Salt Lake City: Official Development News Thread - Part 4

[Liberty Wellsian]

Originally Posted by asies1981

Planning Commission approved a 32-unit condo project last night. The condos will be for sale, stacked-flats units.

That's awesome. I had noticed the sign on the property for the last month or so and was curious what would come of it. This is better than what I would have guessed would go there. Hopefully this project creates development momentum and more density in the neighborhood.

[Future Mayor]

I'm not going to say more than a little, but I'm really excited. I know I've had many many development ideas in the past, many of which I still hope to do, however I have recently come up with one that really excites me and I'm hoping I can make it pencil out.

I am taking a trip in October to meet with developers and investors to pitch the idea and hopefully get some potential investment commitments.

I'll let you know how the trip goes, but unfortunately I won't be releasing info on the project until the properties I need to acquire are under my control.

keep you fingers crossed and send some good vibes. You'll all like the overall project and concept, if I can get it to happen.

[s.p.hansen]

Originally Posted by Future Mayor

I'm not going to say more than a little, but I'm really excited. I know I've had many many development ideas in the past, many of which I still hope to do, however I have recently come up with one that really excites me and I'm hoping I can make it pencil out.

I am taking a trip in October to meet with developers and investors to pitch the idea and hopefully get some potential investment commitments.

I'll let you know how the trip goes, but unfortunately I won't be releasing info on the project until the properties I need to acquire are under my control.

keep you fingers crossed and send some good vibes. You'll all like the overall project and concept, if I can get it to happen.

That's great

Sending good vibes

[airportvids]

Hi everybody.

I just wanted to share a video of the new main street theater that will open in less than a month. I took a tour of the new building and it is amazing.
• Video Link[/QUOTE]

Anyone can tour the new building. The doors are open. Go check it out.

[ajiuO]

Originally Posted by Future Mayor

I'm not going to say more than a little, but I'm really excited. I know I've had many many development ideas in the past, many of which I still hope to do, however I have recently come up with one that really excites me and I'm hoping I can make it pencil out.

I am taking a trip in October to meet with developers and investors to pitch the idea and hopefully get some potential investment commitments.

I'll let you know how the trip goes, but unfortunately I won't be releasing info on the project until the properties I need to acquire are under my control.

keep you fingers crossed and send some good vibes. You'll all like the overall project and concept, if I can get it to happen.

Can you at least say if it involves a Carl's Jr. Being demolished?

[ajiuO]

Originally Posted by arkhitektor

I miss corsoroads

[Future Mayor]

Originally Posted by ajiuO

Can you at least say if it involves a Carl's Jr. Being demolished?

You've got high hopes for my first project, thanks for the confidence, but no, no Carl's Jr's will be demolished in this project. Sorry to disappoint you.

[GBurrow]

Steel has begun to rise at the new DA building site on 500 South

[ThePusherMan]

Originally Posted by GBurrow

Steel has begun to rise at the new DA building site on 500 South

Good. Seems like they are moving quickly now that the ground has finally been broken. I quite like the design of the DA building. It will much nicer to look at then the parking lot that was there before. That trax station is such a busy one because of transfers... it will be a great improvement.

[Orlando]

From what has been shown and described, I have a lot of doubts about this.

And, I echo the sentiments of Honolulu guy about the lack of developments in general. Why is it so slow? Seattle has over 50 tower cranes up right now.

[DMTower]

^^^ Seattle also has Amazon creating 20,000 jobs right now.

[airhero]

Originally Posted by Future Mayor

You've got high hopes for my first project, thanks for the confidence, but no, no Carl's Jr's will be demolished in this project. Sorry to disappoint you.

I bet no Carl's Jr will be demolished because FM's project will preserve the Carl's Jr by building around and over the top of it. Would be a shame to get rid of that gem.

[Future Mayor]

Originally Posted by airhero

I bet no Carl's Jr will be demolished because FM's project will preserve the Carl's Jr by building around and over the top of it. Would be a shame to get rid of that gem.

Well I guess the location of my project is out of the bag. lol.

All kidding aside. If any of you run across images of nice looking modern designed buildings, in the 4-7 story range, mixed use commercial and residential please send them my way. The more information I have for my meetings in October the better.

The only criteria I ask for is that they must be 100% or more, beige, tan, brown, off white, hazel wood, egg not, oat, sand, or buttermilk stucco.

[TheWire]

This potentially could have a huge impact on the direction of future development, along with setting up a potential battle between the City Council and the Mayor's office.

"Under the new analysis, impact fees could jump by as much as 62 percent on new single-family homes within city limits, to $5,598 per home. Fees on new apartments would rise a more modest 5 percent, to $3,456 per dwelling.

One-time charges on commercial projects — such as new stores, offices and industrial buildings — would fall by between 45 percent and 87 percent, based on the study by financial-consulting firm Lewis Young Robertson & Burningham."

http://www.sltrib.com/home/4373637-155/salt-lake-city-braces-for-new

[TonyAnderson]

Originally Posted by Orlando

From what has been shown and described, I have a lot of doubts about this.

And, I echo the sentiments of Honolulu guy about the lack of developments in general. Why is it so slow? Seattle has over 50 tower cranes up right now.

There doesn't seem to be a lack of developments in general along the Wasatch Front. But perhaps a lack in Salt Lake City proper. Of course, comparing to Seattle doesn't make sense.

[TonyAnderson]

Originally Posted by TheWire

This potentially could have a huge impact on the direction of future development, along with setting up a potential battle between the City Council and the Mayor's office.

"Under the new analysis, impact fees could jump by as much as 62 percent on new single-family homes within city limits, to $5,598 per home. Fees on new apartments would rise a more modest 5 percent, to $3,456 per dwelling.

One-time charges on commercial projects — such as new stores, offices and industrial buildings — would fall by between 45 percent and 87 percent, based on the study by financial-consulting firm Lewis Young Robertson & Burningham."

http://www.sltrib.com/home/4373637-155/salt-lake-city-braces-for-new

What does new single family homes include? Condos, townhomes? Because there's almost no new single family homes being built in SLC, nor will there much more in the future.

[Makid]

Originally Posted by TheWire

This potentially could have a huge impact on the direction of future development, along with setting up a potential battle between the City Council and the Mayor's office.

"Under the new analysis, impact fees could jump by as much as 62 percent on new single-family homes within city limits, to $5,598 per home. Fees on new apartments would rise a more modest 5 percent, to $3,456 per dwelling.

One-time charges on commercial projects — such as new stores, offices and industrial buildings — would fall by between 45 percent and 87 percent, based on the study by financial-consulting firm Lewis Young Robertson & Burningham."

http://www.sltrib.com/home/4373637-155/salt-lake-city-braces-for-new

My understanding is that the City couldn't spend all of the money they were collecting in Impact Fees and that is why the Abatement happened.

The State hasn't changed the law that says that Impact fees must be used for new items and can't be used for enhancements, maintenance and operations.

If the law for impact fees was changed to allow it to be used for anything the City needs in the general area of the project where the fees originated, this would allow the city to use funds from the Sugar House projects to extend the S-Line, double track and expand the trail. It would also help South Salt Lake with the same issues.

The same can be done with Parks and maintenance on them near larger projects.

Doing this update at the State level could open the door to Cities actually using funds to improve their infrastructure while not directly impacting the residents and current businesses.

It might even allow taxes to stay steady, rather than needing to be increased for various items (Transportation, parks, Police, Affordable Housing, etc.) when the city is booming with all types of construction.

Unfortunately, this may be a hard sell to the State as currently any unused funds are given back to the developer. These funds should stay in the City to be used to help the given areas.

Imagine the impact this could have around the Homeless Shelter(s) as projects come online. It could pay for additional police services in the area, beautification projects and more that currently aren't available.

The Hub projects could help pay for the Downtown and Granary streetcars. North Temple projects could go to funding the Black Line and expanding bus service. Maybe even to helping build up and restore the Fair Park land and buildings.

[Marvland]

Originally Posted by TonyAnderson

There doesn't seem to be a lack of developments in general along the Wasatch Front. But perhaps a lack in Salt Lake City proper. Of course, comparing to Seattle doesn't make sense.

We have the development. Just not the towers. Infill is still alive and well because of all of the demolition we did in the 70s and 80s. Rents need to average $2.50psf-plus to pencil steel and go tall. Median condo pricing is getting there. My guess is on the residential side, we will see another condo tower before we see apartments.

I also think the market is waiting for the CCH shoe to drop and I don't think we will hear a peep on any other hospitality deal until that hits. That's a really big project. My guess is they are going back to the trough for more subsidies in January. After the Facebook loss, McAdams is batting 0% right now and needs to dig deep.

[Future Mayor]

Like you said however, Good luck getting that past the legislature. There are to many developers in the pockets of legislators to ever get anything like that to pass.

No development in Utah pays true impact fees, because of this law. The need for it to be used in the immediately surrounding area. Impacts extend way beyond the small area surrounding the development. The two best examples are Eagle Mountain/Saratoga Spring, a major part of the impact for those areas was the need to widen Lehi Main St, Redwood Rd and the creation of Pioneer Crossing and the Mtn View corridor I-15 connector. Non of those things would have been necessary if those two communities didn't explode, yet none of the impact fees collected from any of those homes went to expand or build those roads.

The best (worst) commercial example is Thanksgiving Point. Those buildings had a huge impact on infrastructure and particularly the I-15 interchange, yet none of those impact fees on those buildings went to upgrade that interchange.

[TheWire]

The Utah Jazz will be doing a live stream of their announcement on Vivint Arena's renovation plans tomorrow (9/21) at 1:30 MT on utahjazz.com