Salt Lake:Official development news thread

[delts145]

Originally Posted by SLC Projects

As much as I like to hear Utah's Construction boom and that Utah is one of the fastest growing states, It just drives me nuts to see that house prices just keep going up and up and up.
Alot of developers and home owners are really starting to get greedy. I mean come on five years ago you could find a good size home for under $200K now a days you can't even get a STARTER home for under that same price.
And it doesn't help to have all these rich dastards from California moving into the state. They are the main reason why home owners think it's ok to jack up their prices.



We need more lower income homes...Not everyone makes $80k+ per year.


ok rant over.

So far the prognosticators have been spot on as far as the Wasatch housing projections. The year 2008 is suppose to bring a leveling off of housing, price inflation. Who knows, I guess it will depend on our continued growth. A serious recession is predicted now across the nation. The Wasatch seems to be bucking most of the negative trends nationwide, but who can guess how long that will continue.

In talking with many California neighbors, it would seem that The Wasatch is still a great housing deal in their minds. Southern Ca. has become way over-priced and out of reach. Many see Utah as a chance to afford the home of their dreams in a very nice neighborhood, compared to something far inferior, and in an undesirable area of Metro L.A. As long as companies keep discovering the Wasatch Front and locating and expanding here, prices will continue to remain relatively strong or at least stable.

What surprises me is that I'm seeing many new residential developments going up in the bench area's of Highland and North Lehi. I guess the demand is still there in Northern Utah County.

[Future Mayor]

Good News for my mixed use reuse development. While I was in our beloved city for the Christmas Holiday, I talked with an acquaintance about my project. He will be passing on the information to a wealthy relative who is looking to invest in some solid projects. Once I figure out the final financing this semester I'll see if it pencils out the same way as I figured the rough draft financing.

If I can get the options on the properties within the next 6 or 8 months I will announce the details on here first (after I work with the city/rda).

Have a Happy New Year everyone.

[delts145]

^^^
I can feel your excitement Future Mayor. I think the time in the Wasatch areas history is right for a visionary such as yourself.

Here's an interesting article and magazine to keep up with. More and more, Salt Lake City is on everyone's development radar.

The importance of the millennial consumer in Salt Lake City / Fast Company magazine once again this year named the Utah capital as one of the world’s 30 fast cities....

http://saltlakecityutahblog.com/2007/11/...he-millennial-consumer-in-salt-lake-cit/

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[Future Mayor]

Delts that is a great article. Thanks for the link and thanks for the compliment.

[SLC Projects]

Hey guys,

Just wanted to wish everyone a happy news year. And what a great year 2007 was. We've seen alot happen this year. While in other years it's all been talk, but 2007 was the year when things finally started to happen. Let's review some of the things that took place this past year.

1. City Creek Center.
For years the LDS church has been talking about tearing down the two malls and replace it with a new up-to-date mix-use development. From 2003 when we first saw the old renderings to 2006 when we first learn of the "City Creek Center" we were in three years in the dark.
Finally at the start of this year we saw Demolition of the Crossroads Mall and the Inn at Temple Square. In Aug. we had the Implosion of the Key bank
tower at around the same time when the ZCMI Mall started Demolition.
Today the Crossroads block is a big hole in the ground while the ZCMI mall across the street is about almost gone. This project alone will give downtown Salt Lake City seven new buildings. ( At least three will make a impact on the skyline. )
2008 I'm sure we will see a small army of Cranes starting to pop up all over those two block. This time next year we could see the start of new towers rising in our skyline.

2. 222 South Main
2007 was a great year for our friends at Hamilton Partners. AS we all know H.P. has been planing on building a new office highrise right on Main Street in downtown for many years.
In 1999 H.P. came to Salt Lake in hopes to build a 29-story builiding with condos on the top 5 floors. But they had alot of set backs with 9-11-01 and with the slow Economy. As the years went by H.P. kept coming up with new groundbreaking dates and new renderings of the tower. The tower was later downsize to 21-stories.
Finally this year in August H.P. held the ground breaking of their new Office Tower. The first new highrise for Salt Lake in almost 10 years.
Today the 222 South Main site is a big hole in the ground.
I have high hopes that in 2008 we will see a crane on that site with steel beams rising in the sky.


3. Learning of more new towers
2007 with Utah's hot Economy comes more development. We have learned alot of new projects that could happen in the near future. Such as...
A. The Glass Tower that could be around 35-stories tall
B. Social Hall Tower that could be 40-stories tall
C. World Trade Center plaza
D. Wasatch Properties 400 south and state street property that could be 33-stories tall.
E. Market Station Development that could give South Salt Lake a 27-story tower.

There's alot more to list, but this gives us alot more to look forward to within the next five years.


4. Gehry 5-star Hotel
Back in late Jan. we got word that Frank Gehry has plans to design a 45-story hotel in Lehi as well as other highrises and a stadium. There hasn't been a groundbreaking yet, but at least we know that this project is still in the works.


5. RSL Stadium
While some people might think of this as not that great of news. I remember that this time last year RSL was about to leave since the owners and city leaders couldn't find a deal.
2004 Dave Checketts announced that MSL team will be coming to Salt Lake City. Later that same year Checketts announced that Real Salt Lake would need it's own stadium. Salt Lake, Murray and Sandy placed in their bids while in the end Sandy won.
2006 was the ground breaking, but it wasn't til April of 2007 when city leaders and owners finally worked out a deal to get the stadium built and that RSL could stay. This past summer we finally saw the stadium take shape and now Sandy skylines will never be the same. This next year the 20,000 seat stadium will open.


6. All the other smaller projects.
There's a ton of smaller projects that broken ground all over downtown this past year. So many it's hard to list them all.
A.Broadway Park Lofts
B.Marmalade
C.Angelina's Corner
D.North Temple Condominums
E.Kirtland
F.V Gateway office
G.One and Nine Condos
H.Patrick Dry Goods
All these new developments will bring a ton of new people living in downtown.

Well that's just a few examples of the good things that happen this year. I look back at other years with not too much that happen. But 2007 was the year when developers and city leaders got the ball rolling.


2007 was the year of groundbreakings, may 2008 be the year of the cranes.


Here's to 2007 at great year!!! And happy 2008!

[delts145]

Thanks for the look back Projects, Here's to more announcements,groundbreakings, and cranes in the sky for 2008.

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[delts145]

Salt Lake City airports department buys 352 acres for expansion

http://www.deseretnews.com/article/1,5143,695240375,00.html


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[Sight-Seer]

SLC Projects:

Sounds good, but do you think the Salt Lake market is really big enough to fill up all these buildings. Right now there's a good commercial and residential demand, but it could easily be overbuilt, and that's no good for anybody.

[millhouse]

The great thing is the demand has been there for years. The demand didnt start when they anounced city creek. I dont see an "over built" issue. If there wasnt demand for class A space sandy would not have nearly the space they do.

[Orlando]

Projects, Thanks for the optimistic summary of 2007. Let's hope this year is even better! Happy New Year everyone!

[wrendog]

Originally Posted by delts145

Salt Lake City airports department buys 352 acres for expansion

http://www.deseretnews.com/article/1,5143,695240375,00.html


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Anybody have any idea what the status is for the airport rebuild??

[delts145]

Originally Posted by Sight-Seer

SLC Projects:

Sounds good, but do you think the Salt Lake market is really big enough to fill up all these buildings. Right now there's a good commercial and residential demand, but it could easily be overbuilt, and that's no good for anybody.

Originally Posted by millhouse

The great thing is the demand has been there for years. The demand didnt start when they anounced city creek. I dont see an "over built" issue. If there wasnt demand for class A space sandy would not have nearly the space they do.

Both excellent points, there have been numerous articles regarding this subject this year. Perhaps, we can bring one forward from a previous post, that will address a part of the issue. The immediate Metro, Salt Lake Market is now at over 2.2 million and growing at an astonishing rate,(top three in nation.) Also, Salt Lake's geographical positioning as the 'Hub in a Western Wheel,' has made it incredibly attractive. This hub status has been around for quite a while historically, but has taken on phenominal importance in the past ten years, particualarly in manufacturing,warehousing, and distribution. The 'Same-Day' status to Denver, much of the Midwest, Southwest and all of the West Coast cannot be over-exaggerated.

Regarding office space, there has been an acute shortage in not only class A, but also B and C. This shortage is felt throughout the entire valley, as well as Downtown. Given this and many other startling growth factors, coupled with the metro's, commercial developers conservative mentality,(build to catch-up.) I don't think we will see an overbuild in the Wasatch, Commercial Market. Many of us will probably continue to complain,"Why don't the damn developers pull their heads out, and give us more high-rise office development."


Salt Lake Valley office space now scarcer

http://www.deseretnews.com/article/1,5143,695227102,00.html

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[Viperlord]

Cottonwood Mall Renovation Might Not Happen

http://www.kutv.com/content/news/topnews/story.aspx?content_id=30c65fb5-ca82-43ac-b42b-b1b3b1123d72

http://www.mycottonwoodmall.com/

[i-215]

There hasn't been much activity at Cottonwood Mall for a long time, and it might stay that way.

A major redevelopment project that was planned for the mall -- to include brand new stores, offices and condos -- looks like it could disappear like a mirage in the desert. The reason is because the mall's owner wants millions of dollars from the city of Holladay in tax incentives.

General Growth Properties, the mall's owner, wants to spend roughly $550 million to redevelop the site -- as long as it receives $100 million in tax incentives over a 20-year period. If that doesn't happen, the new Cottonwood Mall won't be built.

"Without some kind of assistance for this project, we will have to invest our money someplace else," said Kris Longson, Vice President of General Growth Properties.

[i-215]

Now my take on it...

Total BS! If I plan to build a $550,000 house, can I expect the city of Cottonwood to pay for $100,000 of it over the course of my 20 year loan?

General Growth can take their plans and shove it, IMHO.

[Future Mayor]

That is just how development works. Developers receive tax incentives to save money on their projects and they in return provide increased sales tax to the school districts as soon as the project is complete.

Holladay giving General Growth Properties the tax incentive they are requesting will more than pay off to the school district. The District is only getting tax money from Macy's right now. If the incentive is provided the mall will be redeveloped and the districts will see an increase soon.

It needs to noted that the school district or districts involved must approve the deal, even if the city of Holladay approves it.

[Scraperdude801]

I-15 did you click the second link about the pros and cons?

This development means a lot of tax dollars for the schoold district. much more than what they are currently recieving. (again check the link) If it is denied then the current cottonwood mall will still be demolished so General Growth won't have to pay taxes on it (exactly like what Earl Holding did to the Newhouse hotel). That's a losing situation because that lot could sit vacant for DECADES until General Growth either decides to develop something ery scaled down, or sells. Who they sell it the new developer will still seek some tax money for infrastructure and shit, only this time it could be a BIG BOX development with sprawling parking lots, WAY less tax money for holaday, a much weaker economy, and yet another Utah city gone uber stucco/corporate.

Did you think of that?

[Wasatch_One]

Originally Posted by i-215

Now my take on it...

Total BS! If I plan to build a $550,000 house, can I expect the city of Cottonwood to pay for $100,000 of it over the course of my 20 year loan?

General Growth can take their plans and shove it, IMHO.

Revenue from property tax from increased density (multi-unit housing which currently does not exist on the property) and probably a sharp rise in sales tax would probably offset the incentives. You would probably see an increase in overall land value in the area because of a new project like this which (may piss off existing land owners cause they have to pay more) but would also bolster the city's pockets.

I wouldnt be opposed to these types of incentives... I just kind of hate when these developers go public with their little tantrums... I would need to check out more details, but usually these incentives pay off in the long run, if its a quality project and this project seemed like a nice upgrade for the current property.

[delts145]

It would be tragic if Holladay were to lose this project. This Village plan is not your typical project, but as proposed is something that would be world-class. Not only would it generate prestige and 'quality of life' for Holladay, but the entire metro.

As Scaperdude pointed out, the tax revenue alternative is far less attractive, both short term and definately long term.

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[delts145]

Construction workers show off state Capitol

http://www.deseretnews.com/article/1,5143,695240883,00.html


Michael Brandy, Deseret Morning News

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