Posted Apr 25, 2013, 9:02 PM
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Join Date: Nov 2007
Location: Salt Lake City, UT
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Development of former Geneva Steel site takes shape
http://slenterprise.com/view/full_story/...of-former-Geneva-Steel-site-takes-shape?
Quote:
Development of former Geneva Steel site takes shape
The Enterprise 24 days ago By John M. Rogers
The Enterprise
Although a date has yet to be set for groundbreaking, Cottonwood Partners of Salt Lake City is moving ahead with plans to be the first to build on the former Geneva Steel site in Utah County. According to John West, Cottonwood CEO, his company has purchased and will develop approximately 123 acres at the site, located at about 800 North on Geneva Road in the town of Vineyard.
West said he considers the project to be “middle of the fairway” in regard to his company’s objectives.
“We generally look for projects which we believe will allow us to add substantial value to the community, and which we expect to be very successful economically for Cottonwood,” he said. “We think the location of this project, with its three freeway exits, freeway exposure, FrontRunner stop, access to the Utah Lake front, spectacular views in all directions and its ultimate mixed use character will be ‘the place to live, work and play in Utah County.’”
Originally approved in January 2011 by the Vineyard Redevelopment Agency, the total project encompasses more than 1,700 acres. Master plan development is being done by Anderson Geneva Development. Vineyard City is completing the initial major infrastructure construction at the site and the main north-south artery, and Mill Road is nearing completion along with much of the associated utility work. The site is located on the eastern shore of Utah Lake within the fast-growing Provo-Orem metro area.
The Geneva Steel plant was constructed during World War II and after fits and starts during the 1980s and 1990s shut down permanently in 2002. Anderson Geneva purchased the property in 2005 and has been involved in the remediation of the site, making it suitable for development. Most of the cleanup cost were absorbed by the property’s previous owner, U. S. Steel Corp.
West expects his company to be able to access the site for its own infrastructure work in the first quarter of 2014, with building construction to begin shortly thereafter.
“Anderson Geneva is pleased to have a developer the caliber and reputation of Cottonwood Partners taking such a high profile role in the development of our site,” said Stewart Park, Anderson Geneva project manager. “We are seeing increased interest in our project as the market picks up.”
Cottonwood is not a newcomer to projects of this magnitude, having completed similar developments in Salt Lake County, Dallas and Washington, D.C.
Cottonwood will call its first development “The Forge at Geneva” but has not settled on exact plans yet. However, West estimates the first phase to be approximately 70 percent office space, 25 percent residential and the remaining space split between retail and entertainment. West predicted that the eventual actual commercial and office space could be much more than the 2 million square feet cited in recent press reports. Cottonwood expects its traditional building partner, Big-D Construction of Salt Lake City, to be the general contractor when construction gets under way.
Anderson Geneva is working closely with Cottonwood and the town of Vineyard and planning director Nathan Crane on infrastructure planning, allocation of RDA funds and entitlements for the project.
The project’s high proportion of office space is in response to research showing a demand for this type of space in the area.
“I anticipate a high level of interest from successful high-tech companies who are in a growth phase, given the proximity to nearby universities, I-15 and the FrontRunner service,” West said. A marketing plan for the Forge is currently being developed, according to West, with targeted potential tenants being contacted immediately.
Original master plans presented by Anderson Geneva include an intermodal hub providing both freight and commuter rail access. Utah Transit Authority’s FrontRunner commuter service will have a scheduled stop within the project.
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