Salt Lake:Official development news thread - Part 2 - Page 287

T-Mac · #**5721** Posted **Jan 18, 2011, 6:23 PM**

Alright guys, let's chill out a little bit. We are all arguing over something that is not even going to happen. I don't see us getting a MLB team in the next decade. Maybe within the next 20 years but who knows, it's so far out there that it is crazy to be arguing over.

How about those condo's on North Temple, huh? Great location, do we know the finishes on the exterior yet? Any renderings?

Dallas Snob · #**5722** Posted **Jan 18, 2011, 6:35 PM**

What's up with the Broadway Lofts? I WANT ONE! Buuuut, they look like construction has stopped?!?!?!?!?!?!

s.p.hansen · #**5723** Posted **Jan 18, 2011, 7:19 PM**

Quote:

Originally Posted by Dallas Snob

What's up with the Broadway Lofts? I WANT ONE! Buuuut, they look like construction has stopped?!?!?!?!?!?!

Hey Dallas Snob,

So on the UtahUrbanForum the same question came up and Nerissa, the lady in charge of the project, joined the forum and brought us up to date.

Quote:

Originally Posted by Nerissa

The North Phase of BPL is finished, and we're starting to occupy the units (FINALLY!) The South is obviously still under construction, but why try and sell 86 when you can break it out into phases (35 in the North, 51 in the South, 10,000sqft in the Retail)? Two model homes are open too. I usually have them open daily, but the weather has been so weird recently. But here's the link to the online tour that we put together for the lanai unit: http://spotlightxpresstours.com/us/21857

As far as potential buyers for the live/work units, we'd prefer to occupy them with artists, artisans, and other market-oriented businesses.

We want retail businesses on the main floor who will compliment the neighborhood and the feel of the building, so owner-run, local businesses. A restaurant would be great (and we've had a few lookers), retail would be fantastic, or a local artist looking for gallery space would be awesome too!

http://www.utahurbanforum.com/broadway-park-lofts-350-west-300-south-90-units-u-c-t47-10.html

T-Mac · #**5724** Posted **Jan 18, 2011, 8:21 PM**

Thanks for the update and post SP. I went to that website for that unit. I now know why they aren't selling so well. At this rate, I don't think this thing will get completed for another couple of years. The unit in that link is 679 sq ft for $261,900 and right across the street from Pioneer Park. You would have to be absolutely out of your mind to pay that at that location. I say good luck to them, because they are going to need it.

farmerboy · #**5725** Posted **Jan 18, 2011, 9:16 PM**

Quote:

Originally Posted by T-Mac

Thanks for the update and post SP. I went to that website for that unit. I now know why they aren't selling so well. At this rate, I don't think this thing will get completed for another couple of years. The unit in that link is 679 sq ft for $261,900 and right across the street from Pioneer Park. You would have to be absolutely out of your mind to pay that at that location. I say good luck to them, because they are going to need it.

I'm confused by your logic, I would think being across the street from Pioneer Park would be a good thing, especially with the farmer's market, Free Concert Series, etc.

I absolutely loved the facility when I toured it! I appreciate the developers focus on local and community. It's obvious a lot of planning and thought went into the design.

However I would like to see the prices come down, so I can afford one...

WASDEN · #**5726** Posted **Jan 18, 2011, 9:29 PM**

Is it just me or does it seem like realestate in Utah is still way overpriced? It just doesn't seem like the average wage can support the payment on an average home

John Martin · #**5727** Posted **Jan 18, 2011, 9:40 PM**

A lot of people still associate Pioneer Park with homeless people and blatant drug using/dealing. I do anyway. Aside from special events like the farmer's market and concerts, I've never seen anyone in the park that didn't look homeless. A lot of people wouldn't be comfortable living in an area like that to begin with, but that expensive? That's gotta be a really tough sell. The development itself doesn't even seem like it was designed with rich people in mind... The units are very utilitarian, and it seems like they're catering to young artists with the whole sell-out-of-your-home concept. I just don't think there's much demand for new condos that small, especially at that price.

T-Mac · #**5728** Posted **Jan 18, 2011, 9:47 PM**

Farmerboy, Pioneer Park has become a lot better place than it used to be. However, there are still a lot of drug problems in that area. The area is getting cleaned up but with the homeless shelter so close, you are bound to have problems. The price of this unit equates to $385.71 per square foot. I do realize that downtown you will get a premium per sq foot but right now, in this location that seem's a little crazy to me. I must not be the only one since they are having a tough time selling them. If I could get this price per square foot for my home in Bountiful it would be worth about 1.5 million. That would be awesome. I really like this project, but I think they will continue to have a tough time until they come down in price.

I can't remember, but aren't the units at The Regent a little cheaper than this?

Stenar · #**5729** Posted **Jan 18, 2011, 11:36 PM**

Quote:

Originally Posted by WASDEN

Is it just me or does it seem like realestate in Utah is still way overpriced? It just doesn't seem like the average wage can support the payment on an average home

Yes, I think Utah real estate is still way overpriced.

Quote:

Originally Posted by T-Mac

Farmerboy, Pioneer Park has become a lot better place than it used to be. However, there are still a lot of drug problems in that area. The area is getting cleaned up but with the homeless shelter so close, you are bound to have problems. The price of this unit equates to $385.71 per square foot. I do realize that downtown you will get a premium per sq foot but right now, in this location that seem's a little crazy to me. I must not be the only one since they are having a tough time selling them. If I could get this price per square foot for my home in Bountiful it would be worth about 1.5 million. That would be awesome. I really like this project, but I think they will continue to have a tough time until they come down in price.

I can't remember, but aren't the units at The Regent a little cheaper than this?

The Regent was originally around $400/sf and going up considerably from there. After they lowered prices at the end of August, the units started around $200/sf and up from there.

Urbana on 11th is around $350/sf, with some units at $500/sf and the live/work unit with retail frontage on the ground floor at $691/sf.

gemery · #**5730** Posted **Jan 19, 2011, 2:27 AM**

It's sad to me to see the Broadway Lofts struggling so much, but they're really just not going to sell at that price. Does anyone know if anyone has bought there? What are the studio apartments on level 2 of the Regent selling for, anyway?

I agree that housing is getting far too overpriced. I actually can buy the Ritzy apartments in CCC, but they are right downtown, built with higher quality that the Broadway Lofts (judging by the photos), are more spacious, and and and ... I wonder if this price inflation is because everyone's trying to copy City Creek. Really, as much as we hope to draw in more rich people, we aren't going to repopulate the city completely. We need affordable housing to balance out Promontory.

One thing that creeps me out about Broadway is how one bedroom is so visible from the big windows. I'm sure there's some sort of huge blinds or something, but it just seems odd to have the bedroom so ... open. Maybe that's the idea of a loft, though. Yeah, I'll take my Regent studio over a Broadway Loft.

Speaking of pricing, does anyone know what Providence Place is going for? I've seen the outside rendering, but I haven't seen any inside renderings or pricing info.

RFPCME · #**5731** Posted **Jan 19, 2011, 3:54 AM**

I promise I will never mention MLB in this forum again, nor compare SLC's desirability to any other region of the country, especially in relation to the Great Central Valley of California.

That said, I think it's all relative in relation to where you live of what's desirable and what isn't. Someone just mentioned the temp in Salt Lake was 54 degrees and there were patches of blue sky, saying it felt like April. I remember that feeling well, having spent a large portion of my life along the Wasatch Front, believing 54 degrees was not far from paradise. Now, in Middle Georgia, 54 degrees is cold, although we've had about a week of those kind of temperatures and I'm ready for it to warm up.

I once thought the drab, congested life in Manhattan would be awful. But then I spent extended periods there and realized the "neighborhoods" in NYC were more friendly and open than the small town in Utah I grew up in. And I've never felt more energy anywhere than in NYC.

So the lesson I continue to re-learn (because I'm slow) is that each town has its own brand of desirability. It may not be my brand. But to the people who live there, that brand is the only brand. I'm sure even Fresno has its charms.

s.p.hansen · #**5732** Posted **Jan 19, 2011, 4:11 AM**

Salt Lake City development seems to be middle class challenged. Either the condos are too high in price or they just keep building low income apartments that bar out anyone looking to rent that makes over $38,000 a year. If we're so good at acquiring Federal grants for low income housing, why can't we use our energy and effort to secure a nice fat grant to relocate and rebuild our homeless shelter? And furthermore, can someone please describe to me how building low income housing in our city core will bring about a "renaissance" (mentioned in the article)? I'm pretty sure the beat generation living in Greenwich Village New York City in the 60's didn't live in new low income housing near a shopping center. It seems to me like real renaissances happen to worn down places like the avenues (were once upon a time) where people move into dilapidation and neglect and reverse it by virtue of their own work and vision. This article really bothered me.

New housing complex to serve low-income families

Quote:

SALT LAKE CITY -- The site of an abandoned community center will one day be the place where some low-income Salt Lake area families will call home.

Ground was broken Tuesday for Providence Place Apartments -- a seven-story, 125-unit residential project in downtown that will be located at 309 East 100 South. The 114,763-square-foot project -- targeting working individuals and families -- is scheduled for completion in spring 2012, but first occupancy could occur by fall of this year.

The project is an affordable housing development that will include 27 studio units; 68 one-bedroom, one-bath units; and 30 two-bedroom; two-bath units. In addition, the complex will offer a clubhouse/meeting area, a media and business center, fitness center and open-air atrium.

"As Salt Lake City continues to become a great American city, projects like Providence Place Apartments are important to ensuring our downtown community is accessible to all residents and income levels," said Salt Lake City Mayor Ralph Becker.

Every unit at Providence Place Apartments will be occupied by families earning 60 percent or less of the area median income, said Kipling Sheppard, president of project developer Wasatch Advantage Group.

Under current income guidelines, the maximum allowable annual income for one resident would be $28,920 and $33,060 for two people. For a family of three, the maximum allowable income would be $37,200 per year.

"This project will play a key role in helping the ongoing renaissance of Salt Lake City," Becker said.

Wasatch Advantage Group, based in Mission Viejo, Calif., will act as developer, with Wasatch Regional Builders of Salt Lake City constructing the project.

Sheppard noted that the total development cost of the project is estimated at $18.7 million and was financed through various sources, including $9.8 million in tax-exempt bond credit from the U.S. Department of Housing and Urban Development and $5 million in federal tax credits through Goldman Sachs.

"(We are) delighted to partner … on this catalytic project," said Alicia Glen, managing director and head of the Urban Investment Group at Goldman Sachs. "The project will help preserve an economically integrated community by providing critical workforce housing to families that would otherwise be priced out of this neighborhood."

http://www.ksl.com/?nid=148&sid=14051193

WeST · #**5733** Posted **Jan 19, 2011, 4:49 AM**

Quote:

Originally Posted by gemery

I agree that housing is getting far too overpriced. I actually can buy the Ritzy apartments in CCC, but they are right downtown, built with higher quality that the Broadway Lofts (judging by the photos), are more spacious, and and and ... I wonder if this price inflation is because everyone's trying to copy City Creek. Really, as much as we hope to draw in more rich people, we aren't going to repopulate the city completely. We need affordable housing to balance out Promontory.

Development in downtown is doing what you should expect. At first developers come in and try and build as much high margin units as possible and once that is saturated (probably now), you'll see them move to lower margin, higher volume. As a side note, I think cities like Salt Lake, should be careful and not let their property taxes get so high that they drive away middle income people.

Future Mayor · #**5734** Posted **Jan 19, 2011, 6:26 AM**

The thing that frustrates me the most with low to moderate income housing is that they build entire complexes as low to moderate income housing. In my opinion the city would be much better served as would the developers, the neighborhoods within the city and those low-moderate income individuals along with middle class individuals living in the same complex.

There are low income housing tax credits available, not just for entire projects but for % based units. There are low income housing tax credits on rental and for sale units with different credits at 20% of the units and 30% of the units. This is the type of development I would like to see. This integrates different socioeconomic classes, without everyone knowing. In my opinion, and studies have show it as well. When mixing low-moderate income units with market rate units those individuals that initially moved in as low income improve upon their situations much quicker than those that reside in strictly low income developments. You adapt to your environment.

As I continue to work up different development ideas I continue to put 20-30% low to moderate income units in the projects. Again I feel it creates a much more viable and diverse project.

farmerboy · #**5735** Posted **Jan 19, 2011, 6:28 AM**

Quote:

Originally Posted by T-Mac

Farmerboy, Pioneer Park has become a lot better place than it used to be. However, there are still a lot of drug problems in that area. The area is getting cleaned up but with the homeless shelter so close, you are bound to have problems. The price of this unit equates to $385.71 per square foot. I do realize that downtown you will get a premium per sq foot but right now, in this location that seem's a little crazy to me. I must not be the only one since they are having a tough time selling them. If I could get this price per square foot for my home in Bountiful it would be worth about 1.5 million. That would be awesome. I really like this project, but I think they will continue to have a tough time until they come down in price.

I can't remember, but aren't the units at The Regent a little cheaper than this?

I guess I just haven't experienced Pioneer Park the way it used to be, or I'm oblivious, which is quite possible. I wonder how much of the perception of pioneer park you described is warranted. Do drug deals pose a threat to anyone? If drug deals happen so frequently why isn't it policed? I'm not really familiar with this type of thing so I guess I don't know what to look for, but how do we know when drug deals are being made?

T-Mac · #**5736** Posted **Jan 19, 2011, 6:52 AM**

farmerboy, Pioneer Park has become a lot safer, but when I was younger you wouldn't dare go near the place with the homeless problem and the crime. Here are some articles that reference the park's problem. It is becoming better with all of the developments going on around it and I think that eventually is will be a very desirable place but right now there is still a lot to do. There are many more articles just like this one but I am tired and off too bed.

http://www.deseretnews.com/article/695227894/Drugs-targeted-in-Pioneer-Park.html

http://www.ksl.com/index.php?nid=757&sid=11477642

http://www.ksl.com/?nid=148&sid=13301602

farmerboy · #**5737** Posted **Jan 19, 2011, 8:33 AM**

Wow, I really am oblivious... Thanks for sharing! Glad the police are cracking down on it.

NYC Rick · #**5738** Posted **Jan 19, 2011, 2:47 PM**

[lost again)

NYC Rick · #**5739** Posted **Jan 19, 2011, 3:01 PM**

Totally got lost on this page.

Dallas Snob · #**5740** Posted **Jan 19, 2011, 4:00 PM**

Quote:

Originally Posted by s.p.hansen

Hey Dallas Snob,

So on the UtahUrbanForum the same question came up and Nerissa, the lady in charge of the project, joined the forum and brought us up to date.

http://www.utahurbanforum.com/broadway-park-lofts-350-west-300-south-90-units-u-c-t47-10.html

Please do not take offense to this, but it sounds like a long way of saying "yes". Construction has stopped indefinitely untill(?) existing units are sold. I would sure not like living in a complex where part of it was left unfinished. Before long there will be gang tags on that section and homeless living there!