]

Originally Posted by i-215

I don't believe the plan was ever to take HSR down the I-15 corridor through the Cajon Pass. It was to carry it across the desert along the future High Desert Corridor tollway to Palmdale, where it would connect with CA-HSR. Now with that project dead, and the High Desert Tollway perpetually stalled out, I'm not holding my breath.

It's possible Virgin Trains will have better luck with the Victorville to Vegas route. Anything to help move people on weekends would be a huge help.

IMHO, I think we're more likely to see gradual addition of truck hill climbing lanes on I-15, but that's about it.

As a SoCal transplant, I've followed this project a LONG time. The sad thing is, the most enticing part of an LA-Vegas HSR would be the LA-Victorville part. It probably takes someone on the west side of LA the same amount of driving time just to get to the Victorville HSR station as it would to drive from Victorville-Vegas. Problem is, that part would be probably double the entire cost of the Victorville-Vegas route because of the Cajon Pass and mountains, and then navigating the populated areas. So of course, like the CA HSR project, they choose the cheapest option to get something done, even if it's not the most useful solution.

[delts145]

A relaxing no traffic jam rail commute to Las Vegas is not necessarily as far off from Downtown and or West L.A. as some might think. Linking Downtown and the Westside to L.A.'s eastern fringe with quicker light and commuter rail times is a forgone conclusion. Each year it becomes more and more transfer and hassle free. Los Angeles is quickly adding new daily service and upgrades to existing service regularly out to the eastern reaches. New stations and transfer reduced/transfer free line projects have become so regular it's now passe. In the next few years if the only major challenge remaining is to navigate the relatively short pass up to Victorville from a Rancho Cucamonga Station in a much swifter more convenient manner, then I don't see why this couldn't easily happen in our lifetime with many years of enjoyment to spare.

As far as between Las Vegas and Salt Lake City who knows what might happen over the next century. Probably not for most of us, but it's a definite possibility for those just being born. If the Wasatch Front becomes the population center that many predict then all conservative assumptions are off. And who knows where St. George could land as a population center. If St. George grabs the water it needs from the Colorado, then again all bets are off.

Haha but seriously, I'd like to think we'll be able to be casual observers of all of our dreams coming true for the Wasatch Front, even if from another plain of existance.

[Stenar]

Originally Posted by Ironweed

The UTA complex would be a great addition. As an avid rail proponent, I read that there is growing interest in high speed rail. In our region, Virgin is building a line initially from Victorville CA to Vegas. An extension to Utah would be a distinct possibility someday. If so, I hope that it can tie in with the Central station area.

The 'high-speed' rail they built in Florida only goes 79 mph. A later extension will go 110. Neither are high-speed.

[Orlando]

79 mph in Florida is definitely high speed. I've experienced the slowest drivers and lowest and strictest speed limit laws in the country in Florida. The speed limit on the freeways in Orlando is 50 mph, and you can't get away from going 10 miles over the limit or even 7. I never received a speeding ticket in my life until I moved to Florida. I racked up three in less than a year. I think it's partly due to that the cops are required to have a quota of tickets given to make for no state income tax or sales tax or something like that.