Salt Lake:Official development news thread

[delts145]

Hmmm, I like that front railing detail on the awning too Projects, but like you I'm just keeping my fingers crossed.

[Future Mayor]

So far I am liking what it looks like. I was hating the renderings but so far so good in my opinion. It seems to be an nice modern adaptation of a historic building. I guess I'll just have to wait and see the final product.

[Viperlord]

had to edit the headline to prevent any confusion...


Chase changes offices in Downtown to One Utah Center

by PR or Business News Wire


Chase, one of the nation’s leading financial institutions, announced yesterday that it will relocate its Utah headquarters to 201 S. Main St. in Salt Lake City.

“We’re very excited to anchor One Utah Center in the heart of downtown Salt Lake,” said Craig Zollinger, president of Chase in Utah. “We can serve our customers more effectively and efficiently through a state-of-the-art branch on the main level and the collaboration of bankers who will be located in the same building.”

The facility will bring together Chase and JPMorgan employees from three locations: 50 W. Broadway, 80 W. Broadway and 185 S. State. Chase serves consumers and commercial customers, while JPMorgan serves wealthy clients and large corporations.

The 10-year lease includes Chase and JPMorgan signage on the perimeter as well as a Chase name and logo atop the building’s north and south sides.

Construction has begun on the main-floor branch, which will replace the office at 50 W. Broadway when it opens this summer. Drive-through banking service will continue at 185 S. State St., with its lobby service relocating to the new location as well.

[Comrade]

I hate headlines where it looks like they're hinting at a possible new tower and it's not.

Why not "Chase relocates Utah headquarters to One Utah Center"

GRR

[Makid]

I agree with Comrade. I was all excited about the possibility of a new tower going up. Then was disappointed that they were just moving.

Boo to poor headlines

[Viperlord]

Mayor’s Downtown Theater Action Group is Established

http://utahamicus.blogspot.com/2008/02/mayor-ralph-becker-appoints-nationally.html

The entire membership of the group will be announced in the next few weeks. The Mayor is encouraging the group to begin its work quickly so the Salt Lake City can, once a specific site is selected, get the theater development project underway.

Becker concluded, “I am pleased to announce today that, in partnership with the arts and business community, a new Broadway-class theater is going to be built in Salt Lake City, Utah’s capital city and the heart of our state.”


Biography of Bill Becker

Bill Becker is a Tony® Award winning producer who organized TheatreDreams with Larry Wilker in 2001 and currently serves as Chairman. TheatreDreams has become an internationally regarded theater producer, owner and operator. Since 2001, the company has co-produced four Broadway and several road productions; acquired, restored, and operated The Chicago Theatre; and managed the Kodak Theatre in Los Angeles. By 2007, when The Chicago Theatre was sold to Madison Square Garden (Cablevision), the venue had become one of the world's outstanding presenters of popular entertainment programming.

Becker left his law practice and his position as the Kennedy Center General Counsel to organize and operate TheatreDreams with Wilker. Becker had provided legal counsel to the Kennedy Center since 1969, before initial construction was completed. During his tenure, he oversaw performance contracting and, beginning in 1994, the transfer of building operations and a $225 million construction program from the National Park Service to the Kennedy Center. He guided the project to expand the Kennedy Center parking garage with a $32 million Industrial Revenue Bond issuance, and was instrumental in the planning for a $400 million expansion of the Kennedy Center to include a 17-acre public plaza to the east of the Kennedy Center site, utilizing air rights over the existing highway system.

Becker has negotiated thousands of theater production, television, licensing, recording, and other performing arts contracts since 1969, including presentation, stage, television, record, movie, and other production and presentation arrangements for Leonard Bernstein's Mass, Captain Brassbounds Conversion, First Monday in October, Seinfeld, American Idol, ESPY Awards, Pippin, Annie, Elizabeth Taylor and Richard Burton in Private Lives, Bolshoi Opera, CNN Debates, Bolshoi Ballet, Les Miserables, and the Kennedy Center Honors.

Becker has vast experience in corporate finance, copyright and intellectual property matters, computer and Internet issues, real estate development and labor relations. His legal work also included commercial litigation, insurance, labor relations and other employment matters, tort litigation, federal ethics statutes and regulations, legislative matters, construction contracting, crude oil pipeline and trucking regulation, and federal agency status issues.

He also represented Kennedy Center Productions, Inc., a funding entity for the Kennedy Center, and represented Wolf Trap Foundation for the Performing Arts in its early years. For many years, he was General Counsel and on the Board of Directors of the Greater Washington Board of Trade, Washington DC and The Voice Foundation. Becker has written and participated in symposia on performing arts related subjects. Becker is a graduate of the Harvard Law School (LLB) and the Amos Tuck School of Business Administration (MBA). Until leaving his law practice, he was admitted to the bars of the District of Columbia, Maryland, Massachusetts, and Supreme Court.

Becker lives outside of Park City, UT, with his wife, Joan Alper, where his extracurricular activities include hiking, flyfishing, and downhill and backcountry skiing.

[SLC Projects]

I agree guys, That Chase headline was misleading. I was thinking for a moment we were getting a new office tower.

[SLC Projects]

I walk by the One Utah Center Tower today to check out 222 south Main. It looks like Chase has already began their move.

[delts145]

Well, maybe Chase taking up so much of Utah One will make another tower attractive as an option for several downtown developers. I'm sure the several locations that Chase is vacating in order to consolidate at Utah One will be leased out quickly, given the office shortage. Also, it's not as if CCC is adding a lot of additional office space at the moment. Other than 222 so. main, what else of greater significance is coming onto the market. Most likely, everyone will play it safe and continue the construction of the Gateway sized office buildings. That's also what we'll probably see with the condo and hotel market also. I think with all of the dire recession predictions nationally, that even a strong Salt Lake market will only realize safe and moderate sized buildings of say six-stories. I think that downtown will continue to see a lot of attractive infill over the next five years. Perhaps, we'll get lucky, and a few developers will puncuate the skyline with some real towers of 30 or more stories.

All said, Downtown Salt Lake will see a lot of change over the next three to four years. Other than CCC and 222, how much of that will be above the six to ten story mark remains to be seen.

Salt Lake City, is the Chicago of this century for the Western U.S. As Chicago was so attractively located as a 'same-day' hub for the Mid-West, "Salt Lake City is becoming for the hyper-growth West." Deals like the Northrup contract announced this-morning, which generate 150 to 500 new jobs locally, will continue to flood into the Wasatch Front. Many of these smaller manufacturing, expansion committments, keep adding to a much larger committment by their respective parent corporations.

Bottom-line, we'll get our mega-towers sooner than later, but probably not before 2012.

[Comrade]

Originally Posted by delts145

Well, maybe Chase taking up so much of Utah One will make another tower attractive as an option for several downtown developers.

Probably not, since One Utah Center has consistently had a very low vacancy rate. I think even in the late 90s, early 00s when downtown vacancy rates were at its highest, One Utah was 90-100% filled. I'm guessing those numbers are even greater today, so it's probably not going to change the market all that much.

[delts145]

Whole Foods revamps Redstone location
Former Wild Oats gets new sign, products, hours

http://www.parkrecord.com/ci_8410463?source=most_viewed


Whole Foods recently purchased the Wild Oats franchise. The location at Redstone Towne Center now has a new sign, as well as new products in all the departments. Prices have also been lowered on several items. (Scott Sine/Park Record)

[TimeSaltlake]

Viper I have to say thank you, to go and update the first page to include more pictures.

[Viperlord]

TimeSaltLake,

I have been trying to keep on top of it.

[delts145]

While this is a Utah Valley based project/developer, and also the same Davis County project/developer(Clearfield), I thought there were some interesting ramifications to consider in the speculative condo construction market right now. I put it on this thread for wider exposure. There's also mention of the Broadmoor Towers on 1600 North 1275 West, which many forumers have been wondering about.

Work stops on $100M Orem project

http://www.deseretnews.com/article/1,5143,695258135,00.html

"People can't get funding, sales have slowed down," said Larry Myler, project owner. "People are waiting for the market to hit bottom before they do anything. I think we're in the same boat as every other project waiting for sales to start up again. That's pretty much our revenue."


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[urbanboy]

Random thought: London and Paris both have ferris wheels, for tourists and residents alike, to get a birds eye view of the city. Salt Lake City by no means is a comparable city, however, I wonder if Salt Lake would be able to sustain such a ferris wheel. Of course if it were possible, location would be the key (So Sandy is out) . what if there were a 320' high ferris wheel running parallel to West Temple from the corner of South Temple and West Temple, south to the Salt Palace Convention Center. It is projected that CCC and Temple Square will bring 10 million to downtown annually. If it were in this location, and it were also inexpensive, do you think it could be successful?

[Future Mayor]

Not sure if it would be successful or not but I have to say I think that would be a horrible location. I love the openness in front of Abravenel Hall and the Arts Center.

While it's not a bad idea I just don't think it could be supported to the level it would need to be. You have to figure, how many of those 10 million come for conference and how many are on Sunday, I would guess that 75% of them attending conference on Sunday wouldn't ride the ferris wheel. But there are those that would, the same crowd that would buy food for the Sunday afternoon session of conference at the food court at Crossroads.

[SLC Projects]

Salt Lake will never get a ferris wheel like the London Eye. At least not in any of our lifetimes. Still I like the idea of it. I'm thinking South Temple near the gateway. Maybe in that big parking lot that the church owns.

[ski_steve]

I dont think Salt Lake should ever get a ferris wheel. As of now I think it would be a burden to the skyline to have a ferris wheel thats is as tall as our tallest buildings.

Beside we have the mountains to hike up and see the same thing, but higher and better.

[UTPlanner]

After being a resident of London before and after the construction of the London Eye, I can tell you, residents and visitors alike either loved it or hated it. I, admittedly, was not a fan. The cost to construct it was over $100 million dollars to build it, and one ride costs about $20 American dollars. Beside the cost I do not want to see downtown become some sort of amusement park.

Now the idea of downtown SLC having some sort of inconic piece of art/architecture would be great. For example, something like the arch in St. Louis or the Arc de Triomphe or the Space Needle in Seattle.

That is what I would prefer to see downtown.

[urbanboy]

Ok, so the other thing I was thinking about: What if a "Space Needle like" tower were built on the South East corner of the Salt Palace Convention Center where the unused plaza is. The sight-lines of the City are amazing from that view point. Also, it may appeal to the convention crowd. What do you think?