Quote:
Originally Posted by SaltCityScrapers
If the past is any indicator, the main issues are
#1. WHO is willing to sell?
#2. WHO is going to need (and willing) to be relocated?
#3. At what price?
#4. Will "eminent domain" become an issue?
#5. If the site has a small footprint, will it still make financial sense? Remember that over 25 stories, things start to get pricier (per square foot).
#6. Will it end up within 1000 feet of the Salt Palace?
Think back to block 57 (Gallivan) and all the obstacles they faced.
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All very good points let's discuss those further. But let's throw #6 out, because the legislation specifically reads that for state funding, the hotel must be within 1,000' of the Convention Center.
Realistically there are only four large parcel where #5 wouldn't be an issue. 1) Former medals plaza block. B) NE Corner of 2nd and S. Temple. C) Japan Town (SE Corner of 3rd W 1st S). D) RWP.
#1
A & B - LDS Church, do they want to sell or master lease the property, or are they set on their master plan for BYUSL and LDSBC, and their overall Church Campus? Could they have one of these slated for a COB II?
D & C - two parcels, one owner.
#2
A & B - Vacant
C - Vacant
D - For Sale (not sure on this), developer can choose to not extend current leases or terminate them early with the right buy out.
#3
A - Probably a pretty fair market value, but only if they have scrapped their BYUSL and LDSBC plans
B - Probably a pretty fair market value, depending on if they have that area master planned or not. If not if they see it benefiting their CCC investment.
C & D - Probably above market value because the current owner sees that either parcel may be one of very few possible locations.
#4
The City doesn't like to use eminent domain when it is this type of situation, considering these parcels are large and only two owners, I don't see them attempting to use that. It's the type of situation where all but one parcel owner is willing to sell and eminent domain would be beneficial.
#5
Not relevant to these particular parcels.
#6
This is a non issue, because the legislation spells out that the hotel MUST be within 1,000' of the Convention Center. If it's not the funding doesn't happen and nothing gets built.
Yes there were many issues involved with the Gallivan Center, I don't really see that many of those apply, at least not in the parcels I suggested. The city was building a non money making public space, while the CCH is a profit making venture.
I could see Gallivan like issues, and Eminent Domain issues coming into play if Arrow Press Square were in the running, and it included the 100 S buildings. Multiple parcels, multiple owners, some more willing than others, some greedier than others, etc.
In all honestly as I've heard arguments over the years of possible locations I really think the most logical, and feasible location is RWP, followed by the Japan Town Parking lot.