Salt Lake:Official development news thread

[delts145]

Originally Posted by skyguy414

I want more tall buildings in our skyline just as much as anyone. But I have thought the most impressive sight in our skyline is our mountains.

... And will always be an incomparable Ace Skyguy.

[Viperlord]

Theater would pump $3.3 million into economy, study says

Financing for a $81.5 million grand theater in downtown Salt Lake City is "practical and achievable" and would pump about $3.3 million into Utah's economy annually, according to a report of the Downtown Theater Action Group.
Chairman Bill Becker held a press conference today to summarize the committee's work over the past 4 1/8 months to identify potential sites, financing options and economic benefits of a 2,400-seat theater capable of hosting touring Broadway productions.

The findings will be presented this week to Becker's brother, Salt Lake City Mayor Ralph Becker, who then will take the recommendations to the City Council.

The committee is recommending that the city begin negotiations with property owners on six potential sites and commence work with the state and Salt Lake County on funding options.

Bill Becker, a Tony Award-winning producer and experienced theater developer, owner and manager, was appointed by the mayor on Feb. 28 to spearhead the city's theater-development plans, with the top priority being finding a suitable location for a theater.

"We feel this new downtown theater will be a spark plug to encourage the further development of the arts throughout the state and integrate the extraordinary artistic endeavors we find throughout Utah," Bill Becker said.

The Downtown Theater Action Committee, made up of local business leaders and members of the arts community, identified four primary locations for the theater.

Renovation of the historic Utah Theater at 148 S. Main remains a top option, along with the former Newspaper Agency Corp. press site on Regent Street; the parking lot behind the Peery Hotel on the corner of Pierpont Avenue and 300 South; and the parking lot on the southwest corner of 300 South and West Temple, across the street from the Rose Wagner Performing Arts Center.

"All four, no matter where the theater ends up being located, would contribute substantially to the economic vitality of Salt Lake City," he said. "They would enrich the development of the cultural arts in the city and throughout the state."

Each of the locations has convenient parking, Becker said, and all are in close proximity to the city's mass-transit system.

The committee also is recommending that the consider two other sites — land available as part of the Camden Centre development planned on the block between 100 South, 200 South, 500 West and 600 West; and a 3-acre parcel immediately north of Grand America on the corner of 500 South and Main Street.

The $81.5 million price tag for the project includes a 10 percent allowance for cost escalation. Becker said that figure may change some before the final report is presented to the mayor.

The project likely would qualify for assistance from the federal New Market Tax Credit program because all of the proposed theater sites are located in low-income areas. If congress extends the program into the next fiscal year, the committee estimates the project could receive about $16 million in tax credit financing.

The committee also is recommending that the city create a community development area, which would allow the city to return property taxes to the project. The city expects to receive an estimated $18 million in sales tax revenues from City Creek Center when the 20-acre development of The Church of Jesus Christ of Latter-day Saints is complete in 2012.

Additional funding would need to come from the city, county, state and private donors, Becker said.

"I believe that a performing arts facility like this, whether it be located here or in New York City, could not be constructed without privately contributed funds or public funds," he said.

The committee is estimating annual attendance of 175,000 at the new theater, generating $11 million in ticket sales for first-run Broadway productions. In all, it's estimated the venue will generate about $22 million in economic activity, with about $3.3 million (or 15 percent) coming from out-of-state visitors.

Salt Lake City is in an unofficial race with Sandy to bring a Broadway-style theater to the valley. Private developers are working with the suburban city to build a 2,400-seat theater to anchor the $500 million Proscenium, a 12-acre mixed-use development at approximately 10000 South.

Leaders from both cities have said the Salt Lake Valley can only support one such theater.

[Viperlord]

Report to mayor: Buy land now for a Broadway-style theaterBy Rosemary Winters
The Salt Lake Tribune
Article Last Updated: 07/14/2008 10:46:50 AM MDT


Posted: 10:01 AM- Financing a 2,400-seat Broadway-style theater to anchor Salt Lake City's downtown cultural district is "practical and achievable," according to a report released to Mayor Ralph Becker this morning.
And the mayor should act "immediately" to buy one of several possible sites recommended by his Downtown Theater Action Group, the report says.
Bill Becker, the committee's pro bono captain and the mayor's Tony-award-winning brother, said in May that the top three locations are:
-- The old Utah Theater on Main Street.
-- The former Newspaper Agency Corp. building on Main Street.
-- A parking lot east of Squatters Pub Brewery across 300 South from the Rose Wagner Performing Arts Center.
The report also suggests:
-- A parking lot behind the Peery Hotel, 110 W. 300 South.
-- Land in the planned Camden Centre development between 100 South and 200 South and 500 West and 600 West.
-- A three-acre parcel north of the Grand America Hotel, 555 S. Main St.
"We have one real chance to get this right," the study states. "Salt Lake City is the place and now is the time."
The capital, which has dreamed of a big Broadway stage for two decades, kicked into high gear in the hunt
for a large playhouse after Sandy touted its plans to snag such a venue near 10000 South and Interstate 15. There, an Orem-based developer plots a $50 million-plus Broadway-style theater as part of a $560 million mixed-use project called The Proscenium.
Sandy has said it would buy the theater in a lease-to-own arrangement. It's unlikely Utah's market could support two such theaters.
The Salt Lake City group estimates construction of a downtown theater, one capable of landing first-runs of mega-hits such as "The Lion King" and "Wicked," would cost $64 million in today's dollars. The total cost, including design fees, land and cost escalation, would reach $81.5 million.
Financing could include $16 million of federal New Market Tax Credits and a city-designated Community Development Area, a redevelopment tool that would allow new property and sales taxes hatched downtown to help fund the theater. City Creek Center alone, the report notes, is anticipated to spawn $18 million of new sales tax revenue a year starting in 2012.
Other revenue streams could include facility fees and ticket surcharges, naming rights and corporate sponsorships and net operating income.
The theater committee also cautions that any funding for the new stage should not take away from existing cultural facilities.
A large playhouse annually could draw 175,000 patrons and generate $11 million in ticket sales for touring Broadway attractions. Visitors to the new venue would pump about $22 million a year into the economy, according to the report.

[UTAZLoVer]

Originally Posted by TANGELD_SLC

Ok so here are a few ideas of mine, let me know what you think about them...

It appears that the foreign trade zone is proposed to be in the Poplar Grove/Rose Park/Glendale area(My hood) and I think that it would be a great place for the FTZ because of the ethnic diversity in the area and it would help the area's ecomnomy. I also think that this region is where the proposed Japantown and Little Mexico districts should be.

I think that 7th East opposite Liberty Park from 600 South to 1300 South would be a GREAT place to make a Grand Boulevard and fill the blocks (at least the west halves) with 10-20story residential towers. They shouldn't be any more than 250ft tall to preserve the mountain views.

I think that 1300 South from about State street to California Avenue (900 West) needs a makeover ESP. at the 300W/1300S intersection. Fill it with Green mixed-use developments and low-mid-income residential units.

And Last, but not least, I give you the SALT LAKE TOWER 1. It's just a proposal I did but I think it would look VERY good to have something this tall in Salt Lake. Dramatic, Drastic, Over 1,000ft high from sidewalk to spire and somewhat removed from the rest of the skyline. It would be glass-clad, with jagged angles and SLENDER so as to not block out the mountains and to maintain a natural belongs-here feel, and even reminding you of the mountains. It would be mixed-use. The very top of the tower would be structural, filled with windmills and solar panels to provide power for the tower, along with harnessed geothermal energy in the basement. The top floors would be residential units. Below that would be your commercial space, and the lowest floors would be entertainment/retail space. Parking can be in an adjacent structure. I believe it will be easier to get something like this built now that Becker is in office.




Ok lemme have it! I want to know what you guys all think....

Ok so since we're all proposing new towers.....I drew this yesterday. Simnce Comrade wasn't a huge fan of Tangled's modern tower, I decided to take inspiration for my tower from one of the Temple Spires. These spires are something that are distinctive and unique to Salt Lake City, classic, imposing and inspiring. I believe taking cues from the temple spires would serve as a respectful and tasteful base for a beautiful new 550 to 650 foot tower downtown. The location could be debated, I just thought this angle looked nice. I would call it the Tower Utah. What do you think?

- UTAZLoVer

[Comrade]

A tower like that works well with Salt Lake. However, I'm missing the Zions Bank Tower.

[SLC Projects]

Originally Posted by UTAZLoVer

Ok so since we're all proposing new towers.....I drew this yesterday. Simnce Comrade wasn't a huge fan of Tangled's modern tower, I decided to take inspiration for my tower from one of the Temple Spires. These spires are something that are distinctive and unique to Salt Lake City, classic, imposing and inspiring. I believe taking cues from the temple spires would serve as a respectful and tasteful base for a beautiful new 550 to 650 foot tower downtown. The location could be debated, I just thought this angle looked nice. I would call it the Tower Utah. What do you think?

- UTAZLoVer

I like it. Very nice art work.

[delts145]

inetours.com

I like it, and also think it works well for Salt Lake. It reminds me a lot of the Met-Life tower in New York

[urbanboy]

I can see how the spires on the Salt Lake City mormon temple inspired your tower design.

[RFPCME]

Originally Posted by Comrade Reynolds

This is a 1,000 foot tower in a skyline with the tallest not even half that. How can you even compare it to London or Paris? You do realize their skyline is far more developed and vertical than Salt Lake's, right?

A 1,000 foot tower in downtown Salt Lake would look embarrassingly bad.

Comrade Reynolds: I chose London, and to a lesser extent Paris, because as far as skylines go, they are similar to SLC. Until the Canada Tower at Canary Wharf was built in the extreme Eastend of London, London didn't have much of a skyline, but was spread out over an enormous area, like SLC. The Canada Tower is 800' in height and looks okay because it is far enough from the other high rises in central London.

Beyond the Eiffel Tower in Paris, there are a couple of high-rises, both fairly new in the southern section of the central city. Beyond that, there is the La Defense area, and a host of highrises built on the belt-route that surronds the city.

The point is, an iconic, very tall tower, doesn't necessarily screw up a city's skyline if placed appropriately and the design is harmonious with the location. I certainly agree that SLC does not want to replicate So. Cal. with out much of a high-rise downtown (until recently). But I wouldn't rule out a super-tall structure purely on the basis of existing building. If done appropriately, it can be very appealing and add to the city, not detract. I have a hunch this is exactly what Gehry is trying to do in Lehi and may well succeed, especially after I've seen his Beekman Tower on the lower-east-side of Manhattan, which is far taller than anything around it, except for the new Freedom Tower that will be rising in the next few years.

[RFPCME]

Originally Posted by NYC Rick

I agree with Comrade Reynolds. Totally!


Whose idea was this? Everyone wants to see impressive additions to the SLC skyline. No doubt they will come.

The concept of having a tower like the one proposes is dysfunctional on every level.

It would take a huge investment, it would take a huge tenant list and it would stick out like a sore thumb. No fluidity, no integration with the downtown itself ...not to mention impractical.

The really great focus and integration that SLC never had when I lived there is now in focus. A thriving and interactive DT. The whole present focus is impressive. The " presented" tower in the above image is dismal and it would act as the anti integration darkside.

Height is the nirvana if you do not have it but really need it. Height for the sake of height, when it presents so many negatives, is disastrous.

Salt Lake is much better suited with 600 ft and under buildings. That kind of infill is very impressive for any skyline density. That type of Downtown core lends to a busy and active core. It feels much more like the DT that any progressive city hopes for.

There will be a time (and very soon) for the larger buildings but iconic ego buildings are impractical in any city. Bragging rights for a 1,000 foot mistake
is so lame.

NYC Rick: Good point about "tall for tall's sake." Ego is not a good reason to build tall.

Another good point is the lack of integration. In fact, the lack of integration with the rest of the downtown area is the best argument for not locating a massive tower below 6th South. If a super-tall tower (or towers) were placed to draw more people into the streets between South Temple and 3rd or 4th South, the idea may be valid.

But there are some other reasons for pushing the envelope. Piecemeal development is always very expensive, more so than it needs to be. The Twin Towers on the lower west-side of Manhattan proved to be the catalyst for the need of more office space to support the financial community. Way led to way.

What SLC doesn't have now, and is the biggest reason against a super-tall tower, is the lack of a pressing need. You cannot lease a couple of million sq. ft. of office space based solely on law firms, consultancies, and accountants. You need some mega tenants, like Manhattan has the financial markets.

If the need arises in the next few years for an energy center or a technology nexus, then a full block, mega development may make sense. I can envision an energy center, occupied by the big four (Exxon-Mobil, Chevron-Texaco, BP, and Royal Dutch), where the companies locate their engineering and backroom offices to support the oil shale development in eastern Utah. If one commits, the other three will follow. Co-location in a building, or group of buildings, with the infra-structure to support their unique needs makes sense. These guys all use a ton of technology, so a business complex, built to meet these needs, has a lot of appeal. Way will lead to way.

I guess what I am objecting to is that it does not make sense to me to reject a way-out proposal out of hand. Utah is facing a way-out development scenario, quite possibly like nothing that has ever occurred in this country before, even outpacing the IT boom in the South Bay Area, the energy explosion in Houston, the go-go financial heydays of the 80's in Manhattan. Way-out ideas might be just what we need, in fear that a traditional approach my denigrate into piecemeal, catch-as-catch can development that plugs a hole temporarily and winds up with a hoge-poge for a downtown.

Calgary is on the backend of a frantic development cycle. Maybe there are some lessons to be learned from that city. Unfortunately I know nothing about Calgary. Possibly there are some reader of this forum who do.

[delts145]

OOOps sorry.... Now, do you think you could delete your notice below... Thanks!

[Viperlord]

_

[delts145]

RFPCME, Some excellent points above, which leads me to ask a question or two. Do you have a feel for Brazil's recent announcement into an Eastern Utah oil shale committment? Do you think that this is only the tip of or beginning of an energy development tidal wave, that the contrarians in Washington will not be able to hold back? Is Brazil being used as the first shots fired in Huntsman and Hatch's war against the fanatics?

[T-Mac]

Work under way on Holladay condos, developer plans downtown midrise
By Barbara Rattle
The Enterprise - July 14-20

JAR Development, Holladay, has broken ground for a 28-unit, five-story condominium project in Holladay and is seeking approval from Salt Lake City to construct an 11-story, high-end donwtown condo and apartment project that could contain as many as 140 units.

Company principal Jay Rice said Millcreek Terrace, 3944 S. 900 E., is well under way, and nearly half its units have already been sold. Parking will be on the ground level, while floors two and three will house two-bedroom condos measuring between 1,050 and 1,210 square feet. Levels four and five will be penthouses ranging in size from 1,050 to 1,950 square feet, each with three bedrooms, he said. Prices range from $259,900 to $650,000.

"We're probably the low price for this type of project," Rice said. "Most of them are in the $300 a foot range and we start at $250 a foot."

Features will include nine-foot ceilings -- 10-foot in the penthouses -- and all units will have gas fireplaces and balconies with substantial views as the project will be the tallest building in the area. The 1.5-acre site will be 50 percent landscaped, Rice said.

The firm's next endeavor has the working name of Lexie Towers. Rice said he is in preliminary entitlement negotiations with Salt Lake City for an 11-story luxury condo project just east of the Heber Wells state office building on 300 South in downtown Salt Lake City. The site presently houses a bank building which Rice said he is in the process of buying from Gaddis Investments, Salt Lake City.

"We've got the land under contract and have paid some money down on it, so we'll have the deal done in about three months," he said.

As envisioned, Lexie Towers would feature three levels of underground parking, ground level commercial and six floors of apartments crowned by four levels of luxury condos. The number of units in the project has not been determined, but Rice said there will probably be between 120 and 140.

Other projects completed by JAR Development include Holladay Farms, Holladay Pines and Garden Village, all in Holladay.

Royer Management Group is contractor on the Millcreek Terrace project, designed by Brent Hilton. Marketing is being conducted in-house.

[wrendog]

Nice find Tmac... 3rd west has great potential to be a great condo tower blvd.

edit.. ooops, i thought it was on 3rd west and not 3rd south. I still think 3rd west has great potential.

[Viperlord]

Lexie Towers

http://www.jardevco.com/galPlazaCondos.html

Locate at 300 E. 200 So., a deluxe highrise tower of 11 stories. Located in Salt Lake's downtown district. This building will have commercial space on the main floor and a parking terrace below ground. The top four floors with consist of 50 penthouse condos with awesome views of the surrounding mountains, valley and the Great Salt Lake. The remaining 6 floors will consist of condominiums or apartments.

[Viperlord]

and if you were wondering...

http://www.jardevco.com/galMillCreek.html



Located at 3944 So. 900 East, Salt Lake City, Utah. Mill Creek Terrace is a 5 story deluxe highrise building, located in the center of the east side of Salt Lake Valley. With spectacular views of the Wastch Mountain range, the City, the Great Salt Lake and the beautiful sunsets that make the evenings in the historic Salt Lake Valley so beautiful. With secured, garaged parking, Mill Creek Terrace is elevated assisted and fully handicapped accessible.

[Viperlord]

So, I did some research online at the county recorders site to figure out just where this Lexie Towers project is going. the business journal seems jumbled a bit..

Gaddis owns the parcels highlighted in red.....p.s. notice the nice red box at the bottom of my desktop lol.




and for those keeping tabs... this is what was oringinally proposed for the site...

[RFPCME]

Viper Lord: Great find. The proposed Lexie Towers is a vast improvement. I can't remember who posted the original proposed development last winter, the one that looks like a refugee from an industrial block. This is great news for such an important piece of real estate.

[Viperlord]

Originally Posted by RFPCME

Viper Lord: Great find. The proposed Lexie Towers is a vast improvement. I can't remember who posted the original proposed development last winter, the one that looks like a refugee from an industrial block. This is great news for such an important piece of real estate.

I cant take all the credit. Thanks goes to T-mac for finding the article in the slenterprise.