Salt Lake City: Official Development News Thread - Part 5

[locolife]

Originally Posted by nushiof

How soon do we think we’ll see renderings of the new entertainment district?

Renderings for a project that is actually funded and based on studies that represent real world plans? Really hard to say…

The only imminent plans are to get NHL locker rooms, pick a name (maybe?) and possibly sell some tickets? Not sure on when the last two will happen.

[Comrade]

Originally Posted by locolife

Renderings for a project that is actually funded and based on studies that represent real world plans? Really hard to say…

The only imminent plans are to get NHL locker rooms, pick a name (maybe?) and possibly sell some tickets? Not sure on when the last two will happen.

Not to sound dickish (but it absolutely will be dickish - just a ribbing, tho) but I have to laugh at you over here sounding like you're privy to anything related to this and how far they are in their timeline.

[Boz]

Originally Posted by locolife

Renderings for a project that is actually funded and based on studies that represent real world plans? Really hard to say…

The only imminent plans are to get NHL locker rooms, pick a name (maybe?) and possibly sell some tickets? Not sure on when the last two will happen.

Your last question has already been answered, emphatically.

Ryan Smith didn’t know how many fans had made deposits for season tickets, because the number had climbed so rapidly since the NHL Board of Governors voted to establish a new franchise in Utah little more than 24 hours before.

“Where are we at?” he asked.

The updated figure was about 22,700.

“OK,” he said. “That’s good.”

[airhero]

Originally Posted by i-215

Am I the only one who still feels very uncomfortable with the idea of spending billions demolishing the convention center to build an entertainment district (a few bars, restaurants, etc.)?

Especially when there are vacant lots to the block north. Would not SEG be wiser to contract with Property Reserve to build on their parking lots instead?

They have been in contact with the church by some accounts. The problem is that although the church may be discussing potential solutions they probably aren’t keen to give up property they’ve held for decades with their own tentative plans to now let it be used for an arena. They own a lot of contiguous land (minus the streets) and a simple land swap would screw that up. It’s not impossible but seems a hard sell for negotiators.

I think a lot of people are uncomfortable with the price tag. I’m kind of ambivalent because while I don’t believe citizens will gain a financial return on the investment, there is a cultural benefit from adding another pro sports team that you can’t put a price on and I want it to be centered on Salt Lake City. That benefit won’t be worth it to everybody though. It’s a ton of money. Some of the highest public spending in the history of the state. And it only affects slc. Sure, people other than slc residents spend money in the city but it would disproportionately impact slc residents.

Now, if the arena plans ended up moving to point of the mountain do we think a tax would be levied only within the municipality in which it is built? I don’t—and I think Salt Lake sees a tax raise no matter where the arena goes, unless citizens really rise up to defeat this. That puts Salt Lake residents in a bit of a quandary where I’m sure the bulk of them want the arena in slc, but if they fight the tax they risk the arena moving elsewhere and paying some sort of tax for it anyway. Is there room for changes and negotiation on that front? I don’t know but doesn’t seem like there is much, if any. And with the compressed timeline being pushed, leaders and citizens may feel pressure to cave and get it done before minds are changed and the arena gets moved.

I don’t like it but I’m going along with it because I’m excited about the result and recognize the city hardly holds a lot of cards here. It’s not exactly fair but it is the reality. Admittedly I’m not an slc resident but I hope to be again within a few months.

[delts145]

For me, one exciting aspect of the NHL moving to downtown SLC is the prospect of it being one of those scenarios that raises all development boats. Having 40 to 60 additional major crowds descending on downtown each year will have a definite impact on business and not just bars and restaurants. I would be willing to bet that the opportunities to attract investors willing to throw their hats into the ring for projects like the West Quarter, The Domain Tower on W. Temple, and the Hines Theater Tower will increase even in these difficult times. I wouldn't be surprised if Property Reserve shortened its startup time frame on several projects such as the major Elks Center redevelopment on South Temple, the Cascade and Utah Woolen Mills Towers, or Social Hall Avenue residential. Perhaps, we'll even begin to see movement on those massive South Temple surface parking lots. At the very least development taking the parking subterranean in preparation for the Olympics. Given the fast pace of what Smith wants to take place with the Delta Center and its surroundings, we probably won't have to wait too long to see movement on multiple projects that we didn't expect any progress on for another two or more years. These are great times to be a development fan for Salt Lake City.

Just another thought. How many Fortune 500 sports nerd CEOs or board decision-makers were hesitant to relocate their national or regional headquarters to Salt Lake only for lack of more Major League Teams? Given all of Salt Lake's heralded advantages that is probably one of the few stumbling blocks remaining. Also, as with COVID, the current social unrest is only going to heat up over the Summer pushing a lot of decision-makers and 1 percenters to relocate to the relatively highly educated peaceful system of the Wasatch Front.

I was just noticing the other day in the University 500 Rankings that both Utah and BYU are ranked in the top 50. Utah in the 40's and BYU #20 now.

[locolife]

Originally Posted by Boz

Your last question has already been answered, emphatically.

Ryan Smith didn’t know how many fans had made deposits for season tickets, because the number had climbed so rapidly since the NHL Board of Governors voted to establish a new franchise in Utah little more than 24 hours before.

“Where are we at?” he asked.

The updated figure was about 22,700.

“OK,” he said. “That’s good.”

I'm well aware of this, which is great, 22,000+ refundable deposits of $100 each have been placed. We all know that is way more then actual unobstructed seats that will be available. And I think the deposit gets someone a spot in line to buy season tickets, but is that priority based on when you signed up? Is there other factors? I have family that have done this for multiple seats, they hope to buy some but have no idea what it will cost and when any info will be available. It seems that nothing along those lines has been shared by the owner or team.

I’m not privy to these types of details so figured I'd ask on here if anyone by chance knew.

[locolife]

Originally Posted by delts145

For me, one exciting aspect of the NHL moving to downtown SLC is the prospect of it being one of those scenarios that raises all development boats. Having 40 to 60 additional major crowds descending on downtown each year will have a definite impact on business and not just bars and restaurants. I would be willing to bet that the opportunities to attract investors willing to throw their hats into the ring for projects like the West Quarter, The Domain Tower on W. Temple, and the Hines Theater Tower will increase even in these difficult times. I wouldn't be surprised if Property Reserve shortened its startup time frame on several projects such as the major Elks Center redevelopment on South Temple, the Cascade and Utah Woolen Mills Towers, or Social Hall Avenue residential. Perhaps, we'll even begin to see movement on those massive South Temple surface parking lots. At the very least development taking the parking subterranean in preparation for the Olympics. Given the fast pace of what Smith wants to take place with the Delta Center and its surroundings, we probably won't have to wait too long to see movement on multiple projects that we didn't expect any progress on for another two or more years. These are great times to be a development fan for Salt Lake City.

Just another thought. How many Fortune 500 sports nerd CEOs or board decision-makers were hesitant to relocate their national or regional headquarters to Salt Lake only for lack of more Major League Teams? Given all of Salt Lake's heralded advantages that is probably one of the few stumbling blocks remaining. Also, as with COVID, the current social unrest is only going to heat up over the Summer pushing a lot of decision-makers and 1 percenters to relocate to the relatively highly educated peaceful system of the Wasatch Front.

I was just noticing the other day in the University 500 Rankings that both Utah and BYU are ranked in the top 50. Utah in the 40's and BYU #20 now.

I’ve looked into this topic and it’s hard to find any data that says pro sports adds any real meaningful economic activity. This is one of the big data points used against public subsidies for stadiums.

You can find a lot of articles like this stating that the impact is less than most people think.

https://research.stlouisfed.org/publ...orts-stadiums/

[delts145]

We shall see, won't we? Given the amount of investment about to occur in real estate redevelopment downtown, it's hardly a far-fetched notion. Besides, judging from the percentage of my predictions over the past almost 20 years on this forum actually happening, it might not be a forgone conclusion but at least it's a reasonable possibility. Perhaps it will take a little more than within this year's announcements, but it will happen within a reasonably sped-up time frame.

[locolife]

Originally Posted by delts145

We shall see, won't we? Given the amount of investment about to occur in real estate redevelopment downtown, it's hardly a far-fetched notion. Besides, judging from the percentage of my predictions over the past almost 20 years on this forum actually happening, it might not be a forgone conclusion but at least it's a reasonable possibility. Perhaps it will take a little more than within this year's announcements, but it will happen within a reasonably sped-up time frame.

What is it your predicting will happen? I'm truthfully not clear, is it that multiple Fortune 500 companies will announce plans to relocate their HQs to downtown SLC within the next few years, and in part the reason will be mentioned that the NHL now being there was a factor in their decision to do this? We will always see, and there's always next year.

[delts145]

^^^

I apologize for not inserting an "I predict this and I predict that." Also, of course, I should have inserted likely-to-happen percentages too.