Salt Lake City: Official Development News Thread - Part 4

[SLC Projects]

151, regent hotel, void, utah Theater residential tower, the cascade, convention center hotel, APS, ( did I miss any? ) I'm thinking we'll get two out of the seven by 2018. What do you guys think?

[Wasatch Wasteland]

Nice job SLC2GeorgetownU! That looks amazing, thank you for putting in the effort.

My one (or two) comments: That convention hotel looks like a big ass stick of butter. Way too chunky and a horribly gross color. Also, are you sure you have the dimensions for the Regent Street hotel correct? It seems awfully small… Maybe it is just me.

Other than that you have done a fantastic job. Thank you!

[Makid]

Originally Posted by SLC Projects

151, regent hotel, void, utah Theater residential tower, the cascade, convention center hotel, APS, ( did I miss any? ) I'm thinking we'll get two out of the seven by 2018. What do you guys think?

I think that most on the list will be either complete, nearing completion or under construction.

I think 151, Void (VCC), Regent Hotel and CCH will all be well under construction by the end of 2016.

APS may have a ground breaking in early October 2016 but most work won't start until 2017.

The Cascade, I think will start sometime in 2017.

The Utah Theater and possible tower won't start until the end of 2017 to sometime 2018 based on the article. They are projecting 2 years once they get the go ahead from the city. This is to get partners and financing for the project.

[Highrise_Mike]

Nice work on the proposed towers SLC2GeorgetownU, looks awesome! If all these get built we will have some good increase in the density of towers in downtown.

[DMTower]

This is the first proposal we've had that looks like a true TOD. Hopefully it happens as proposed.


Threw this together to put it in context.

[SLC2GeorgetownU]

Yea the color is horrible and actually SAD AND SORRY TO REPORT"NO" that this is the exact dimensions the convention board put out, and this is actually the Austin Hilton Convention Center Hotel, and its only 800 rooms so basically this is literally what were gonna get. Say hello to your new obnoxious WALL. See how terrible this is gonna look.......Lets pray the hotel developer that gets picked has a better designs in mind.



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[SLC2GeorgetownU]

[SLC Projects]

Originally Posted by Makid

I think that most on the list will be either complete, nearing completion or under construction.

I think 151, Void (VCC), Regent Hotel and CCH will all be well under construction by the end of 2016.

APS may have a ground breaking in early October 2016 but most work won't start until 2017.

The Cascade, I think will start sometime in 2017.

The Utah Theater and possible tower won't start until the end of 2017 to sometime 2018 based on the article. They are projecting 2 years once they get the go ahead from the city. This is to get partners and financing for the project.

Hard to believe that it's almost 2016 now. To think ( as you said ) Salt Lake could have four towers under construction by this time next year is really exciting.
Hearing all these potential Towers and skyscrapers in the works sounds like Salt Lake City is on the verge of a tower boom that we haven't seen since the 80s.

[Future Mayor]

Remember everyone, that the drawings the county put out, while feasible, were simply for massing, showing a basic concept of how that many rooms could fit on each site. They were not design suggestions to the bidders. Could they look like those? Possibly, but they could look completely different too.

The county has said that they want something unique as far as design goes, so opening up the bid process again to potential developers gives them that flexibility to choose the one with the least horrific design.

[Future Mayor]

Again I'm simply going to update the City Creek Condos on this thread, at least until Cascade construction starts. I was bored and figures there wouldn't be much change, since the last update was less than two months ago, but it seems like there was enough change to justify a post.

City Creek Condo update
Last updated 10/20/2015

Sources MLS(sold & Under Contract), SL County Assessors(owned), and City Creek Living.com(reserved).

99 West:
123 of 185, up 5; 66%, up 2%

The Regent:
122 of 150, up 2; 81%, up 1%

Richards Court:
54 of 91, no change; 59%, no change

Total:
299 of 426, up 7; 70% up %

Average per week since 2/1/12 - .95

Weeks to Occupancy: (at average weekly rate)
60% - REACHED
80% - 44

I was actually surprised at the change. The increase had only been 9 in just under four months 6/25 - 10/20 and this update was 7 in less than two months.

Items of note:
99 West - 114 of the 123 are on floors with 7 units, which are floors 2-25, and even the majority of those are still floor 18 and below.

The Regent - 112 of the 122 are on the floors with 9 units, floors 2-16, with floors 2-12 completely reserved.

I think I've made this point in past updates, but my point is that I figure the Cascade is going to be very similar in target market to The Regent and even the the smaller units of 99 West. With the majority of those types of units sold or reserved in those two buildings, I would honestly expect to see the Cascade crane rising again before the end of 2016.

The larger higher priced units are always going to take much longer to sell, and Richards Court is such a small target market, with it being right across from Temple Square and not a high rise, so those too are going to take some time to be sold. The others are obviously going pretty well, and as the stats show, at the current absorption rate of .95 units per week, City Creek Condos will reach 80% occupancy in 44 weeks. How long does City Creek Reserve want to delay new sales before they start construction on Cascade.

I would estimate that they could easily take reservations now on a good portion of Cascade units, that fall within the same range as all the sold out 99 West and Regent units.

My prediction: Cascade crane is in the sky by July 2016, at the latest.

[airhero]

That sounds soon to me. I wonder if they are waiting to see how leasing works out with 111 and 151 before they make a decision on whether to build Tower 8. If leases appear to fill up quickly and demand is high, they may decide to build Tower 8 and Cascade at the same time. Wouldn't City Creek Reserve save time and money by constructing Cascade and Tower 8 (and possibly the lot east of Harmon's) simultaneously? Also, they could advertise it as a sort of City Creek phase 2, increasing exposure and hype for the project, and possibly increasing the rate of sales for the current 99 West and Regent and pre-sales for Cascade.

That approach makes sense in my head, but only if Tower 8 is still planned and not more than a few years from being feasible.

[nushiof]

Are there any renderings of the Cascade besides this one? Looks cool.

[Future Mayor]

Originally Posted by nushiof

Are there any renderings of the Cascade besides this one? Looks cool.

Yes, are there any with me waving from one of the balconies?

[airhero]

Originally Posted by nushiof

Are there any renderings of the Cascade besides this one? Looks cool.

It's so cute and little. That thing would seriously only take a couple months to top out.

[Makid]

I still hope that the foundation for the Cascade was done with possible height increases in mind. The 250' Cascade in the designs may be undersized when construction is getting ready to begin.

As for costs, the biggest factor in the costs of the projects would be personnel. The more people you have working, the higher costs will go. They may get a discount for bringing on 500 workers for the 3 projects but even then, those costs would still be higher than 5 years ago due to the construction boom that is occurring currently.

As a side note, looking at this: http://censtats.census.gov/bldg/bldgprmt.shtml

The site tracks permits for residential construction. You can track it by County (yearly) or on a city level month and year.

It appears that in Salt Lake City through October there have been 13 building permits issued for residential buildings containing 5 or more units. These permits translate to 1,151 units. This is roughly 89 units per building.

This is up from 2014 (through October again for apples to apples) where there were 6 permits covering 242 units. Roughly 40 units per building.

This is a very large increase in just 1 year. Doubling the buildings and more than doubling the units per building.

I wonder if this will continue through 2016. Doubling the buildings again to get to 26 through October of 2016 and at least 2300 units. Doubling the units per building again though would be dramatic and put it close to 4700 units over 26 buildings. That just in SLC would lead to a large spike in population if vacancy rates continue to stay sub 7%.

It is fun to speculate how 2017 and 2018 would play out as well. With or without doubling. Just maintaining the same levels leads to big changes over the next couple of years.

It would also put SLC easily over 200,000 in the 2020 census.

I do think that this additional population will push the city to increase transit offerings sooner rather than later (S-Line double tracking/extension) and Downtown(University) streetcar lines if not also including the downtown to 9th South Streetcar line. This would be on top of additional bus services that would be needed.

[bflatflat9]

Originally Posted by Future Mayor

Yes, are there any with me waving from one of the balconies?

Which way would your window face?
I think I'd take the top SW corner. Sunsets and sunrises.
City and mountains. Best overall view.

[Future Mayor]

Great information Makid.

Yeah, Cascade could easily be undersized when it starts construction and I could see it easily being near 50% sold/reserved by the time it opens. I too hope they planned for the potential of a taller building with a larger foundation to support it, if needed.

While it does look short, at 250', it's only 15' shorter than The Regent, so about two floors less. That's still a decent sized tower.

One positive if Cascade does sell out quickly and/or is undersized, except for the large upper floor units, is that it will show that there is demand for additional high rise condos. That could ultimately lead to another condo tower, possibly "Pantages Place" yes I'm naming it that, could prove to be financially viable.

As for the increase year over year, I would expect 2016 to exceed 2015, if for no other reason, because of the Impact Fee moratorium. Yes construction costs will continue to rise but the overall cost per unit is still going to be lower due to that moratorium. This could be a reason that Cascade happens sooner than later, as they could fall into the moratorium time frame, and reduce the overall cost per unit.

As for City Creek Phase II, it's my understanding that the parcel east of Harmons is supposed to be developed by Cowboy Partners. I would estimate that depending on how fast the Liberty 200 E leases out, that the Harmons East parcel would be the next logical parcel for apartment development. With that said I would anticipate 151 being built before Tower 8, unless all financing completely falls through for Boyer. Tower crane movement for Property/City Creek Reserve. Complete 111, move crane to Cascade, Complete Cascade move crane to Tower 8.


I think someone else already outlined potential towers, but I want to do it again, partially because I'm bored and partially because it excites me. (not that much sickos) lol

My predicted order of Cranes rising:
Cascade
Regent Hotel
CCH
151
VUE
Pantages Place
Tower 8

[UrbanDesign]

The projects going in to the west of the Hardware Building are going to be a great addition to the west side of downtown. I've been told that the some of the residences will be very high end. The residences that are located higher than the Hardware Building will have some of the views in SLC, IMO! \

Hopefully this new office and residential space will be more incentive for the owners of the Gateway to rebrand and include a wider range of amenities such as: grocery, gym, etc.

[jedikermit]

Originally Posted by Future Mayor

partially because it excites me. (not that much sickos) lol

It excites me exactly that much.

Also, "Pantages Place"

[delts145]

WOW, That does put it into context. Huge, very impressive development. Salt Lake City seems to be entering into some sort of hyperdrive

.

Originally Posted by DMTower

This is the first proposal we've had that looks like a true TOD. Hopefully it happens as proposed.


Threw this together to put it in context.