Quote:
Originally Posted by EPdesign
It's just so beautiful.  How awesome if the Gateway District was built up like this.  Murray is working on it. Have you guys driving by and seen all the work going on around the 54 south trax station. That is going to be nice. West Valley is building up pretty nice too. I would still really like to see this density in the Gateway Area DT
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What's going on near the 54th Station? I wasn't aware of much happening there.
Some of you make it seem like it's simply unwilling or non visionary developers that are the reason we aren't getting more residential over 5-7 stories, and that the LDS church is the only ones who are willing to be bold and build tall residential. That is completely false. The reason is the market, plain and simple. As others have pointed out there currently isn't an over abundance of demand for high wealth primary residential in the CBD, there is some and it is continuing to grow, but it's not as high as it needs to be yet. As is evidenced by the current occupancy of the CCC condos.
The demand will grow as Salt Lake continues to attract high end companies with wages much higher than the State Median Income, companies such as Goldman Sacs. Companies that will bring people in from their out of state offices to fill positions and companies that will attract people from out of state. Case in point, when Goldman moved into 222 and expanded their SLC presence, several dozen units were either purchased or rented by those new employees at American Towers. Another thing that will increase the demand is younger people, recent college grads moving into these new 5-7 story units, because they want to be near downtown. Some of these people will be the people that if they can continue to work in downtown and make a very good living, will demand higher end units.
So while many would hope for more high rise residential than high rise commercial, we need those new highrise commercial buildings to attract the larger companies that pay higher wages, resulting in more demand for high end residential highrises.
One critical thing that needs to happen is attracting those businesses to the CBD. Last spring, as I was considering a run for City Council, my biggest focus was going to be working more closely with the GOED to focus more on funneling incentives for new companies to locate to the CBD, rather than just simply provide incentive for companies to move to the state. To refine those incentives to take advantage of existing infrastructure rather than increasing demand for new infrastructure. The same amount of incentive for a company to move to downtown gives the state an overall greater economic impact than that same amount of money used to bring them to the burbs where the local municipality has to spend money on infrastructure upgrades.