Salt Lake:Official development news thread - Page 351

Viperlord · #**7001** Posted **Oct 3, 2008, 12:46 AM**

Downtown Rising Aiding Economic Downturn
Oct 01, 2008 by Faroe Robinson

http://www.kcpw.org/article/6775

(KCPW News)With an unprecedented five cranes dotting the downtown Salt Lake City Landscape, some say Downtown Rising projects are helping to keep Utah's economy afloat. Natalie Gochnour, Chief Operating Officer at the Salt Lake Chamber of Commerce, says while Utah has lost 15,000 jobs in residential construction, Downtown Rising is helping.
"The commercial construction sector, thankfully, is strong and its largely because of downtown Salt Lake City, where we have a record and unprecedented amount of construction spending occurring right now. We are seeing more money invested in a shorter period of time than we have ever had in our city's history."

The 54 Downtown Rising projects add up to $1.6 million spent per day on construction. Gochnour says this is significant given the residential construction slump.

"Any kind of downturn in the construction sector has rippling effects throughout the economy, and the economy is still growing overall, but at a much, much slower rate in part because of the residential construction downturn. It's very good at least that we have a commercial or non-residential construction sector that still is strong, still creating jobs, paying high wages that help Utah's families."

Gochnour says while most of the financing for projects has been in place for years, problems could still arise when retail, office and residential spaces start to sell if the economy is still in a downturn. But the most recently completed project, The Metro Condominiums, apparently hasn't had problems selling. A realtor for the Metro Condominiums says they are 75 percent sold.

I think she needs to go back and recount the cranes... there should be 7.

TANGELD_SLC · #**7002** Posted **Oct 3, 2008, 4:02 AM**

1.8 billion square feet of commercial and office space.

WOW. I think we could easily fit a few 1,000+ footers in there somewhere if we plan it right.

Sorry, I know height isn't much of an issue, I just like really tall buildings. You all know I hate SLC's current SQUAT skyline

. I'd much rather we built WAY up than out.

BTW let's put it into perspective: One third of 4.2 million is 1.4 MILLION PEOPLE possibly living in SALT LAKE CITY DOWNTOWN ALONE.

How sweet is that? Does anyone have a guestimate of how many residential units that would be?

delts145 · #**7003** Posted **Oct 3, 2008, 12:31 PM**

Good news about the Metro too, 75 percent sold already is pretty impressive, especially in the current condo market nationally. I hope we'll see an additional influx of nice apartment projects continue to break ground. We need more attractive rental options downtown, and I think the rental market is going to be quite hot in Salt Lake City for a while.

Viperlord · #**7004** Posted **Oct 4, 2008, 5:31 AM**

Just a small update about the State Street Properties the RDA owns...

taken from the SLC RDA meeting agenda list for the October 7th meeting...

http://www.slcrda.com/First/2008/BOD/100708old.pdf

Could Hamilton Partners be looking for their next project...

It does not surprise me that they didnt receive any Requests for Proposals on this lot. First, they are asking 3 million+ for the parcel, and they have a 100' mid-block height limit on the place. that makes it harder for the developer to get their rate of return on the investment. I think SLC is getting to the point where this 100' height limit for mid block buildings needs to be changed. The developers of CCC got it changed for Towers 2,5,6, and 7, plus the two residential buildings above retail on Main Street. And now these potential developers(HP and CP) are bocking at the rule on these state street properties. There becomes a point where building on these mid-block parcels becomes impossible to make a return on investment due to height limits, and high property prices.

Also, I got to pat Cowboy Partners on the back at the moment..... They seem to be the Go-getter of Downtown Residential projects at the moment....

Yeah, they are being held up by Harmons on the Social Hall block, but they plan to develop there eventually.

So, as of right now Cowboy Partners has planned or proposed...

City Creek Center-Block 74
100 condominiums and 110 rental units
Emmigration Court phase 2
70 Residential units
Emmigration Court phase 3
95 Residential units
Liberty Gateway
160 residential units

Thats 500+ residential units for Cowboy Partners alone. Wow! Now, its anyones guess as to when these will come online, or if they get built due to the financial crisis and economy etc. But still 500 proposed/planned units from one company is awesome.

I am glad to see that Cowboy Partners and Hamilton Partners both showing interest in this lot.

Viperlord · #**7005** Posted **Oct 4, 2008, 6:46 AM**

A small blurb/update about the next Gateway Office Building I would guess. Boyer is going before the Administrative Consideration for approval of a minor subdivison. From my experiences in my field dealing with minor subdivisons, I can tell you that a minor subdivision plat is usually prepared hand in hand with a development in mind.

Example, at the moment we are developing land out in Tooele for a 3 lot minor subdivision. One lot is under contract, and the design for the building on it is already underway. The other two lots are subdivided to make it easier and faster down the road to sell to other clients.

I would guess that Boyer would subdivide one lot for the office building, and then subdivide the rest for future development in mind.

http://www.slcgov.com/boards/adminhearing/2008/ag_10162008.pdf

delts145 · #**7006** Posted **Oct 4, 2008, 10:43 AM**

Viper, So then are we talking about the very cool looking Gateway Six?

delts145 · #**7007** Posted **Oct 4, 2008, 1:33 PM**

Salt Lake doesn't have to fund Leonardo - Withholding of money may doom the museum

http://deseretnews.com/article/1,5143,700264032,00.html

Salt Lake City attorneys say the city isn't obligated to issue $10.2 million in voter-approved bonds for The Leonardo, perhaps dealing the knock-out blow for the cash-strapped art, culture and science center.

.

jedikermit · #**7008** Posted **Oct 4, 2008, 1:34 PM**

Quote:

Originally Posted by TANGELD_SLC

BTW let's put it into perspective: One third of 4.2 million is 1.4 MILLION PEOPLE possibly living in SALT LAKE CITY DOWNTOWN ALONE.

How sweet is that? Does anyone have a guestimate of how many residential units that would be?

That is pretty sweet...but bear in mind that the study included in that 1/3 people who either want to live downtown directly or "close enough to enjoy the amenities." So that could include suburbs or others outside the downtown core. It'll still be growth, which if we can get it controlled and some sprawl-limiting regulations in place, can be a good thing. As it stands now, those numbers make me nervous.

jedikermit · #**7009** Posted **Oct 4, 2008, 2:07 PM**

That parcel on 250 S State Street would be a great one for a residential tower of some kind...it'd put them right on Gallivan Center, just a block away from a new Broadway scale theater (we hope), just a block away from CCC...

delts145 · #**7010** Posted **Oct 4, 2008, 2:09 PM**

True Jedi, I think Becker will have SLC covered well as far as it's direction, we'll have to see where some of these other adj. towns go. I think the Murray, South SL, Holladay, and Sugarhouse cities will lean in the right direction. Of course, they're already pretty much built-out, so what other direction can they go but up.

T-Mac · #**7011** Posted **Oct 4, 2008, 3:40 PM**

I was downtown doing photos this morning and I drove past the Odd Fellows Hall on Market Street and they have really put that building up on blocks. Pretty amazing stuff. I do have photos to share later this evening.

Viper, I also grabbed a shot of Broadway Park Lofts. Photos to come later tonight.

Viperlord · #**7012** Posted **Oct 4, 2008, 6:46 PM**

[QUOTE=delts145;3839029]Viper, So then are we talking about the very cool looking Gateway Six?

yeah, that would be the one.

Viperlord · #**7013** Posted **Oct 4, 2008, 7:52 PM**

many of us remember the 337 Project....

http://www.thedadafactory.com/projects.html

Watch some demo videos on youtube...

http://www.youtube.com/watch?v=CHoA4AdInbA&feature=related

http://www.youtube.com/watch?v=_8p6oadxkMg&feature=related

Still not sure if the City Center lofts has broken ground yet. Anyone know?
http://www.citycenterlofts.net/

T-Mac · #**7014** Posted **Oct 4, 2008, 8:13 PM**

Drove past there a week ago and there was nothing happening at that site.

T-Mac · #**7015** Posted **Oct 5, 2008, 3:21 AM**

Broadway Park Lofts

Hyatt at the Gateway

Moving the Odd Fellows Hall

Extra Shot

SLC Projects · #**7016** Posted **Oct 5, 2008, 5:18 AM**

Wow! The Broadway Park Lofts has gotten alot taller.

delts145 · #**7017** Posted **Oct 5, 2008, 12:33 PM**

Looks like that back north section is just about topped out. Great pics T-Mac, many, many thanks, as always.

allenmillo.com

jedikermit · #**7018** Posted **Oct 5, 2008, 1:08 PM**

That "extra shot" just made me nostalgic for all the years I spent working in the Tribune Building...and made me really glad I'm in my chosen profession now instead of trapped there. I always loved looking at the rooftops from those parking terraces--Walker Center and Regent Street both. I could spend hours up there. I have spent hours up there. I need to get downtown again.

Thanks for the pics!

SLC Projects · #**7019** Posted **Oct 5, 2008, 5:42 PM**

I really like the Tribune Building. I hope if or when the city does turn that building into condos that maybe they can add some windows to the Southside of the building.

jedikermit · #**7020** Posted **Oct 5, 2008, 7:41 PM**

Quote:

Originally Posted by SLC Projects

I really like the Tribune Building. I hope if or when the city does turn that building into condos that maybe they can add some windows to the Southside of the building.

Most of that south side is elevator, hallway and stairs--there's not much on that side to add windows to. It looks bad there, but it wouldn't change things that much to punch some windows in.