Salt Lake City: Official Development News Thread - Part 4

[Orlando]

Can anyone tell me what the name of the highrise was on the SE corner of S Temple and Main before it became Zions Bank?

[jedikermit]

Originally Posted by Orlando

Can anyone tell me what the name of the highrise was on the SE corner of S Temple and Main before it became Zions Bank?

Kennecott Building from 1955 until it was retrofitted and reskinned, then it was Gateway Tower East, then Zions Bank Tower shortly thereafter.

[Ironweed]

Ok, time to get serious:

Who are the nimrods that screwed this CCH deal up? Which individuals are responsible for putting this together? They obviously have no experience. Is Salt Lake City serious about putting together a legitimate proposal that 'other' players could take seriously? Or are the posers that be want to maintain the ridiculous demands on a developer?

Looking to hear from those who really may know something.

[scottharding]

I while we're talking about botching development... We can all assume at this point that the La Porte development on State Street is dead, right? I know they had a final extension and loan from the RDA, but there is no activity there, and there hasn't been for weeks.
So what happens to it when the default on the loan and deadline again?

[CofIKid]

Originally Posted by scottharding

I while we're talking about botching development... We can all assume at this point that the La Porte development on State Street is dead, right? I know they had a final extension and loan from the RDA, but there is no activity there, and there hasn't been for weeks.
So what happens to it when the default on the loan and deadline again?

There has actually been a lot of activity the last couple weeks except for this week with the rain. The north east corner has seen one and in some parts two additional levels of steel rise above the project.

Hopefully with drier weather we will be able to see continued progress on the project.

I will try to get some update pictures around the city this weekend!

[scottharding]

I know they put up those four additional beams. But I walk by it everyday, and the crane hasn't been up, nor has a single worker been on sight for at least two weeks.
Aren't they supposed to have the building complete within like 9 months? Not happening.

[windancer1]

Addendum to HFS_Draper Lehi UT.
April 16, 2015
We have spent significant effort in evaluating the implications of the data and conclusions detailed in the feasibility study of the Draper Lehi 250 room Full Service Hotel (and the 96 room extended stay design) and have formed some additional conclusions relative to the project, the site, the local area and the larger Metropolitan Statistical Area known as Salt Lake City - Provo – Orem Combined Statistical Area.
This Area is made up of nine counties in northern Utah. The statistical area includes three metropolitan areas and two micropolitan areas. As of the 2012 estimate, the CSA had a population of 2,350,274.
Metropolitan Statistical Areas (MSAs)
Salt Lake City MSA (Salt Lake, Summit, and Tooele counties)
Provo-Orem MSA (Utah County)
Ogden-Clearfield MSA (Davis, Morgan, and Weber counties)
Micropolitan Statistical Areas (μSAs)
Brigham City (Box Elder County)
Heber City (Wasatch County)
Specifically, our focus is on the two MSA's Salt Lake City and Provo Orem which have pegged the most economic growth and have thereby influenced Utah' s standings as an economic and technological leader in most state rankings both formal and informal.
They also comprise the majority of what is being referred to as “The Silicon Slope” a reference to its stature as an emerging center of IT based business enterprises. As a case in point, the size of venture capital investments in the first nine months of 2014 placed Provo-Orem and Salt Lake City-Ogden as numbers 1 and 3 respectively, nationally. Inc. magazine article.
We are particularly focusing on the map below and note that the location of the site as almost the geographic center of the Combined Statistical Area. More importantly it is at the center of economic, technological, educational, recreational and very close to becoming the population center of the major urban areas of Utah.
These are significant considerations presently, however, they almost certainly will be even more important in the near and long term.
The city of Draper has unveiled a vision of unprecedented urban development to be built on land currently occupied by the Utah state prison. The Utah legislature has voted to move the prison subject to finding a suitable new location.
In spite of the opposition from initially selected communities, it is likely that over time a location will be secured, if for no other reason that the current site is too central and too valuable for its current use. The only variable, in our opinion, is time.
That being said, the roughly 700 acres has a market value today of approximately
$ 609,840,000 (at $ 20 per SF) and over time will only become more valuable creating additional pressure to relocate the facility.
A rendering of possible development as presented by Draper City at a recent press conference is shown below. Note that the hotel site is located at the upper center of the rendering.
Although this degree of urbanization and development will take some time, it is worth noting that it is already occurring in the surrounding area and Draper Lehi and adjacent communities already offer over 60% of the office and commercial space that exists in the Salt Lake City CBD, with more being added and/or planned.
Although it is speculative on our part, it is conceivable that in 25(+) years, this area could be a new “downtown” of a Mega City along the Wasatch Front, if recent trends continue. Certainly the relocation of the prison will go a long way towards focusing commercial and development activities in this direction.
Salt Lake City continues to show innovative and forward thinking in its evolution and growth, possibly even a model for the city government of Draper to consider. So while we don't envision the “point of the mountain” as a replacement for Salt Lake City, it could clearly become a compliment and balancing urban presence, enhancing both cities and the entire Wasatch Front.
What is not speculative, is the role the communities of Draper and Lehi (ET AL) already play in the dynamism that is the Silicon Slope. It is entirely likely that these innovations and investments will occur and increase, fueling even more start ups, additions, relocation and support. Being relatively new cities, they may learn from and avoid the pitfalls of urbanization from surrounding cities and since the industries that are attracted are global and (relatively) green, the quality of life could remain high if the local governments are informed and pro active.
Building activity in northern Utah County is as or more active than the southern end of Salt Lake County.
Some of the demographic data that we looked at in establishing our projections of area growth are:
Utah's population tends to be younger (27.1), lives longer (77.7), has higher fertility rates (2.68) and more persons per household (3.13 persons).
Utah's population growth of 29.6% more than doubled that of the nation (13.2%).
Of All The Fifty States, Utah Has...
A. The highest rate of job growth – (4.5%)
B. Highest literacy rate.
C. 4th highest percent of high school graduates.
D. 11th highest percent of college graduates.
E. 7th lowest violent crime rates.
F. 3rd longest life expectancy.
If current trends continue, we are confident that our findings as detailed in the feasibility study will be valid, if not conservative. We sense that you have added value to the land by virtue of the proposed use, optimum design criteria and commencement of building plans. It is clear to us that upon building completion, your project will positively influence land values in the area, possibly even increasing the asking/selling price of the state prison parcel.
Econometrix

[EPdesign]

They are digging the hole for the right a cross pioneer park For the residential units

[ajiuO]

I contacted the developer of "The Forum" for the Royal Wood Plaza site to find out why it wasn't submitted... I got quite a lengthy reply... It sounds like they had all of the pieces in place back in 2011 for completion in 2013... But the city frustrated the investors and they backed out... I will post the reply below. It's a real shame this didn't happen.

And I guess this also makes it clear where the city really wants the convention center hotel... And it's not Royalwood plaza... Even though I supported South Temple I have always maintained that it would likely go up on West Temple... The owner of arrow press squares recent comments also support this.

Even though I supported South Temple... I would totally support this plan.

http://theforumslc.com/tablet/index.html

Thank you for your interest and even more importantly your question about our redevelopment plans for the Royal Wood Plaza property (Royal).

We have been working with the municipalities to bring the Hotel Convention Center to fruition for seven years and have spent close to $500,000 toward that end. We drafted the road map for the State, County and City to use in order for them to make the Center a reality and in fact in February 2011we personally had all the pieces in place to construct and open the facility in 2013. That is all funds needed including the equity, permanent financing and the supporting documentation for funds needed from the County of Salt Lake, we had under contract an international hotel chain and the general contractor who in partnership with a very respected local contractor to get the hotel built.

All municipalities are aware of this development and the benefits it would create for the Central Business District, however, the political field with the different government entities and other political government partners who are very instrumental in Salt City has kept this from occurring and stalling the progress of the Hotel to the point literally driving every interested group to totally frustration with the stall tactics and games being played and they all have lost interest in the project leaving the prospect of the hotel in its current position. Salt Lake City should be ashamed of themselves.

It is sad that the political force has stalled this economically needed project subjecting the County, and City and the local businesses not to mention the wonderful people of the City to the loss of at least $187,000,000 revenue per year which if one adds the annual loss of opportunity over six years amount to a staggering $1.12 Billion.

Any city planner in the country would see the benefits of developing the Royal site as presented and acknowledge what it would do not only for Salt Lake but for the continue development of all property to the west of the Salt Palace. Political forces want the Hotel Convention center to be located east of the Salt Palace which is total Ludacris. The property to the east is much more expensive and the powers are completely irresponsible and almost criminal to deprive the opportunity to use the Royal development for the connectivity of The Gateway with the rest of the City Center. One must ask themselves who owns the majority of the property to the east and you will see the Church does. Just the loss of the increase tax base that such a development on the Royal site alone would generate is staggering not to mention the increase in the tax base for all adjacent land to the west. And then the economic benefit the development would create in an increase in employment is just as impressive but the municipalities have also turned their backs on that aspects as well. An investigation should really be opened as to what the real agenda is and who are the real players that directed such poor decisions for the purpose to achieve their own special interests and agendas, only driven by political greed with the losers being the public.

We were helping the municipalities to get the Hotel Conventional Center up until a year ago when we finally saw the real hand writing on the wall and the deceitfulness at which time we pulled out. Actually we were the first to leave the talks. The rest followed a short time later.

Feel free to send any City department the web page as it is an award winning design that should gain a lot of traction in any other community. But apparently not in Salt Lake City. People we are associated with outside of the state who followed this project just shake their heads in disgusts.

Thanks for your question. I hope I didn't drag this out too much. Please feel to call me if you have any other questions.

Ted

Ted J. Mitchell
Mitchell Development & Investments, LLC

[delts145]

delete

[delts145]

Wow! One has to wonder if this is also what is currently happening with Omni. I wonder if this game being played also has Holding Properties behind it?

[Wasatch_One]

someone should present this to one of the local news stations and have them interview this guy, investigate a bit and make a story out of it to really see if there is something going on behind the scenes not in the best interest of the community as a whole...

[ajiuO]

Originally Posted by Wasatch_One

someone should present this to one of the local news stations and have them interview this guy, investigate a bit and make a story out of it to really see if there is something going on behind the scenes not in the best interest of the community as a whole...

Already working on it... It almost sounds like a scam is being pulled to benefit the land owners to the east primarily the church.

[ctobsl]

Originally Posted by ajiuO

Already working on it... It almost sounds like a scam is being pulled to benefit the land owners to the east primarily the church.

[scottharding]

Nice digging, ajiuO. This definitely deserves to be public knowledge, especially considering the amount of money already spent in the (imaginary) Convention Center Hotel.

[EPdesign]

Reading that actually makes me mad

[s.p.hansen]

Remember when I talked about the clout of City Creek Center and and how I talked about the Church building critical mass near the mall and temple square? Remember how at first you guys said it wasn't gonna happen because of the free market and cheaper land? Remember how I said that probably won't matter over getting it in Arrow Press Square location?

It's premature to say, but it looks like I was right!

[DMTower]

It looks like it's not going to happen at all because some selfish people are using that same line of thinking.

[delts145]

Hey, do we really have a problem with W. Temple getting the CCH? None of us actually no the facts about this. If a private land owner sees a definite advantage in further protecting their multi-billion dollars already invested by creating an ideal critical mass, then so be it. I have no problem with the LDS Church facilitating a major development project across immediately to the south of CCC, or maybe even in conjunction with CCH redeveloping the old Marriott itself. We are all well aware of the fact that when the LDS Church is involved in something of this scope, they do it in supreme fashion. I mean honestly, it seems like the only hold up at this point would be the location, not whether there is a need or not. Again hypothetically, what if the LDS Church facilitated a posh JW Marriott on one of the corners of 1st S. and W. Temple. Given the Churches track record, the development would be iconic and world class. Isn't that what we want? The question in the past about the corners of 1st S./Main St./ W. Temple were that the typical developer wouldn't want to explore the expense and complication of developing there. The LDS Church looks at things long term, have the ability to piece the puzzle together, and they have deep enough pockets to make it a reality. How many City Creek Centers do we see being developed in such a manner in the heart of a Downtown?

I could be wrong, but for a variety of reasons I've never seen a possibility of the Church promoting a CCH on the north side of S. Temple. However, it makes perfect sense to me at this point in Salt Lake City's evolution for the LDS Church and the Marriott family(Marriott's personal and extensive capital holdings) to move forward in making possible a mega development to the south of CCC and across the street from 111/PAC. This type of project, even with the Churches connections would take time to align all of the pieces of the puzzle together. I assume if the Church is involved they've been creating CCH scenarios for many years now. Because of it's immense size and the type of development, it would be necessary to keep it very hushed, until a time that the puzzle pieces are reasonably in place. We all have dreamed of how incredible it would be to work around the historic Pantages, Dinwoody, and Arrow Press buildings. How many of you have posted drawings on the forum dreaming of the possibility?

Could it be that the decision making powers at city and county levels have been wringing their hands for precisely the same reasons we have? Were we in for a very cookie cutter type Phoenix style CCH? Is it possible that our leaders have stalled the project in order to guarantee a high quality, world class development? Strong suggestions seem to be circulating that Omni wasn't prepared to meet Salt Lake City's desire for something in an iconic class. We might not all agree 100% with the final results, but no one can argue lately with the pride behind the impetus of such projects as the Library, Rio Tinto, Public Safety Building, Ballet Center, CCC. or PAC. Most of our Salt Lake City and County leaders of all stripes take fierce pride in the innovation, design and quality of Salt Lake's more public visual projects. There will be no more visited and visible space to the masses of visitors than this CCH. It's pretty reasonable to think that the typical Salt Lake City leaders be they religious or secular wants the CCH to be impressive.

Anyway, in short, we all just want to see SOMETHING happen. It would seem at this point we're almost willing to settle for just about anything, even a slightly improved Omni version of Phoenix. Hey, if indeed we're going to somehow input the LDS Church into our conspiracy theories, GREAT! I say I would much rather have a deep pocketed quality developer such as the LDS Church participating. Their partnership with a JW Marriott or even Omni would mean we'd be getting a truly iconic CCH. And perhaps we'd be getting it on a very coveted area immediately south of CCC, and smack dab between the PAC and the Convention Center. Remember, the main reason we kept eliminating the dreamy 1st S. and W. Temple possibility was because we just couldn't see the typical CCH developer being able to handle it's more expensive and complex puzzle.

As long as we're pulling rabbits out of our hats. Another thought occurred to me. Remember how many of us lamented the seemingly nonsensical development of 111/PAC at it's current site, instead of across the street. Well, you know how in hind site these things always seem to make much more sense. What if it was always the plan for a world class CCH Center to be placed amongst that Pantages/Zions Bank/Dinwoody block all along? At that point, our concerns would be more like this... How much faster will we see the beginning of the restoration of the Pantages? Will the Dinwoody be spared and it's beauty restored, and what should be its repurpose? Same for the Arrow Press. Main Street would become an unbelievable nexus, and W. Temple would advance much more rapidly. The possibilities are incredible!!! Please, tell me this whole speed bump is more than just conspiracy vapor. It would be incredible if Main, 1st S., and W. Temple were the new site, and Marriott and the LDS Church were putting their need to protect existing investment, and good old fashioned hometown pride behind the project through financial commitment and property facilitation!!!

Would CCC or the 111/PAC/Regent St. projects had even been possible all together in their huge scope had the properties not been facilitated by the united clout of the LDS Church?

[Comrade]

delts, I'm actually surprised at how quick your tone changed when we swapped out Holding for the LDS Church. Kinda got whiplash there. In a matter of hours, you went from pushing the idea that Holding could be behind it - with a tone that suggests you'd be against such crony politics that could kill any proposal - to defending the the LDS Church doing the exact same thing.

Bottom line: it doesn't matter if it's Holding or the LDS Church behind the killing of the project in its current form, if this is true even marginally, it just shows how easy it is to buy off certain people - whether a major business or a religious organization doing it. It's crony capitalism at its finest. I hope that isn't the case here and that no side is buying off people to kill one deal for another.