Salt Lake:Official development news thread

[arkhitektor]

I wonder what lease rates are for retail space on Main St. compared to say, a strip mall in the suburbs. You'd think that after years of not having tenants, some of these places would lower their rent to attract somebody. Are the owners of these buildings just holding out for better days or is there really nobody willing to do business on Main at any price?

[Future Mayor]

If I were on my home computer i would be able to tell you lease rates for Main St and some of the other areas, but I'm not. If nobody else has listed those by the time I log on from home I will post them. Unless someone has access to CoStar and can give us those numbers.

[Stenar]

Originally Posted by arkhitektor

I wonder what lease rates are for retail space on Main St. compared to say, a strip mall in the suburbs. You'd think that after years of not having tenants, some of these places would lower their rent to attract somebody. Are the owners of these buildings just holding out for better days or is there really nobody willing to do business on Main at any price?

Most of the property owners on Main St. are "landbanking" hoping for some windfall future development on their property.

[Future Mayor]

If I had the deep pockets to do so I would buy every available property on Main and do some very cool adaptive re-use. But of course I don't.

[utahboozer]

Originally Posted by Justnslcsugarhood.

so, how do you guys think we could encourage small local businesses to open up on Main street. I thought when sugar house was ripped out they would for sure have moved to state and Maine but I was wrong.

Is that where Sam Weller's ended up moving?

[Comrade]

I knew State Street was a pretty lengthy street, but I had no idea it went clear across the country.

[jmonkey]

Originally Posted by arkhitektor

I wonder what lease rates are for retail space on Main St. compared to say, a strip mall in the suburbs. You'd think that after years of not having tenants, some of these places would lower their rent to attract somebody. Are the owners of these buildings just holding out for better days or is there really nobody willing to do business on Main at any price?

Here are some Main Street properties listed with InterNet Properties:

147 South Main (formerly the Art of Baking Cafe).
2500 sf street retail available, with 2500 sf basement storage also available.
Offered at $6.96 per square foot annually. For the entire space, that is $2900 monthly, or $34,800 annually.

155 South Main (formerly Standard Optical).
3000 sf street retail available.
Offered at 12.00 per square foot annually. $3000 monthly, or $36,000 annually.

262 South Main (the Boston Store building)
3500 sf street retail available.
Offered at $12.00 per square foot annually. That is $3500 monthly, $42,000 annually.

260 South Main (the 'historic Grays Building', the one who's original facade was recently uncovered).
3500 sf street retail available.
Offered at $18.00 per square foot annually. That is $5250 monthly, $63,000 annually.

[arkhitektor]

Im no expert in commercial real estate, but those rates seem really low compared to typical strip mall space in the suburbs.

[SLC Projects]

Originally Posted by Comrade Reynolds

I knew State Street was a pretty lengthy street, but I had no idea it went clear across the country.

Really? Yea it runs all the way to 12600 South in Draper.

[delts145]

Salt Lake aims to go global with zone
- Foreign trade » West side of city to have 55-acre business district.

By Katie Drake
The Salt Lake Tribune

Utah companies seeking international trade will soon receive a helping hand.

Salt Lake City recently gained approval from the U.S. Department of Commerce to reorganize its foreign trade zone, a site that can reduce duties and simplify commerce procedures.

The new zone will occupy 55 acres at 1105 S. 4800 West. The city's previous site, at the International Center, has been inactive since 1995, but city leaders are hopeful the new zone will be a success.

Bob Farrington, the city's economic development director, believes the new FTZ will succeed for two reasons. The city has contracted with The Rockefeller Group to operate the zone, and Farrington believes the firm's expertise in customs and tax issues will make business flow smoothly.

Farrington also feels society's globalization will benefit the zone. When the original zone began operating in 1977, Utah was hardly a hub of international business. But now even small companies do international business, Farrington said.

Benefits of foreign trade zones include reduced customs fees and less paperwork, said Brandi Hanback, managing director of the Rockefeller Group's Foreign Trade Zone Services.

Instead of filing customs paperwork on every transaction, businesses can file weekly, saving them the time of filing multiple times and reducing the filing fees.

Plans for the site include eight buildings ranging from 40,000 square feet to 360,000 square feet in size.

Tom McCormick, senior vice president of development for Rockefeller Group, said construction will could begin in late spring, though the economy has made it hard to pin down a date.

Farrington has already received several calls expressing interest from local companies, and after building begins he plans to hold several seminars on how businesses can participate. Farrington added companies making outdoor equipment, neutraceuticals and composite materials will likely benefit the most.

Salt Lake's FTZ is currently the only one in Utah, though every state has at least one.

Though the others have met with varying degrees of success, Hanback believes the Salt Lake site's proximity to the Union Pacific railroad's intermodal hub will make shipping and receiving merchandise simple.

It will also help serve West Coast population centers, Hanback said.


SLC maps out its plans for a foreign trade zone on the west side
The city has established the zone on 55 acres. Local companies can trade globally without paying some of the taxes and duties normally required.



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[shakman]

Originally Posted by arkhitektor

Im no expert in commercial real estate, but those rates seem really low compared to typical strip mall space in the suburbs.

Those numbers appear to be lower than the burbs since there is a higher demand for space in the burbs.

[arkhitektor]

Maybe I'm just an idiot, but if I were looking to open a Jamba Juice or something in the Valley, I'd be sure not to overlook Main St., where there seem to be very low lease rates, lots of office weekday office workers, and where trends seem to be toward things getting better in the future as CCC and other projects come on line.

[utahboozer]

Originally Posted by arkhitektor

Maybe I'm just an idiot, but if I were looking to open a Jamba Juice or something in the Valley, I'd be sure not to overlook Main St., where there seem to be very low lease rates, lots of office weekday office workers, and where trends seem to be toward things getting better in the future as CCC and other projects come on line.

I think we will see a boom on Main as the CCC opens. Until then, I assume it will remain Swayze.

[WeST]

Urbanboy had it right a couple of weeks ago when he said that in order for Main to be successful, they ultimately have to have a southern anchor around Grand, Little Americas. I think CCC will push vitality down Main from the Northern end, but in order for it to flourish, it must have a bookend on the South.

[East2Westback]

Originally Posted by WeST

Urbanboy had it right a couple of weeks ago when he said that in order for Main to be successful, they ultimately have to have a southern anchor around Grand, Little Americas. I think CCC will push vitality down Main from the Northern end, but in order for it to flourish, it must have a bookend on the South.

That it would also help for a company to build a high rise east of State street.

If it were placed east of 3rd south that would open a new "spread" horizon.

I am not talking about the 14 story buildings that are already east of downtown.
I am talking about a statement building that could seed the area.

I cannot really think of any other city that I have been in that focuses on only two streets.

I also cannot think of many cities that have a potentially vibrant downtown
that has the gap like there is between 3rd and 5th south. It is almost like it has been ruled off limits.

None of this is a complaint because I love the way the DT is coming around.

It is always amazing to me when I see those East to West or West to East images where there are basically two valleys. One 1st south up to Walker Bank ( with zero east to west penetration) and the other from 3rd south to 5th South. Also no real horizontal growth.

[MetroFanatic]

Originally Posted by WeST

Urbanboy had it right a couple of weeks ago when he said that in order for Main to be successful, they ultimately have to have a southern anchor around Grand, Little Americas. I think CCC will push vitality down Main from the Northern end, but in order for it to flourish, it must have a bookend on the South.

I wouldn't want to see another shopping district though... with the size of Downtown SLC, I think CCC and Gateway is enough at the moment.

If only we could get (forget his name) to budge on putting development on the huge parking lot. To think, the Federal Courthouse expansion could've been easily put across the street to prevent the great Market Street debacle.

I was also thinking today... I would love to see a high-rise with a restaurant at the top. I know the Joseph Smith Memorial Building has one... but we can go higher.

[Urban_logic]

Originally Posted by MetroFanatic

I wouldn't want to see another shopping district though... with the size of Downtown SLC, I think CCC and Gateway is enough at the moment.

For now, yes, I would agree. But I hope SLC will be able to build up it's 24-hour population to support more retail centers over the next decade or so.

[Sight-Seer]

I thought the article about the FTZ was very interesting. I work near there and that land is a vacant field with a dirt road going past it.

[Comrade]

Originally Posted by SLC Projects

Really? Yea it runs all the way to 12600 South in Draper.

heh, I'm sure you read county, but I said country as a joke to the post above mine about a business relocating to Maine.

[Urban_logic]

I miss Tangled!!!

We had some fundamental disagreements on some issues, but he gave a most intriguing perspective!

I hope you come back, buddy! Who's with me?

It's almost like those times in grade school when someone in the class was sick for a week. It's like a gaping void that you just can't get used to.