Salt Lake City: Official Development News Thread - Part 3

[Tymtw12]

Regarding the UPAC Tower.. Expect it to be around 20 floors of office space (400,000 total SF) and look pretty similar to 222 South Main, with some relatively minor aesthetic differences. It will be known as 111 South Main.

[SLC Projects]

Originally Posted by Tymtw12

Regarding the UPAC Tower.. Expect it to be around 20 floors of office space (400,000 total SF) and look pretty similar to 222 South Main, with some relatively minor aesthetic differences. It will be known as 111 South Main.

Only 20 floors? God is it too much to ask for a developer to build something taller then 22 stories here in Salt Lake? Just another mediocre tower to an over all mediocre city.
You'd think with as fast as 222 South Main as filled up as well as the over all office demand somebody would be willing to step up and build a freaking 30+ skyscraper.

[Makid]

The expectation from the City in their documents for the theater has always been a tower between 20 and 25 stories and approximately 450k sq ft. It sounds like the specifications listed Tymtw12 fit what has been planned for.

Even though I would love to see something taller, a 20 story building on the site is still good. If it sells out quick, we will see movement on the tower next to Harmons (Tower 8?). If it does go quick, we may see buildings of increasing height as demand increases further.

[UtahProjects]

Originally Posted by SLC Projects

Only 20 floors? God is it too much to ask for a developer to build something taller then 22 stories here in Salt Lake? Just another mediocre tower to an over all mediocre city.
You'd think with as fast as 222 South Main as filled up as well as the over all office demand somebody would be willing to step up and build a freaking 30+ skyscraper.

Looking at the scope of Salt Lake's population compared to its peers, these type of towers are right what you would expect. Once the Wasatch Front is over 3,000,000 and space is at a bare minimum, I'd expect larger towers.

The only other hope is a local headquarter (e.g Zions, lds church) building a very tall building simply for the prestige and pride it has in its community.

But a tall tower does not a city make. Portland has a short (relatively) skyline but is a very urban, dense, liveable city.

[SLC Projects]

Originally Posted by Makid

The expectation from the City in their documents for the theater has always been a tower between 20 and 25 stories and approximately 450k sq ft. It sounds like the specifications listed Tymtw12 fit what has been planned for.

Even though I would love to see something taller, a 20 story building on the site is still good. If it sells out quick, we will see movement on the tower next to Harmons (Tower 8?). If it does go quick, we may see buildings of increasing height as demand increases further.

I always expected the tower to be around 25-stories, not 20. Heck if it is only 20 then that's a floor shorter then 222 south main.

Why on earth would HP build another office tower that would be shorter ( less floors ) then their first when their first has done so well? I just don't get developers sometimes. The demand is there. We hear all the time of company this or company that who are moving to downtown. With all this movement there can't be that much office space left downtown. It has to be a very low % at this point.

Sure a 20-story building there is a good size, but why do we have to keep settling for "stumps" vs true skyscrapers? This is just going to be another highrise, not a skyscraper.

I'm not asking for a 50-story tower, though that would be awesome. But surly Salt Lake in this day and age has reach the point of having buildings develop in the 30-35 story range, but nobody seems to dare to go over 23 stories since Well Fargo back in 1998 15 YEARS ago. Sure there's 99 West, but I'm talking about office towers. I'm sorry, but sometimes I just feel that Salt Lake is behind in it's time when it comes to taller buildings. IMHO

[Orlando]

Originally Posted by SLC Projects

I always expected the tower to be around 25-stories, not 20. Heck if it is only 20 then that's a floor shorter then 222 south main.

Why on earth would HP build another office tower that would be shorter ( less floors ) then their first when their first has done so well? I just don't get developers sometimes. The demand is there. We hear all the time of company this or company that who are moving to downtown. With all this movement there can't be that much office space left downtown. It has to be a very low % at this point.

Sure a 20-story building there is a good size, but why do we have to keep settling for "stumps" vs true skyscrapers? This is just going to be another highrise, not a skyscraper.

I'm not asking for a 50-story tower, though that would be awesome. But surly Salt Lake in this day and age has reach the point of having buildings develop in the 30-35 story range, but nobody seems to dare to go over 23 stories since Well Fargo back in 1998 15 YEARS ago. Sure there's 99 West, but I'm talking about office towers. I'm sorry, but sometimes I just feel that Salt Lake is behind in it's time when it comes to taller buildings. IMHO

Well, I can tell you that I'm pretty sure that the main reason why we don't see taller highrises or even more of them, is because of developments like Vista Staion. All the new tenant space is going down at the south end of the valley or north end of Utah valley. I wish we could change the mentality of people in Utah. They complain about not having a large downtown with taller highrises like other cities, and yet they all live far out in the suburbs with their suv's and work in their office parks.

[ctobsl]

Originally Posted by Tymtw12

Regarding the UPAC Tower.. Expect it to be around 20 floors of office space (400,000 total SF) and look pretty similar to 222 South Main, with some relatively minor aesthetic differences. It will be known as 111 South Main.

hahahahaha What else should we expect? God forbid they build something over 25 floors. More stubs for an ugly looking skyline...

[Stenar]

Originally Posted by scottharding

Hey all, last night I watched a pretty interesting documentary called Urbanized. It's a little more than a year old, I think, but it was pretty good. I figured anyone here on this forum would enjoy it too, so I figured I'd recommend it. It was encouraging to see that Salt Lake is actually hopping on board with some of the better trends that are beginning to show in some of the major cities on the planet. I rented the copy from the Tower theater, I don't know if it's on netflix or not, but I'm sure it can't be too hard to find.

http://www.imdb.com/title/tt1701976/?ref_=sr_1

I just watched this. It was quite good. It was by the director of the documentaries "Helvetica" and "Objectified."

[Viperlord]

a bit of older news.......

Another hotel......
May 11, 2012

http://www.costar.com/News/Article/Hotel-Corner-Buys-Land-in-Salt-Lake-City/138375

http://www.congoo.com/news/addstorycomment.aspx?st=189424838&Channel_ID=23&Category_ID=147

Hotel Corner LLC acquired 0.78 acres at the southeast corner of 400 S 200 W in Salt Lake City, UT, where it plans to construct a new hotel. Driftwood Hospitality Management LLC sold the parcel for $901,822. Kip Paul of Commerce Real Estate Solutions brokered the deal.

[Viperlord]

Market Trend: Salt Lake City's Office Vacancy Decreases Slightly to 6.9% in Q4 2012
February 11, 2013

http://www.costar.com/News/Article/Marke...creases-Slightly-to-69-in-Q4-2012/145606

The overall vacancy rate in Salt Lake City’s central business district at the end of the fourth quarter 2012 decreased to 11.0%.

[SLC Projects]

Originally Posted by Orlando

Well, I can tell you that I'm pretty sure that the main reason why we don't see taller highrises or even more of them, is because of developments like Vista Staion. All the new tenant space is going down at the south end of the valley or north end of Utah valley. I wish we could change the mentality of people in Utah. They complain about not having a large downtown with taller highrises like other cities, and yet they all live far out in the suburbs with their suv's and work in their office parks.

While I do agree with some of what you're saying I don't believe that companies like EBay or Adobe ever had plans to move downtown. Truth is a lot of companies don't want or need to be downtown anyways and would still end up where they are at anyways no matter what. But at least if these companies want to stay in Draper or Lehi then I'm fine with them building their HQs near Trax and Frontrunner stations. Yes Vista Station does seem a bit much, however I much rather see this type of a more urban setting vs just another business park.
But really how much has downtown have lost out on since places like Sandy, Lehi and South Salt Lake have all failed with their highrise development pipe dreams? Heck the only tall buildings I've seen built the last little while are in downtown.

[delts145]

Well, around 20 floors of office space, but also you have to account for a very lofty shared theater lobby... right? I don't think it's going to be shorter than 222, possibly a little taller, when one considers a very stylish and vertically spacious entry. Visually speaking from the street level perspective, having something on that corner of around the same height as 22, that also engages that corner as beautifully as 222 engages it's frontage would make me very happy. Though I admit, that from a skyline distant perspective, a taller tower would look outstanding if located on that corner.

I do want to see Salt Lake's CBD break the glass ceiling on height. Many cities, including Denver have broken that height barrier long before their greater Metro's reached the three million mark.

.

[StevenF]

LEGO STORE LEGO STORE LEGO STORE

[wrendog]

Originally Posted by StevenF

LEGO STORE LEGO STORE LEGO STORE

Is this some kind of announcement or is it just some hopeful dancing bananas?

[StevenF]

Originally Posted by wrendog

Is this some kind of announcement or is it just some hopeful dancing bananas?

I am at work so I can't do that much digging or posting links/letters, but LEGO announced that Utah is one of the locations to get a store in 2013. I am going to take full credit because of the letter I sent them last year. I stuffed that thing as full as I could with info about Salt Lake.

I am sure once Jedikermit sees this he will do the digging for me.

[DCRes]

Looks like it's coming to Fashion Place. I had hoped for CCC or Gateway but Fashion Place isn't bad either.

http://stores.lego.com/en-us/stores/us/n...d%3D84AA1804-C67D-4E1B-926B-3044D3C31607

[goldcntry]

Uh oh... there goes my already empty pocketbook...

It's a major coup for Fashion Place, though I still wish the Lego Store had gone to City Creek or Gateway.

Still...

Lego!!

[wrendog]

Originally Posted by StevenF

I am at work so I can't do that much digging or posting links/letters, but LEGO announced that Utah is one of the locations to get a store in 2013. I am going to take full credit because of the letter I sent them last year. I stuffed that thing as full as I could with info about Salt Lake.

I am sure once Jedikermit sees this he will do the digging for me.

Excellent. Thanks!

[Orlando]

oops. Delts already posted what I was about to post.

[Tymtw12]

Originally Posted by Viperlord

Market Trend: Salt Lake City's Office Vacancy Decreases Slightly to 6.9% in Q4 2012
February 11, 2013

http://www.costar.com/News/Article/Marke...creases-Slightly-to-69-in-Q4-2012/145606

The overall office vacancy rate in Salt Lake City’s central business district at the end of the fourth quarter 2012 decreased to 11.0%.

Sorry to be the bearer of bad news, but the figures in your linked CoStar article are grossly out of touch with reality.

CBD vacancy is closer to 18% and overall vacancy in Salt Lake County is closer to 15%.

Here is one of the more comprehensive local reports for those interested.

http://www.comre.com/reports/2012Reports/Utah/SaltLake_Office_4Q12.pdf