Salt Lake City: Official Development News Thread - Part 3

[Makid]

Looks like they were right:

http://www.deseretnews.com/article/865597524/111-Main-Street-tower-has-new-developer.html

111 Main Street tower has new developer

SALT LAKE CITY — There has been a major change in the development of downtown Salt Lake City’s newest proposed office tower.

City Creek Reserve — a real estate arm of The Church of Jesus Christ of Latter-day Saints — has taken over as developer of the 111 Main Street project.

Initially under development by Hamilton Partners, the 111 Main Office Tower — designed by Skidmore Owings & Merrill — will be directly adjacent to the new Utah Performing Arts Center in the downtown central business district.

“111 Main LLC, an affiliate of City Creek Reserve Inc., has acquired the interests of Hamilton Partners in the 111 Main office tower, a building to be constructed at the intersection of 100 South and Main,” City Creek Reserve spokesman Dale Bills said in a prepared statement. “111 Main LLC is pleased to be a part of growth and progress in downtown Salt Lake City.”

Since both companies are privately held, terms of the transaction were not disclosed.

Hamilton, the commercial real estate firm based in Itasca, Ill., had developed 222 Main — the 22-story, $125 million office building located just a block away on the west side of the street. The change for the new building comes just months after the project was announced last September.

Site preparation work, including demolition of existing buildings, is currently underway. Few other details about the transaction were released, but the project is expected to continue on a similar construction schedule as originally announced several months ago with completion in September 2016.

The ground floor of the project will feature retail space, while the upper floors will offer 440,000 rentable square feet of office area with the average floor size consisting of 21,000-square-foot customizable sections, column-free design, floor-to-ceiling glass, with 9-foot ceilings and 16-inch raised floors throughout.

Preliminary designs include seismic engineering standards and increased energy conservation measures, along with numerous technological considerations such as redundant data and electric feeds from independent substations, voice and data lines with fiber optic capabilities and a location for tenant generators. The building will also offer state-of-the-art and customizable security systems with turnstiles and 24-hour manned security.

Both Hamilton Partners and new developer 111 Main LLC declined to offer any additional comments.

[Stenar]

Originally Posted by Makid

Looks like they were right:

http://www.deseretnews.com/article/865597524/111-Main-Street-tower-has-new-developer.html

111 Main Street tower has new developer

I wonder if that's why the design went from interesting to bland.

[Scraperdude801]

Originally Posted by Stenar

I wonder if that's why the design went from interesting to bland.

The accordion version could remind people of beer goggles--it had to be changed...for family values.

[SLC Projects]

Makes me wonder why Hamilton Partners backed out 111 South Main. Surly there is enough office demand right now for downtown and with their other office tower ( 222 South Main ) at over 80% filled it would almost seem like a no brainier to invest in another office tower. Do they have another tower development in mind else where? Did Goldman Sachs jump ship over to Boyer's 145 State building?, hence why that building proposal keeps adding floors? There's more to this then what is being told.

[EPdesign]

Originally Posted by SLC2GeorgetownU

I think something like the original design of the Centrepoint Marriott in lexington would be ideal for our CCH and new tallest, I also LOVE LOVE the Austonian tower in Austin, TX.....so tasteful!!

The Austonian Tower is absolutely beautiful. Salt Lake could truly benefit from this style of tower and it's presence. I too would like this more on a Carl's Jr type site where it would be surrounded by other buildings...Not so much the CCH. I wouldn't complain if something similar was built...but I would prefer something like this closer to the core

[ajiuO]

Originally Posted by Plaid Shirts

Why has there never been anything built on the corner of 100 S. and Main St.? It's ridiculous the amount of large parking lots there are in downtown SLC taking up prime real estate.

I am so sick of that tiny looking Zions Bank building and parking lot taking up that great location. In a few years that area is going to be awesome with the addition of the PAC and with CCC already across the street. Is Zions Bank asking too much for a developer to buy it? Adding something there would help the density of that area so much.

I would love to see a Neiman Marcus or a Saks Fifth Avenue located there.

I would like to see a tower on the corner and I think the infill would be a great place for Cinemark to put its new theater... I think that would fit in great with the performing arts center right across the street.

[H4vok]

The convention hotel bill (HB 356) just passed the house on a voice vote earlier today. Does it move to the senate now?

http://le.utah.gov/DynaBill/status.jsp?bill=HB0356&sessionid=2014GS

[scottharding]

Originally Posted by Makid

Looks like they were right:

http://www.deseretnews.com/article/865597524/111-Main-Street-tower-has-new-developer.html

111 Main Street tower has new developer

This is a bummer. We don't need the LDS church owning and developing the whole of downtown. That does not make a healthy, vibrant city center. It makes a campus.

[Plaid Shirts]

Originally Posted by ajiuO

I would like to see a tower on the corner and I think the infill would be a great place for Cinemark to put its new theater... I think that would fit in great with the performing arts center right across the street.

I think a movie theatre would be great for that location for the same reason you said. I think AMC has a higher quality movie theatre product so I would like the see AMC in downtown SLC.

[SLC Projects]

Originally Posted by scottharding

This is a bummer. We don't need the LDS church owning and developing the whole of downtown. That does not make a healthy, vibrant city center. It makes a campus.

Thing is, who else besides the LDS church is willing to invest 2 billion dollars into redevelopment downtown? Nobody. I see what your saying, and I don't know why HP would just pull out like that, but if the Church wasn't willing to take over the 111 development, would anybody else step up to the plate or would we more then likely just end up with another tower that never got build? Seems like only the LDS church is willing to truly invest in downtown while everybody just sits on the sidelines. Where would downtown be if say the church didn't give a damn about downtown? No CCC, no 99 west, no Regent, no apartments on main, no 111 south main, ect. So with out any of those would the ONLY new highrise since 2001 be 222?

[Makid]

Originally Posted by H4vok

The convention hotel bill (HB 356) just passed the house on a voice vote earlier today. Does it move to the senate now?

http://le.utah.gov/DynaBill/status.jsp?bill=HB0356&sessionid=2014GS

Looking at the status, the bill is being sent to the Senate now.

H3RDHB

House 3rd Reading Calendar for House bills

The House 3rd reading calendar for House bills. A vote is taken and if the bill passes, it is sent to the Senate. If the bill fails, it is filed with the Chief Clerk.

This is good because it is a voice vote, some members that voted for it can state they didn't to their constituents. As it passed the Senate last year in a bulkier form, I would expect it to easily pass the Senate again this year.

I know that the Senate is a bit slower at times than the House but, it is possible that in the next 2 weeks we will have a passed bill that is signed by the Governor.

Once it is signed, expect things to move pretty quickly.

[Orlando]

^^^I hope so, but I'm not sure the Governor will sign it. Does anybody know his stance on it?

Btw, convention hotels are in the process up in Portland and Seattle. Though, it looks like Portland is having trouble getting theirs subsidized: http://forum.skyscraperpage.com/showthread.php?t=123867&page=19
Seattle, on the other hand, is developing a 40-story convention hotel, but I'm not sure if and how much it is being subsidized. The developer is also developing low-income housing on the same block to give him some zoning and maybe even funding exceptions? not exactly sure.

[StevenF]

It better move quickly. Not like the City and County haven't had 3 years since OR first stated the threat to move to another city to have deals put in place.

[Wasatch_One]

Originally Posted by scottharding

This is a bummer. We don't need the LDS church owning and developing the whole of downtown. That does not make a healthy, vibrant city center. It makes a campus.

ooooh the whiners. Do explain how PRI taking over a project that was designed and almost developed by a totally different group, now makes this a "campus" project downtown... haha

[Old&New]

I'm fine as long as the "church"(development company?) doesn't try to fuck with the theater, or its ability to bring in first-run broadway shows, regardless of the content.

[Skystruck]

Originally Posted by SLC Projects

Thing is, who else besides the LDS church is willing to invest 2 billion dollars into redevelopment downtown? Nobody. I see what your saying, and I don't know why HP would just pull out like that, but if the Church wasn't willing to take over the 111 development, would anybody else step up to the plate or would we more then likely just end up with another tower that never got build? Seems like only the LDS church is willing to truly invest in downtown while everybody just sits on the sidelines. Where would downtown be if say the church didn't give a damn about downtown? No CCC, no 99 west, no Regent, no apartments on main, no 111 south main, ect. So with out any of those would the ONLY new highrise since 2001 be 222?

I too can see both sides but I agree that the LDS church (City Creek Reserve Inc.) has clearly been a friend to development downtown. I would like to know more details about what happened with Hamilton Partners. Like you said in another post it is possible that Goldman is going to occupy 145 and Hamilton then got cold feet. It is well known that the COB is at full capacity, is it possible that the church may use some of 111 as temporary overflow office space? It will be interesting to see how this one plays out.

Originally Posted by Makid

Looking at the status, the bill is being sent to the Senate now.

H3RDHB

House 3rd Reading Calendar for House bills

The House 3rd reading calendar for House bills. A vote is taken and if the bill passes, it is sent to the Senate. If the bill fails, it is filed with the Chief Clerk.

This is good because it is a voice vote, some members that voted for it can state they didn't to their constituents. As it passed the Senate last year in a bulkier form, I would expect it to easily pass the Senate again this year.

I know that the Senate is a bit slower at times than the House but, it is possible that in the next 2 weeks we will have a passed bill that is signed by the Governor.

Once it is signed, expect things to move pretty quickly.

So far so good!

[ajiuO]

Originally Posted by Plaid Shirts

I think a movie theatre would be great for that location for the same reason you said. I think AMC has a higher quality movie theatre product so I would like the see AMC in downtown SLC.

AMC pulled out of utah after buying out Cineplex Odiean... They only have one theater left in Layton and it's not that nice... I'm not sure that AMC has any plans to return to SLC. Cinemark on the other hand does have a down town location in the pipeline.. It got pushed back a bit because of the acquisition of another chain... But it will happen when they get with the right project development... At one point they planned on opening as close to megaplex as possible.. Across the street if they could... That may have changed now that gateway is fading and the central down town area is seeing redevelopment.

[Utaaah!]

Edited -- Looks like ya'll beat me to this one, so I'll add my speculative conjectures. It could be that Hamilton needed to free up capital for another project, either in SLC or elsewhere, and approached CCR. Or it could be that the church, via CCR, approached Hamilton to take over the project to house church employees. Either way, while I mourn the loss of the Bennion Jewelers building, I'm happy to see that this project is still on track and is as tall or taller than anything we have here in the DC area.

[Dallas Snob]

I was thinking the same thing. Perhaps the LDS Church is looking at this as a way to consolidate some of it's operations within a block or two of the "Main Campus". Or, maybe it is thinking that this will replace the un-built residential building at CCC...or both! Or maybe it's going to be the new CCH! LOL!!!!! Anyway, I think we MIGHT all be mildly surprised when more info becomes available. And I wouldn't be at all surprised if Hamilton has another development in the wings.

Originally Posted by Utaaah!

Edited -- Looks like ya'll beat me to this one, so I'll add my speculative conjectures. It could be that Hamilton needed to free up capital for another project, either in SLC or elsewhere, and approached CCR. Or it could be that the church, via CCR, approached Hamilton to take over the project to house church employees. Either way, while I mourn the loss of the Bennion Jewelers building, I'm happy to see that this project is still on track and is as tall or taller than anything we have here in the DC area.

[Viperlord]

https://aca.slcgov.com/Citizen/Cap/CapDe...10&agencyCode=SLCREF&IsToShowInspection=

Record
BLD2014-01258
Commercial Building Permit

150 S 200 E
Salt Lake City

Project Description:
Liberty Crest apartments
177 unit apartment building and 234 stall parking structure

Owner:
Liberty Crest Associates, LC
6440 South Wasatch Blvd - Suite 100
SALT LAKE CITY
United States