Salt Lake City: Official Development News Thread - Part 4

[wong21fr]

Originally Posted by TonyAnderson

Then what is Pueblo, CO?

Pueblo is the Flint, Michigan of the Rockies. People are either stuck there or go there to die.

[ThePusherMan]

Originally Posted by EPdesign

It's a forum, not a news feed. I say share ideas. No matter how "impossible," others might say they are

This forum is strictly for rumors, and gossip. No room for hopes, dreams, aspirations, or fun.

[linguisize]

I hate the bulk of our legislature.
"High-tech study would link Draper prison-site project to Lehi boom"

http://www.sltrib.com/news/3459329-155/high-tech-study-would-link-draper-prison-site

[Makid]

Originally Posted by linguisize

I hate the bulk of our legislature.
"High-tech study would link Draper prison-site project to Lehi boom"

http://www.sltrib.com/news/3459329-155/high-tech-study-would-link-draper-prison-site

So they are finding ways to get Trax to Utah County. It also looks like they want to bring the Red Line further South and then East through the new development and maybe connect again in Draper/Bluffdale.

Hmm, so the land and taxes that were supposed to help off-set the cost of the new prison will now be used to expand Trax, roads and other infrastructure to the existing Prison site and the land around it.

Trax expansions alone would cost about $600 - $900 Million (Blue and Red extensions). Roads and other infrastructure would be about $125 to $200 Million.

This is before the new prison even breaks ground on what will be closer to $1 Billion as opposed to the estimated $500 Million.

All told, the Prison relocation looks to be costing closer to $2.5 Billion and that is just for the new prison and the infrastructure to support it and the land it left.

What I see happening is the Blue line extending to Utah County and infrastructure built as needed on the current prison site. I don't see 50 story buildings in that area of the county. I also have trouble seeing 20 story buildings down there.

Of course, this is all happening at a time that Tech companies are starting to relocate back to the city centers and away from the suburbs because of the changing demographics of their employees. Millennial's tend to want denser development, better transit options and locations within walking distance. For that, it is cheaper to utilize downtown SLC.

Just imagine what types of companies would relocate to SLC with $1.5 Billion in incentives. I think it would be better to use the money there rather than build for a future city that will never be able to come close to repaying the funds.

[ToysNoiz]

Don't cities grow and develop over long periods time? You can't just build an entire downtown over night.

[Future Mayor]

Originally Posted by ToysNoiz

Don't cities grow and develop over long periods time? You can't just build an entire downtown over night.

Sure you can, all you need is a grand vision on paper with multiple tall pretty buildings. Just ask Sandy.

Oh Wait!!!!!

[linguisize]

Originally Posted by Future Mayor

Sure you can, all you need is a grand vision on paper with multiple tall pretty buildings. Just ask Sandy.

Oh Wait!!!!!

That's the problem with this one though. It's not just Sandy's ugly pipedream, they're also roping in all of the State Sanctioned developers. While I have no fear that it will actually surpass Salt Lake City, I can't help but wonder how much more money these legislators are going to funnel into their own pockets.
Not that it's a surprise, but the same legislators that pushed to move the prison in the first place are the ones pushing for this development plan to go through.

[Future Mayor]

As Makid pointed out, high tech companies are bucking the suburban trend and are starting to locate in urban cores, walkable downtowns. Draper can want to build as many condos/apartments on top of retail and office, but as ToyzNoiz pointed out, it doesn't make it a downtown. As we on this forum know, an urban center includes all types of housing, from highrise condo's to single family homes, and there are only 4 places in the entire state that this type of zoning exists. The three downtowns, and Daybreak.

So I can see Draper getting some buildings on the Prison Site, if the Prison does end up moving, as I anticipate a lawsuit or two happening before anything starts on the new site. By that time the tech boom with have permanently shifted to downtown SLC. The start ups by BYU Students will continue to move into Lehi and Draper, but workforce demand will require an urban presence.

Makid also made an excellent point regarding investing that much money into downtown SLC, would do wonders for the entire region. Concentrating more employment and housing in a central core, utilizing an already existing infrastructure of transit and utilities. That would result in less pollution and better access from up and down the Wasatch Front, and to the airport.

[Liberty Wellsian]

Salt Lake City should offer this parcel for a couple tech companies move into SLC. That area of town could become our tech district if SLC can get the right companies to move into that block.

[Makid]

Originally Posted by Liberty Wellsian

Salt Lake City should offer this parcel for a couple tech companies move into SLC. That area of town could become our tech district if SLC can get the right companies to move into that block.

I think that SLC is already looking towards using that land to gain a Tech company or 2 and then expanding from there.

The eventual streetcar line will come near there and that is to be one of the anchors to help fund the streetcar expansion to the Granary District.

[Future Mayor]

Hopefully the new RDA Executive Director can work closely with GOED, EDC Utah, developers and on his/her own to find a tech company to build there.

Great find LW.

The city owns a fair number of parcels in the Granary and can already point to transit plans in the works.

[Orlando]

I do know that the city has already mentioned the Fleet Block as a potential target for high-tech companies, etc., and I do know that the city and other entities have been looking at updating the roads, and infrastructure in that area. Central 9th up through Station Central could have a lot of potential if we can get some developers, research institutions, tech companies, creative tech, and the city and parks to start investing in the area. And, if the design of that area is interesting, and not sterile suburban park like, but has great urban connections and attractions, it could be a very thriving place.

[linguisize]

Yeah that's the fleet block. An entire block right down town owned by the RDA; A lot of exciting things could happen there! The potential of a 9th south street car going that far west as well makes that block(and the entire granary district) a much better choice for tech companies than Draper. Aside from all of the free land and tax free futures the city and state will offer for Draper.

[clean_slc]

Originally Posted by linguisize

Yeah that's the fleet block. An entire block right down town owned by the RDA; A lot of exciting things could happen there! The potential of a 9th south street car going that far west as well makes that block(and the entire granary district) a much better choice for tech companies than Draper. Aside from all of the free land and tax free futures the city and state will offer for Draper.

The Fleet Block is under control of Community & Economic Development, operated by HAND (Housing and Neighborhood Development). I think the City should consider transferring it to the RDA because it's in the middle of the Granary Project Area and has so much potential.

[linguisize]

Originally Posted by clean_slc

The Fleet Block is under control of Community & Economic Development, operated by HAND (Housing and Neighborhood Development). I think the City should consider transferring it to the RDA because it's in the middle of the Granary Project Area and has so much potential.

Thanks, I knew I was wrong. Should have just said City instead of the RDA. None the less, an entire block owned by the City! It's exciting.

[Orlando]

Now, if they could only get the state legislators to give some favor to that area, ie. tax incentives, etc similar or in lieu of what they are looking to do for the state prison area.

[Future Mayor]

Originally Posted by Orlando

Now, if they could only get the state legislators to give some favor to that area, ie. tax incentives, etc similar or in lieu of what they are looking to do for the state prison area.

That would be nice, but seeing as the State Legislature seems to put favors for Republican strong hold cities, I doubt any of those favors will go to Salt Lake City.

It would be interesting to know if companies have been attracted to SLC, and approached the GOED to inquire about incentives and to see if those incentives have been given for them to locate elsewhere. It wouldn't surprise me at all.

[JMK]

Utah No. 10 in nation for 'green' buildings

Utah has propelled itself into the top 10 states in the nation for the amount of building space designed and built as "green."

There were 31 LEED-certified projects in Utah for 2015, the designation that stands for Leadership in Energy and Environmental Design.

The annual national ranking by the U.S. Green Building Council puts Utah among the front-runners for the first time because of projects that encompassed nearly 4.5 million square feet of real estate incorporating sustainable features that use less energy, water and reduce carbon emissions.

Rankings
1. Illinois
2. Maryland
3. Massachusetts
4. Washington
5. Colorado
6. Nevada
7. California
8. Texas
9. Virginia
10. Utah

http://www.ksl.com/?sid=38279234&nid=148...nation-for-green-buildings&s_cid=queue-2

[jedikermit]

Originally Posted by clean_slc

The Fleet Block is under control of Community & Economic Development, operated by HAND (Housing and Neighborhood Development). I think the City should consider transferring it to the RDA because it's in the middle of the Granary Project Area and has so much potential.

Thanks for the correction/insight/update -- and welcome to the forum!

[Viperlord]

A few bits of information:



2015 Salt Lake County Office Market report:

http://www.comre.com/uploads/reports/p1a9tba9on13do1a2o1kpq4taa993.pdf

from the report:
"Although the suburbs have accounted for a majority of new
construction, the Central Business District (CBD) saw steel reach
to all 24 floors of the 111 Main building. The 440,452 sf building is
estimated to be complete in the fourth quarter of 2016. The
building is currently 42% pre-leased with significant activity that
ownership believes will lead to the building being almost
completely pre-leased when delivered."



Also, in late December I heard back from one of the people involved on the design team for the Boyer 151 tower......

from the design team member:
"Boyer has had success in leasing their other two buildings in the Downtown this year so they are hopeful to get going in 2016 with the new tower. It would be good timing for us."


Also, my company has been contacted by an out of state investment firm from California, that will be entering the Utah market for the first time. They plan to purchase an existing large apartment complex downtown (200-300 units). It will be an all cash offer to purchase the apartment complex. The seller has accepted their offer on the property. We will be assisting them with their due diligence & title process on the apartment complex property.