Utah Theater Update - SLC RDA meeting July 12th
http://www.slcrda.com/meetingsmin/2016/BOD/0712/7.C.UtahTheater.pdf
Consideration and Adoption of a Resolution to Negotiate an Agreement
with the Joint Venture of Hines Interests Limited Partnership and the
LaSalle Group for the Redevelopment of RDA-owned Property Located
at 144 and 156 South Main Street.
LaSalle has continued to pursue its interest in the project and is prepared to enter a new agreement with the RDA that would include Hines Interests Limited Partnership, which owns the Kearns Building immediately to the north of the Utah Theater, as its development partner.
The significance of the addition of Hines as a development
partner is twofold: First, Hines brings vast experience and capabilities to steer the project as a global real estate investment firm with $89 billion assets under management, and a deep portfolio of properties it has developed. Second, the adjacent property that serves the Kearns
Building provides opportunities to maximize efficiencies on key aspects, such as parking and mid-block circulation.
Hines has expressed an interest in developing a multi-family project on the portion of the site that faces Main Street, and integrating with this project the restoration of the Utah Theater and other amenities and uses that will activate the site and engage Main Street. Entering a new Exclusive Negotiations Agreement with Hines as a participant will enable us to begin exploring uses for the theater, as well as costs, funding sources, and a deal structure for its restoration. It will also provide the opportunity to explore other uses that could be integrated into the project that would supplement the development of a cultural core that is underway with the construction of the Eccles Theater and Regent Street projects.