Salt Lake City: Official Development News Thread - Part 5

[Marvland]

Originally Posted by gakidave

With Firestone closing all but one of their Utah locations, their store on 300 S and 200 E would probably be a prime lot to redevelop into something taller. Crossing fingers...

Though the same thing only different. I have drooled over that location as a brewery patio food thing site. Alas one of the photos on Google shows a sign on the front door that says that Les Schwab or something is taking that site over. My guess is most of their locations will suffer the same fate.

[Makid]

Originally Posted by Always Sunny in SLC

Thanks for the update! Actually, what I was asking was if you had any idea what the mysterious projects are in the article? I was just wondering if it was any of those.

I know that Block 67 was in the article, both Phase 1 and Phase 2, so I don't think that the article was referring about any updates here.

I do think that 370 Millennium is one of the projects they were referencing as in the pipeline. While shorter, I would also think that the 10 story developments by Patrinely (at least phase 1) and Salt Development could be included.

Outside of these, some of the other locations that there is some movement on or previously discussed about are that have a high degree of possibility in the next 10 to 15 years:

Arrow Press Square - Hotel, Residential, more...
SE corner of West Temple and 2nd South
Carl's Jr. Redevelopment
Regent Hotel
Utah Theater - Residential, Hotel, etc.
5th South and Main (land directly west of the new DA office)
UTA's new corporate office tower at the Central Station
Greek Orthodox land/redevelopment
Additional CCRI/PRI commercial towers
CCRI / Cowboy Partners apartments east of Harmon's
The Cascade

There are more that I have heard about but are in very early planning stages.

[delts145]

Paris...Heartbreaking. Notre Dame engulfed in flames.

[Utah_Dave]

Thanks for the Info Makid. Give us some rumors to on the projects that are in the very early planning stages so we something else to work with if you can.

As always, excellent work!

[Utah_Dave]

Originally Posted by delts145

Paris...Heartbreaking. Notre Dame engulfed in flames.

That’s about as bad as it can get. I wouldn’t expect a fire that big, does the cathedral have a lot of wood in the structure or is it just the roof and scaffolding materials? What a loss!

[Makid]

Originally Posted by Utah_Dave

Thanks for the Info Makid. Give us some rumors to on the projects that are in the very early planning stages so we something else to work with if you can.

As always, excellent work!

Sadly, the only thing I can state regarding 1 of the projects is that we haven't heard the last about large hotel projects.

CCH with 750 rooms (approx.) and APS bouncing between 500 and 800, depending on what APS goes with, we may see another 500 to 700 room hotel announced shortly after the CCH is completed or is nearly complete.

This is lightly referenced in the Des News article regarding the impact the CCH will have around the Convention Center.

[delts145]

Originally Posted by Utah_Dave

That’s about as bad as it can get. I wouldn’t expect a fire that big, does the cathedral have a lot of wood in the structure or is it just the roof and scaffolding materials? What a loss!

Unfortunately, much of the priceless interior/carved craftsmanship/artwork is eight hundred year old timber and or highly flammable works of art attached to the woodwork. Infact, The interior of Notre Dame was nicknamed "The Forrest". Interior damage to priceless paintings, stained glass, etc. is being described as a colossal loss.

[Old&New]

https://artsaltlake.org/capitol-theatre-renovation/

(This answers my question about Capitol Theater’s terra-cotta cournice. Very happy about this news)

[airhero]

A City Creek condo update hasn't been done in nearly a year. I don't know if anyone even cares at this point. It's been a slow process. City Creek opened 7 years ago and still has units that have never been sold. They are nearly there though. And the rate of sales has increased this last year.

Last updated 07/02/2018

99 West:
172 of 185, up 13; 93%, up 7%

The Regent:
148 of 150, up 4; 99%, up 3%

Richards Court:
81 of 91, up 18; 89%, up 20%

Total:
401 of 426, up 35; 94%, up 8%



Also, there is a Louis Vuitton opening at City Creek. I remember there being some discussion about LV when City Creek first opened and I really wanted a store here. I don't care at all anymore but perhaps some of you do.

[delts145]

Actually I think a lot of us have missed the periodic updates of City Creek. I remember Future Mayor use to post them quite regularly. Thanks for the update Airlhero.

Along the same topic of condo's at City Creek. What again would be a reason why The Cascade cannot now move forward. Seems to me like a little creative leasing alla Deer Valley luxury condo allowances would go along way to spur interest in robust sales at the Cascade location, especially now that the new CCH is going up. Even just regular straight forward condo sales would seem to have excellent prospects at the Cascade location. Makid, perhaps you or anyone with some pertinent info. could give us an update on the Cascade. I know Property Reserve is very careful about not endangering other projects by creating too much competition. Is Property Reserve now waiting for Liberty Sky to reach completion and occupancy before they announce the Cascade?

I get a little frustrated when I see what's on the boards for upscale high rise residential in Austin. Not only multiple towers going up, but many are very attractive, even beautiful. I know that the Wasatch Front is probably more single residential minded, particularly in the luxury high end category. I mean the jaw dropping scenery surrounding many of the luxury plots around the Wasatch Metro would tempt anyone, but still it seems as if Salt Lake City's high rise luxury residential is extremely under served. In fact, some of you statisticians can verify that Salt Lake has a deficit of desired luxury high rise residential. I remember reading reports saying that the luxury market downtown for apartments is woefully under served.

[Makid]

Originally Posted by delts145

Actually I think a lot of us have missed the periodic updates of City Creek. I remember Future Mayor use to post them quite regularly. Thanks for the update Airlhero.

Along the same topic of condo's at City Creek. What again would be a reason why The Cascade cannot now move forward. Seems to me like a little creative leasing alla Deer Valley luxury condo allowances would go along way to spur interest in robust sales at the Cascade location, especially now that the new CCH is going up. Even just regular straight forward condo sales would seem to have excellent prospects at the Cascade location. Makid, perhaps you or anyone with some pertinent info. could give us an update on the Cascade. I know Property Reserve is very careful about not endangering other projects by creating too much competition. Is Property Reserve now waiting for Liberty Sky to reach completion and occupancy before they announce the Cascade?

I get a little frustrated when I see what's on the boards for upscale high rise residential in Austin. Not only multiple towers going up, but many are very attractive, even beautiful. I know that the Wasatch Front is probably more single residential minded, particularly in the luxury high end category. I mean the jaw dropping scenery surrounding many of the luxury plots around the Wasatch Metro would tempt anyone, but still it seems as if Salt Lake City's high rise luxury residential is extremely under served. In fact, some of you statisticians can verify that Salt Lake has a deficit of desired luxury high rise residential. I remember reading reports saying that the luxury market downtown for apartments is woefully under served.

For the Cascade, it isn't waiting on Liberty Sky. The apartment tower that is slated to go East of Harmon's is waiting for how Liberty Sky does.

There are a few things holding the Cascade back:

1st is the competition issue in that they don't want to be the only Condo developers and do want to see someone else jump in.

2nd is construction costs/crews. In order to keep costs down so that the prices would more closely match the Regent, there needs to be more competition from contractors.

3rd is prices. The condos for 99 West, Regent, and Richards Court all were higher originally. When they reduced the costs of the units, this lengthened the time before the funding levels were high enough to support the construction of the Cascade. This is only an issue in that they are self funded to avoid the pre-lease/sale of units prior to construction.

4th is the current housing market. Many people are actually happier with renting than owning. This has been especially true in the SL Valley. While the condos at City Creek have been available for 7 years, the fact that they haven't sold out is a reflection. During the same time, thousands of apartments have been built in and around downtown. Occupancy rates for apartments in SLC are still below 6% and rents are going up every year. Some rents are over $4K with some planned to top $8K each monthly.

There are a few other reasons but these are the main ones. I know that it is brought up often that the Cascade should be built as planned but the units available for purchase or rent.

[JMK]

CW Urban - The Lucy
adjacent to the Ballpark TRAX station
35 for sale townhomes
future phase 52 condominiums



via LinkedIn

[DCRes]

A while back there was a lot of discussion surrounding the BLM relocating away from Washington DC. HAs anyone kept up on that or heard new rumors?

[Utahn]

Originally Posted by DCRes

A while back there was a lot of discussion surrounding the BLM relocating away from Washington DC. HAs anyone kept up on that or heard new rumors?

There's no real new news here. BLM relocation plans were put on held after Secretary Zinke left the Interior Department. The new Secretary of the Interior was officially in place about a week ago. They have mentioned that the BLM has proposed funding for its 2020 budget to look at relocation and the new Secretary of the Interior says they still intend to make the push. Salt Lake, Ogden, Boise, Tucson, and Grand Junction are all trying to land the BLM headquarters.

[Always Sunny in SLC]

Originally Posted by Makid

4th is the current housing market. Many people are actually happier with renting than owning. This has been especially true in the SL Valley. While the condos at City Creek have been available for 7 years, the fact that they haven't sold out is a reflection. During the same time, thousands of apartments have been built in and around downtown. Occupancy rates for apartments in SLC are still below 6% and rents are going up every year. Some rents are over $4K with some planned to top $8K each monthly.

There are a few other reasons but these are the main ones. I know that it is brought up often that the Cascade should be built as planned but the units available for purchase or rent.

I find this incredible. It blows my mind how much more popular renting is even on the high end where clearly they could afford owning. 7 years on the market and still CCC has not sold all their units is massively disappointing. I know we have talked in the past about some of the reasons, but I am shocked there isn't more of a market for this type of housing regardless of who the builder is.

I would love to see more condo towers built in downtown, but they would need to be much more aggressively priced as evidenced by CCC woes.

Here is an article that might give some more light to the subject from national policy perspective.

https://www.sightline.org/2017/08/14/why-seattle-builds-apartments-but-vancouver-bc-builds-condos/

[Orlando]

Originally Posted by Old&New

https://artsaltlake.org/capitol-theatre-renovation/

(This answers my question about Capitol Theater’s terra-cotta cournice. Very happy about this news)

What exactly is this?

Finally, we are reinstalling the original terra cotta roof façade that has been painstakingly restored.

[arkhitektor]

Originally Posted by Orlando

What exactly is this?

You can see it on google street view if you go back to 2015:



That vs. how it appears currently (well, in 2018):

[Old&New]

Originally Posted by Orlando

What exactly is this?

https://artsaltlake.org/venue/capitol-theatre/



https://loyaltytraveler.boardingarea.com/2015/01/23/making-trax-around-slc/

[Old&New]

Originally Posted by Always Sunny in SLC

I find this incredible. It blows my mind how much more popular renting is even on the high end where clearly they could afford owning. 7 years on the market and still CCC has not sold all their units is massively disappointing. I know we have talked in the past about some of the reasons, but I am shocked there isn't more of a market for this type of housing regardless of who the builder is.

I would love to see more condo towers built in downtown, but they would need to be much more aggressively priced as evidenced by CCC woes.

Here is an article that might give some more light to the subject from national policy perspective.

https://www.sightline.org/2017/08/14/why-seattle-builds-apartments-but-vancouver-bc-builds-condos/

I think the builder and who owns the property makes a huge difference. With how the contracts are laid out, the equivalent to buying a condo at City Creek Center would be buying a condo on "Indian land" or Native nation land; It's not necessarily a property you can "keep in the family" indefinitely. I don't think City Creek Center is a good example of how hot the current condo market is. Additionally, these condos sit on land owned by a controversial organization that some will choose not to support.

[Scraperdude801]

Originally Posted by Old&New

I think the builder and who owns the property makes a huge difference. With how the contracts are laid out, the equivalent to buying a condo at City Creek Center would be buying a condo on "Indian land" or Native nation land; It's not necessarily a property you can "keep in the family" indefinitely. I don't think City Creek Center is a good example of how hot the current condo market is. Additionally, these condos sit on land owned by a controversial organization that some will choose not to support.

This.