Salt Lake City: Official Development News Thread - Part 3

[Plaid Shirts]

Originally Posted by Future Mayor

I was at an event at Goldman Sacs today at 222, and I was talking to a women there about "rumors" I had heard about them looking for a place in either 111 or 145, and if they were still hiring. She told me that they never stop hiring. She also told me that yes they are looking at both of those, she said they hadn't decided exactly what building they would be moving into, and that part of that new space would be to accommodate moving the Research Park employees, (as others have reported.) The best news is that they won't be leaving 222, they will just be adding space in another tower.

Later during the event I did hear a couple of people talking and one guy pointed from the window, up Main and I heard him mention 111.

Goldman Sacs seems to currently be the biggest contributors to the new office towers in Salt Lake City.

As they continue to expand their office here in Downtown, and expand the portfolio of services that are handled from this office, I see a direct correlation between that and CCC condo purchases. A very large number of employees moved into American Towers when they transferred to SLC, (which some referred to at the event today as The Goldman Sacs tower) and many of those are renters. If middle and upper management see themselves staying in the SLC office for several years I fully expect that several of them will buy a higher priced CCC condo. I could especially see this if more management is transferred from NYC, to expand the services here, wanting to buy at CCC, desiring to have something similar to what some of them may have had in NYC.

Great info, thanks. Hopefully 145 will still get built regardless if Goldman Sacs moves its employees to 111 and not 145.

[Viperlord]

Boyer 151 Tower Project Description

Planning Commission - Conditional Design Review

https://aca.slcgov.com/Citizen/Cap/CapDe...19&agencyCode=SLCREF&IsToShowInspection=

The proposed project consists of an 18 story office building with a full basement and roof top penthouse. The building footprint is approximately 22,000 sq. ft. and the building height will be 273 feet to the floor level of the mechanical penthouse with the penthouse extending approximately 22 feet in
height.
=295 feet total height

[scottharding]

Love it.

[Orlando]

I think this is turning into a race between two developers for the same tenant and only one of the towers is going to get built.

[StevenF]

Why is it that the sexy looking buildings in this city have to be so dang short!!!

222, 145 and even the Regent. Can you imagine if those 3 were at least 10 floors taller. Not complaining about 145 at all, as I love it, and so excited it is taller than the original 9 floors. I am just with many others here that would love it to go taller, as it really is a nice looking building.

Back when 101 was being revealed many of us were bummed that it wasn't taller but we all excepted the fact it was not a favorite for a design competition. Thinking about 101 in that way I am happy it stopped at 7 floors and not as prominent in the skyline. But for 145, please please lets hope for another height bump we have become accustomed to with this building. Such a sexy sexy design.

[ToysNoiz]

145 is VERY sexy! My only complaint is that it's still short compared to every other highrise in the city. If 145 and the Regent were doubled in height, they would be, hands down, the best towers in the Mountain West. To be honest, I'd be okay with 111 losing height and giving it to 145, making it around 500' -580' tall.

But hey, still a beautiful glass building. It will fit in great on State Street. Can't wait to see it go up ........ if it does....

[StevenF]

Originally Posted by Orlando

I think this is turning into a race between two developers for the same tenant and only one of the towers is going to get built.

PRI has picked up 111 so I don't doubt that it will be built. 145 is up for debate but I do hope it does happen as I love it and I am sure once it is built it will be in my top 2 most favorite buildings in Salt Lake City.

[Skystruck]

Originally Posted by Orlando

I think this is turning into a race between two developers for the same tenant and only one of the towers is going to get built.

Well we already know that 111 is getting built so now its just down to 145, or do we call it 151 now? I thought I heard somewhere that it was now 20 floors but 18 is still pretty good.

Originally Posted by StevenF

Why is it that the sexy looking buildings in this city have to be so dang short!!!

222, 145 and even the Regent. Can you imagine if those 3 were at least 10 floors taller. Not complaining about 145 at all, as I love it, and so excited it is taller than the original 9 floors. I am just with many others here that would love it to go taller, as it really is a nice looking building.

Back when 101 was being revealed many of us were bummed that it wasn't taller but we all excepted the fact it was not a favorite for a design competition. Thinking about 101 in that way I am happy it stopped at 7 floors and not as prominent in the skyline. But for 145, please please lets hope for another height bump we have become accustomed to with this building. Such a sexy sexy design.

Can't disagree with that, the Regent would look awesome as a 30 or 40 story building with it's curved west side wall. I'm really liking 145 as well!

[Plaid Shirts]

145 looks a lot like 222.

So is 111 for surely getting built? And is 145 still up in the air?

[jimmycdii]

I especially love that last picture of 145 (151), looking south down State. I get more excited for that part of downtown all the time.

[SLC Projects]

Originally Posted by jimmycdii

I especially love that last picture of 145 (151), looking south down State. I get more excited for that part of downtown all the time.

Same here. Did you guys also notice that in the future once 145/151 is finish the crane is still up for the La Pointe state street development? Hahaha

[Skystruck]

Originally Posted by Plaid Shirts

145 looks a lot like 222.

So is 111 for surely getting built? And is 145 still up in the air?

It does have some similarities to 222.

I think 111 is about as close to a sure thing as you can get and 145 looks to be pretty serious to me, hoping for the best.

[wrendog]

Originally Posted by Skystruck

It does have some similarities to 222.

I think 111 is about as close to a sure thing as you can get and 145 looks to be pretty serious to me, hoping for the best.

If by "close to a sure thing" you mean "sure thing", then you are right. Guys, 111 is going up. Why is this a question? LOL.

[Future Mayor]

I think 111 and 145/151 will both be built. I have no solid evidence as to why I think that but I just do.

My thoughts behind this are the following;
-Goldman Sacs is going to occupy a significant amount of office space in one of the two buildings, quite possibly to the estimated 45% pre-lease threshold, or at least half of that I would assume.
-The office market in Salt Lake City is hot right now, even during the recession 222, with the help of Goldman Sacs, leased very quickly.
-111 could possibly go forward even without the 45% pre-lease threshold, if CCR is willing to forgo repayment on their investment amount for a few years, allowing financing to go through and still paying the other investors and the bank their portion of the investment. CCR has a vested interested in seeing 111 rise, even if occupancy rates aren't ideal at opening day, any amount of new office workers is potential customers for their other investments.
- Boyer obviously sees/anticipates a huge office demand in the downtown market, considering they already own 102 and are in the process of finishing 101, even with those two still unoccupied they are proposing 151.


As for the renderings, I too absolutely love the 151 tower from all angles, but like others have said, particularly from north on State. Now just imagine a future tower on Carl's Jr and that will be a great corridor. Even without the Carl's Jr tower, State Street is starting to make a mark in office development, and we won't be a one road tower town.

[Future Mayor]

Originally Posted by wrendog

If by "close to a sure thing" you mean "sure thing", then you are right. Guys, 111 is going up. Why is this a question? LOL.

I'm not questioning that it isn't, because I too believe that it is. One thing that has to be taken into consideration is that 111 isn't the same financing model that CCC was, even though CCR is now in charge. From the information that was provided, CCR bought Hamilton Partners interest in the 111 tower. No developer is the sole financier (except CCR for CCC) on any type of development project. Every project has a lead or principal partner that is the face of the project, 111 was Hamilton it is now City Creek Reserve. Along side that principal partner are silent partners with the role of providing investment dollars to the project, they don't want to be involved in any decision making they are simply in it to receive a return on their investment.

The combination of all the partners and their contributions combines to make up the "down payment" to the lender. Just like a home purchase but even more so a lender needs to see that the investment group 111 Main Partners (or whatever the name of the group is) has significant skin in the game, they also need to see those pre-lease percentages, seeing that there will be income coming in to the investment group so that they can pay back the loan.

What I am trying to say is that I nearly certain that CCR isn't building 111 with cash, so the typical steps still apply.


With that said however I am also nearly certain that 111 will be built.

[Atlas]

Hopefully Goldman's increased presence will bring in other large businesses to downtown SLC.

[jedikermit]

Love 145, so much that I won't complain about the height. It really is beautiful, just making 111 look all the more plain. Drab. Blah.

[Deek1978]

That 145/151 is a beautiful building... but I think Goldman's will go with 111, personally. Well, maybe, I don't know, maybe not. Both buildings will be 1-2 blocks away from 222, so all of their employees will be close. 111 is a taller tower and will stand out more, which I would assume that Goldman's would like, though I don't take them for a "Look at me! Look at me!" type bank. 145/151 is a much sexier building, here's an idea... they should trade heights and spots!
145/151 should be built taller, 395-400ft on the 111 spot. and then 111 can be made 295 ft on the 145/151 spot. Fair compromise, no?

[UTPlanner]

I think it's important to note that the construction of any building is really never guaranteed until its completion. Having said that, the two new proposed office buildings have the backing of developers with significant capitol behind their projects. City Creek Reserve Inc. just made their commitment a few weeks ago knowing well that there was another proposal from the Boyer Company and likewise the Boyer Company was aware of the 111 S. Main project. Neither project will see a groundbreaking in the very near future as they haven't applied for building permits. The review on a permit for significant structure takes months. This same point should be taken into consideration during discussions of any anticipated ground breaking for a convention center hotel.

[SLC Projects]

Originally Posted by UTPlanner

I think it's important to note that the construction of any building is really never guaranteed until its completion. Having said that, the two new proposed office buildings have the backing of developers with significant capitol behind their projects. City Creek Reserve Inc. just made their commitment a few weeks ago knowing well that there was another proposal from the Boyer Company and likewise the Boyer Company was aware of the 111 S. Main project. Neither project will see a groundbreaking in the very near future as they haven't applied for building permits. The review on a permit for significant structure takes months. This same point should be taken into consideration during discussions of any anticipated ground breaking for a convention center hotel.

Ugh......I hope we are not going to be stuck with a empty hole on main street for MONTHS after the demo is finish while we wait for these guys to file the permits. Really, CCR should be doing this stuff now while demo is taking place so we don't have the break in between.
I remember the long break after the ground breaking of 222 south main back in 2007 when they had the ground breaking and then the next 4-6 months nothing happened. Hate that.