Salt Lake City: Official Development News Thread - Part 4

[linguisize]

Originally Posted by asies1981

The first phase of this project will be townhomes, I'll have a post up next week.
On another note, Salt Lake was just ranked first in job creation! I strongly believe the growth we are currently seeing is just the beginning.

First phase? Interesting; it's a very small lot.

Also I hope you're right about this being just the beginning, I'm looking forward to the day when developers start seeing a need for taller buildings rather than all of these 5 story monster complexes. Which I'm still okay with for now...

[delts145]

I agree with you, especially within the CBD. However, it's surprising how many of the new residential projects, even here in Central L.A. are in that five story range. The heart of Downtown is getting taller now, but it's still very common to see a new midrise go up in the denser parts of L.A.

[Future Mayor]

Until land becomes a bit more scarce in and surrounding downtown I think these 5 story buildings are going to be the norm. The cost jump from wood frame on a podium, to steel construction is a pretty big.

I would estimate that in a couple of years we'll see a new condo boom, for a couple or reasons. 1) Many of the apartment dwellers that are now flooding into the city moving will decide that urban living is for them, and they will choose to buy instead of rent. B) With the expansion of Goldman and potentially other investment banks into downtown, the demand for city condos will continue to increase.

I know many of those that got transferred to the Utah office of Goldman, rented many units in American Towers. I would estimate that if they see that they are staying here, they will decide to buy, and many will buy at AT, but many will want to upgrade to newer and shinier, aka City Creek and others.

That is the point I expect to see residential high rises start to sprout up.




Yes I know I used 1 and B.

[Orlando]

Does anyone know the apartment vacancy rates at CCC? I thought they were completely full. And, so, I would assume that the demand to construct a high-rise apartment building would be definitely screaming for the last couple of years. I have to wonder if the people with owners/managers of City Creek, ie. CCRI, have thought about going forward with Tower 2 as a high-end apartment building. ??

[Makid]

Originally Posted by Orlando

Does anyone know the apartment vacancy rates at CCC? I thought they were completely full. And, so, I would assume that the demand to construct a high-rise apartment building would be definitely screaming for the last couple of years. I have to wonder if the people with owners/managers of City Creek, ie. CCRI, have thought about going forward with Tower 2 as a high-end apartment building. ??

My understanding is that the CC Apartments are completely leased and have at least a 6 month wait list.

We have wondered why Tower 2 (Cascade) hasn't been built as Apartments that could be converted to Condo's over time or as just apartments. They could possibly an extra 25-50% apartments in the same area (depending on floor space) rather than doing the whole building as condos.

I don't know of any real negatives that this would create other than the thought many people have that apartment dwellers are more transient and don't care about the place while condo owners do. This is the only negative that I can think of that is stopping any highrise apartments from being built currently.

[delts145]

Utah economy continues to add jobs

http://www.deseretnews.com/article/865624682/Utah-economy-continues-to-add-jobs.html

SALT LAKE CITY — Job growth in Utah is outpacing its historic average by 25 percent, a new report stated...

.

[delts145]

The 20 Most Innovative Tech Hubs In America

http://www.deseretnews.com/top/3072/20/1...America-2-see-which-Utah-towns-made.html

1...San Jose, Ca.

2...Boulder, Colorado

3...San Francisco, Ca.

4...Corvallis, Orgegon

5...Seattle, Washington

6...Fort Collins, Colorado

7...Provo, Utah

8...Austin, Texas

9...Burlington, Vermont

10.Boston, Massachusetts

16.Salt Lake City, Utah

[Future Mayor]

Originally Posted by Makid

My understanding is that the CC Apartments are completely leased and have at least a 6 month wait list.

We have wondered why Tower 2 (Cascade) hasn't been built as Apartments that could be converted to Condo's over time or as just apartments. They could possibly an extra 25-50% apartments in the same area (depending on floor space) rather than doing the whole building as condos.

I don't know of any real negatives that this would create other than the thought many people have that apartment dwellers are more transient and don't care about the place while condo owners do. This is the only negative that I can think of that is stopping any highrise apartments from being built currently.

I figure that the reason the Cascade isn't being built as apartments, is because The Regent is 72% sold (as of 2/21/15). It appears that The Cascade is most similar to The Regent as far as design and finishes. I would estimate that as The Regent reaches 80-90% we might see that tower crane start to rise for The Cascade.

Another note, as of that same date, all City Creek Center condos are 65% sold out, with an estimated 80% sold by 12/12/15. So I think considering that Property Reserve has the ability to wait out the condo market I think they will do just that. While I have been a proponent of them leasing The Cascade as apartments and slowly converting them to condos, I would assume that they have consider this, have run the numbers and are following the numbers.

I'm at the point where I look at it this way; The Cascade will be built, so why not wait it out and allow more apartments to be built around the city. Rather than have The Cascade take some of that market, resulting in two or three fewer apartment buildings being built, in the CBD, 4th S, or Gateway/Depot area?

Would I be opposed to them building The Cascade as apartments? No, but I can see why they aren't and I'm fine with that too.

[msbutah]

New banner up on 111

[TheWire]

It looks like Jim Dabakis is strongly considering throwing his hat in the ring for SLC Mayor. He was very irritated by a literal last minute sales-tax deal that the city pushed through. Should be interesting to see if this battle takes shape.

http://www.senatordabakis.com/blog/its-personal-mayor-or-no-mayor

[LumberJack]

An update on the CCH. I can officially say that we will be hearing an exciting announcement concerning the CCH in a couple weeks. So look forward to that!

[jtrent77]

Originally Posted by LumberJack

An update on the CCH. I can officially say that we will be hearing an exciting announcement concerning the CCH in a couple weeks. So look forward to that!

And yet another nebulous timeline...."couple of weeks" is pretty much meaningless. If you are going to cry wolf, at least tell us where exactly the wolf is.

[LumberJack]

Originally Posted by jtrent77

And yet another nebulous timeline...."couple of weeks" is pretty much meaningless. If you are going to cry wolf, at least tell us where exactly the wolf is.

???

[SLC Projects]

Originally Posted by LumberJack

An update on the CCH. I can officially say that we will be hearing an exciting announcement concerning the CCH in a couple weeks. So look forward to that!

Can you give us a date? "Couple weeks"........two weeks?, three? Can you say where the announcement will take place?

[asies1981]

Construction will soon commence on the Paragon Station Lofts (the former Westgate Business Center).

[SLC Projects]

Originally Posted by jtrent77

And yet another nebulous timeline...."couple of weeks" is pretty much meaningless. If you are going to cry wolf, at least tell us where exactly the wolf is.

Hopefully he's not crying wolf. LumberJack isn't the only one claiming that there's a upcoming CCH announcement.

On the 13th of March Makid made this statement, "Lastly, Lumberjack, I have heard that we should hear something about the CCH in the next 45 days (approximately) if not the next 15 to 30 days. It could of course come sooner but this is what I have been advised to expect."

That was ten days ago so we are now looking at anywhere between 5-35 days.

[bflatflat9]

Originally Posted by SLC Projects

Can you give us a date? "Couple weeks"........two weeks?, three? Can you say where the announcement will take place?

Don't feed him....it..her..them.

[Wasatch Wasteland]

Big update tomorrow, incoming news, update within the next few days, information in a couple of weeks… in all honesty do you even have a clue what is going on with CCH? Maybe an ACTUAL date? It's starting to sound to me like you just enjoy creating anticipation and false excitement. I'm not trying to sound rude, but your being quite an 🞵🞵🞵.

Actually, scratch the not trying to be rude part. This is ridiculous. You may contribute a lot to this forum (A lot more than me I might add) but stop crying for attention like a thirteen year old girl. Give us some REAL information. Otherwise, just don't say anything at all. Personally I enjoy suddenly finding exciting information that I had no prior idea about, versus weeks and weeks of anticipation, real or unreal.

[DMTower]

Originally Posted by LumberJack

An update on the CCH. I can officially say that we will be hearing an exciting announcement concerning the CCH in a couple weeks. So look forward to that!

How exciting?.. Better than we hoped exciting, or just exciting to hear anything exciting?

[scottharding]

"I'm here to announce that I will eventually have an announcement! You can look forward to things I will say about stuff in the future."