Salt Lake City: Official Development News Thread - Part 5

[Ironweed]

Originally Posted by delts145

While residential and commercial could be down somewhat there's a probable silver lining in the market for real estate along Salt Lake City's Metro Wasatch Front. While the Wasatch Front isn't perfect it's still one of the most likely in-migration destinations for specific demographics. For example, costs of living along the West Coast are still much higher in the bigger cities like L.A., San Fran., and Seattle. Utah is reported to be one of a handful of markets where companies and a percentage of their workforce continue to expand and or relocate.

This is a sad commentary Delts.

The west coast is rapidly becoming a blithering mess. The middle class of CA is being obliterated. What's to blame? Many things, but I won't get into that.

My hope is it won't happen here, but you never know.

[Rileybo]

^^^^^

The middle class is being obliterated all across the country, even in SLC.

[delts145]

Very true Riley. If left unchecked The Wasatch Front will become much like California, a place of the haves and have-nots.

[SLCHenry]

Anyone know when the South Temple Tower will be converted? Im in town this week and I can’t wait to see what Hines does with it (if anything) Any renderings yet?

[rockies]

Originally Posted by SLCHenry

Anyone know when the South Temple Tower will be converted? Im in town this week and I can’t wait to see what Hines does with it (if anything) Any renderings yet?

I drove past the other day and it seems like there is significant construction going on there

Also, it does look like work is continuing on telegraph lofts despite the makers line fiasco

[Ironweed]

The D-1 Zoning in downtown is: (IMO)

1.) Not uniform.
2.) Poorly utilized.
3.) Not big enough.

I argue the D1 zone is far too small, and should be commensurate with the large blocks. My suggestion as a start would be to make it a square from 300 west (John Stockton Blvd.) North to South Temple, to 400 East, and south
to University BLVD.

I would then recommend to limit any development that does not have minimum height requirements. I suggest 200ft.

Thoughts?

[Viperlord]

If you do an image search for "hines south temple tower" on google This image comes up.

https://hines-assets.s3.amazonaws.com/ne...h-Temple-Tower_meta.jpg?mtime=1685031835

Also, I am involved in the Makers Line parking structure that is currently being built by the Industry SLC office, just south of 600 south (450 West). We have had issues with non-payment from Makers Line for the last year. Luckily, they had a development/finance partner on the parking garage project who seems to be taking over, and paying the contractors. The project has a new general contractor and is moving forward towards completion.

[Orlando]

upload jpeg

[SLCHenry]

Originally Posted by Orlando

upload jpeg

Oh thats not bad at all. Now all we need are a few more towers that height to add some density. Schmoe, I hope Astra is a huge success so that yall can build something bigger on the other properties..

[delts145]

Yeah I agree, It's not bad. I assume the opening up of the window views of the mountains on the south side will be the same transformation as the north tower windows. What they're doing makes sense and is reasonably more attractive.

[Rileybo]

Icky. Another one of the few buildings I like here defaced again.

[Orlando]

Originally Posted by Viperlord

If you do an image search for "hines south temple tower" on google This image comes up.

https://hines-assets.s3.amazonaws.com/ne...h-Temple-Tower_meta.jpg?mtime=1685031835

Also, I am involved in the Makers Line parking structure that is currently being built by the Industry SLC office, just south of 600 south (450 West). We have had issues with non-payment from Makers Line for the last year. Luckily, they had a development/finance partner on the parking garage project who seems to be taking over, and paying the contractors. The project has a new general contractor and is moving forward towards completion.

Viperlord! Woa! Where have you been? It's been years since you've posted on here.

[Comrade]

Originally Posted by Rileybo

Icky. Another one of the few buildings I like here defaced again.

Definitely looks worse.

[Atlas]

See you guys there!

Salt Lake City Responds to the Rio Grande Plan

[bob rulz]

Originally Posted by Rileybo

Icky. Another one of the few buildings I like here defaced again.

Originally Posted by Comrade

Definitely looks worse.

To each their own. I think it's probably the ugliest skyscraper in the city.

[Atlas]

Interesting post from LinkedIn:

Downtown SLC Historical multifamily Deliveries:
2018: 829 units
2019:560 units
2020: 925 units
2021:1,363 units
2022:1,992 units

So what about 2023? What is projected to deliver in 2024?

For all of Salt Lake County: 3,444 in 2023 and 6,657 in 2024.

Not a fair comparison, so I’m pulling out just Downtown to trend out the above 2018-2022 figures we’ve tracked for “Downtown”… stay tuned…

We are seeing 8 weeks free in downtown on concessions, and leasing is slowing… hoping it’s seasonal, but one property we toured hasn’t signed a lease in 30 days… others are seeing 14-20 leases/month. We are learning a lot right now! Net of concessions our data is showing -2.4% YOY rent decline in downtown.

Ok: downtown…

Approximately 1,800 deliveries in 2023 and 3,353 in 2024… so 52% of the salt lake county market is delivering in Downtown in 2023… and 50% of the market deliveries in 2024.

Thoughts? Questions to research? Wants? Needs?

I took these photos Monday of The Worthington Tower by Convexity Properties - a DRW Company and Timberlane Partners, 31 stories, 359 units. Moving quickly! New State Liquor Store front of photo…

The 2nd photo is Cottonwood Residential’s project called Cottonwood on Broadway that is 254 units that delivered this summer and is leasing up. Crazy story behind this land acquisition, and the project looks great.

[Comrade]

Originally Posted by bob rulz

To each their own. I think it's probably the ugliest skyscraper in the city.

Agreed. It will be for sure.

[Orlando]

I was assuming that Bob Rulz was saying that it WAS the ugliest in town. It's a lot better looking now in that rendering, IMO.

[mstar]

The larger windows will definitely be an improvement. That building is the ugliest in it’s current look.

[RC14]

I agree. It looks better with the larger windows.