Quote:
Originally Posted by Stenar
We don't know that HP was backing away from this deal.
I think it went like this:
Church leaders see 111 and think it would be a good place for a secondary office building for the church downtown. They approach HP about taking over the project.
Goldman Sachs was originally going to rent space in 111, but the church contacts Boyer about putting them in their new building on State.
Boyer suddenly raises the height of their building because Goldman is switching to their building.
HP isn't going to have another project in the works any time soon. Not unless they've known about this for a year or more. These highrise developments don't just happen overnight.
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Nice SPECULATION!
Well, I think it went like this.
Boyer was considering building 145 S State and approached Goldman Sacs wondering if they would be interested in more space, or an entire building all to themselves, thus the original rendering.
Boyer realized the market is hotter than they originally expected it to be, and increased the height.
Goldman made a decision that yes they did want to move to 145.
Boyer increased the height again.
Hamilton now has 222 that will have a huge vacancy and they are also committed to building 111, so they can either put 111 on hold on focus on releasing 222 or scrap for the time being.
Hamilton shopped the project around, probably to many potential developers.
City Creek Reserve, having an interest in that intersection, and gave Hamilton the best offer. CCR saw the potential of 111 for many reasons, here are two 1) Knowing that the LDS church needs some additional office space and CCR could easily leverage that into a pre-leasing agreement. 2) 111 brings a very large number of more office workers into downtown, who will shop, eat, and even possibly decide to live in downtown, benefiting another huge CCR investment into downtown (CCC)
Well how about that, both scenarios work don't they! One conveniently puts the LDS church into a controlling power hungry position, one puts the LDS church into a, we care about the future of downtown and our other investments position.