Posted Nov 17, 2019, 1:50 PM
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Join Date: Aug 2006
Location: Downtown Los Angeles
Posts: 19,388
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Downtown Update - Gateway Center/Union Pacific Luxury Hotel
Quote:
Originally Posted by stayinginformed
Also from the planning commission email agenda today:
Union Pacific Hotel Planned Development Time Extension Request - Rob McIver, representing the property owner, is requesting a one-year time extension for the Union Pacific Hotel Planned Development, located at 2 S. 400 West. The applicant has indicated that additional time is needed to finalize design work and building permit plans. The Planned Development was approved by the Planning Commission on November 14, 2018 for an 8-story, 225-room hotel to be located on the west side of the existing Union Pacific Railroad Station. No zoning relief was approved, but all new construction in the Gateway-Mixed Use zoning district must be reviewed as a planned development. The subject property is located within Council District 4, represented by Ana Valdemoros. (Staff Contact - Lauren Parisi at 801-535-7226 or lauren.parisi@slcgov.com) Case number PLNSUB2018-00618
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Aerial of a portion of the northern segment of the Gateway Center. Pictured, the historic Union Pacific Depot, behind which a planned Luxury Hotel will be constructed.
Gateway is currently undergoing a major redevelopment costing in the hundreds of millions. This ongoing makeover will advance Gateway in a direction that is much more on trend in serving Downtown Salt Lake City's rapidly expanding core.
https://i2.wp.com/www.buildingsaltla...34%2C996&ssl=1
Downtown Update - The Gateway Reboot
Here's how a new refinancing will affect The Gateway's reboot - Dennis Romboy, Deseret News - https://www.deseretnews.com/article/...financing.html
...SALT LAKE CITY — The Arizona-based owner of The Gateway has refinanced its makeover of the one-time retail and entertainment hub to pay off debt and fund future improvements.
Holliday Fenoglio Fowler announced Thursday that it has arranged a $96.9 million refinancing of the 651,778-square-foot, mixed-use, upscale retail, office and entertainment complex in one of the fastest-growing areas of the central business district...
..."We ended up purchasing the note from the former owner and it really didn't provide capital for going forward," said Ed Reading, Vestar executive vice president of finance.
Reading said the project was well received in the lending community, and Vestar found a lender willing to provide enough money to not only knock out existing debt, but pay for improvements in the future. The funds could cover such things as retrofitting space for a tenant, he said...
...Capital improvements to The Gateway buildings, common areas and parking garage are finished, he said.
"What's left is really the finalization of signing tenant leases and putting those tenants into occupancy," Reading said. "From a timing perspective, the last piece of the puzzle will be the hotel."
Last edited by delts145; Oct 27, 2021 at 1:04 PM.
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