Salt Lake City: Official Development News Thread - Part 5

[Marvland]

Originally Posted by Blah_Amazing

What it likely will be is an end to cheap credit. That doesn't mean an economic collapse. That doesn't mean even a recession. What it does mean is that it is now more expensive to build development projects. For some projects that depended on lots of debt and cheap interest rates, we are going to see them be put on hold or cancel. However, we are still seeing some projects advance. Unfortunately, the projects that do advance will likely pass on the additional costs to future renters. Meaning we can expect overall increases in apartment rents in the coming years.

I genuinely think nobody really knows what is going to happen. I personally think a serious collapse is very unlikely to happen at this point. If it was, I think it would have already manifested with all the pressure the Fed has placed on the economy. As I said in my original comment though..."who knows."

To be clear I know absolutely nothing, so there's that. But I know lots of people who do and are developers and bankers, big to small. When folks like Hines can't break ground, it speaks volumes. It isn't as simple as building it more expensive and passing it along to tenants. There's a breaking point where not only they can't rent it out (rents are flat if not receding), but they can't finance it. Carrying cost proformas have almost doubled on the loan side. Building costs are still high. I'm not a typical doom and gloom guy but the fundamentals are not looking good right now.

[Marvland]

This is a person on Twitter I don't follow or know about but it mirrors some of the noise I've heard. Claims LHM will announce their pursuit of a MLB franchise this week. I know there is noise from the Smith/Arctos side. Of course it would go to Daybreak.

https://twitter.com/jazzfan12000/status/1645525733522182144?t=TLXAZNvMdW-ZC6SqYb9IuQ&s=19

Edit: obviously all caveats here. It is a Twitter post. But if it is LHM it will be out in the boonies which is a bummer. But I would go to 40 games a year if it was on the surface of the moon. Also RIP Comrade if true. Lolz

[Atlas]

An MLB stadium built out in Daybreak would be the worst. No bars and few nice restaurants, very little history or character to the place, and not centrally-located at all. It would be good for property values out there but that's pretty much it. Oh but it's transit adjacent! Sure, except no visiting fan, or fans from Utah, Weber, and half of SL counties, will want to ride the Red Line to get there. It's just not convenient and would take 4x as long as driving. The parking lot will need to be massive.

Put it downtown, damnit. SLC government should get proactive about this.

[Marvland]

Originally Posted by Atlas

An MLB stadium built out in Daybreak would be the worst. No bars and few nice restaurants, very little history or character to the place, and not centrally-located at all.It would be good for property values out there but that's pretty much it. Oh but it's transit adjacent! Sure, except no visiting fan, or fans from Utah, Weber, and half of SL counties, will want to ride the Red Line to get there. It's just not convenient and would take 4x as long as driving.

Put it downtown, damnit. SLC government should get proactive about this.

Amen brother.

[Paniolo Man]

As reported by KSL.

The board of trustees will be voting on construction of a 1200 seat stadium at the site of the current practice facility.

[TheGeographer]

Originally Posted by Atlas

An MLB stadium built out in Daybreak would be the worst. No bars and few nice restaurants, very little history or character to the place, and not centrally-located at all. It would be good for property values out there but that's pretty much it. Oh but it's transit adjacent! Sure, except no visiting fan, or fans from Utah, Weber, and half of SL counties, will want to ride the Red Line to get there. It's just not convenient and would take 4x as long as driving. The parking lot will need to be massive.

Put it downtown, damnit. SLC government should get proactive about this.

I’ll start by saying I want any future professional team downtown or near it. My baseball experiences are downtown Denver at Coors Field. To your point Atlas around Coors there are plenty of bars, entertainment and festivities that surround the Rockies. The Rockies suck but people still go because Coors field experience is that great. I desire the same for SLC, not some suburban park.

With that said I think the southwest part of the valley gets a bad reputation, no thanks to the Millers and the Bees fiasco, or the giant mine down here, or the distance from downtown. I live on the south side of the valley and things are improving a lot down here from an urban perspective, and lots is going on which I find interesting. Id say a lot of the architecture in daybreak is actually much more interesting than most of the new blocky mid rises that are thrown up near downtown. Nothing compares to the old historical buildings downtown, because to your point Atlas it does not exist down here. The area down here is diversifying culturally because people can buy or rent nicer and newer places for the same price if not less down here then up in SLC. More affordability and less crime is attractive, even if the commute is unsustainable (hopefully they extend the trax and add more rapid transit bus routes). You’re right on the bar point (not that anywhere in Utah is great for bars), but there’s actually a lot of restaurants opening up down here that you can’t find elsewhere in Utah - WildFin, Las Botellas, etc. the amount of dense housing projects going up is crazy and scary because of the traffic it will bring. There are countless dense housing projects going up in daybreak and around Mountain View. Love it or hate it, it’s an up and coming area.

[wrendog]

My guess is that an MLB stadium is built in Daybreak, the development will also include an entertainment district.

If it doesn't, then they are incredibly short sighted

[SL,UT]

Looks like Unico has backed out of its plan to turn the old data center at 205 E. 200 S. into a mixed use housing project. They just put the property up for sale....

This according to the article on Building Salt lake

[Rileybo]

If big sports players are bored in downtown Salt Lake, wait til their fun options in Daybreak are a Chili’s, a Buffalo Wild Wings, and a Swig.

[Comrade]

The LHM MLB news makes zero sense.

They're not about to build two ballparks out in Daybreak - one for a MLB team and the other for a AAA team. You could reason then that they'd find another area in Utah for the Bees - but why announce their plans to relocate the Bees specifically to South Jordan? Literally the readout for their move from January states:

The Larry H. Miller Company will build a baseball stadium in Daybreak, a master-planned community in South Jordan, Utah, for its Triple-A baseball team, the Salt Lake Bees. The privately financed stadium will serve as a year-round entertainment anchor for the fast-growing southwest quadrant of Salt Lake County. Construction will begin this year, and the stadium will open for the 2025 baseball season. Details, including the location, renderings and surrounding amenities, will be released later this year.

You could say, "well maybe something changed..." but that doesn't add up, either. We're talking a span of three months here. There's no chance in hell that the LHM Group just decided in the last three months that they were going to pursue a MLB team.

It doesn't happen like that.

So, why release plans to move the Bees to South Jordan and discuss a MINOR league stadium if you had intended to go after a MLB team anyway? It's not like they're instantly moving the Bees - they're set through the end of the 2024 season.

Knowing this, I've concluded one of three things:

1. This guy is full of shit.

2. The LHM Group is going to make a very vague announcement about looking at whether it's viable to bring a MLB team to Salt Lake, with no tangible date outlined, which means we could be talking ten-plus years.

3. The LHM Group is relocating the Bees to South Jordan to be an affiliate to the Salt Lake MLB team and they plan on building a new MLB stadium on the site of Smith's Ballpark (or Draper, I guess - but not South Jordan).

It would explain what the hell this is in a proposal FOX 13 spoke about last month regarding the parking lot just north of the stadium (which had a huge stadium-like structure shown on the site of Smith's without any context as to what the building was:



I guess we'll see what happens. Tomorrow or Thursday he said.

[wrendog]

My guess, and this is Occam's razor talking here, it is much ado about nothing and the random tweeter doesn't know anything

[Comrade]

Originally Posted by wrendog

My guess, and this is Occam's razor talking here, it is much ado about nothing and the random tweeter doesn't know anything

Probably. Though, I do know some people were hinting at the Bees relocating to SJ before it actually happened.

Still, I spoke with someone who works for the LHM Group and he told me he hasn't heard anything. Of course, that doesn't mean much but he said he didn't believe the tweet.

[wrendog]

Seems like there are some legs to the story. I like this idea much better

https://buildingsaltlake.com/officials-i...lb-stadium-on-salt-lake-citys-west-side/

[Comrade]

I'd prefer downtown but I can totally live with that location. Especially if they incorporate the stacks into it!

[wrendog]

Originally Posted by Comrade

I'd prefer downtown but I can totally live with that location. Especially if they incorporate the stacks into it!

For sure. The stacks would be awesome and iconic. Seems like they would want to build a whole sports district, which would include entertainment too, I would assume

[Comrade]

This would be a huge win for the west side of the city. Frankly, the area deserves it.

[mattreedah]

Originally Posted by Comrade

This would be a huge win for the west side of the city. Frankly, the area deserves it.

The synergies with an improved Fairpark and more accessible Jordan River are exciting to think about.

[Comrade]

Originally Posted by mattreedah

The synergies with an improved Fairpark and more accessible Jordan River are exciting to think about.

It makes so much sense. It would act as a catalyst for that neighborhood and bridge the divide between downtown and the west side.

That area has been so neglected over the years.

Hell, even Kearns has the Olympic Oval and WVC the E Center.

It's the one part of the valley that I think deserves something of this scale.

Now I'm getting my hopes up.

Watch. They'll intend to build the stadium there. Then the legislature will do something to block certain funds or something ridiculous from going to the stadium, they'll struggle financing the build, declare the project dead and magically, they'll make a deal ... but this time out in Draper on the old prison site. And of course, those same restrictions the legislature imposed on Salt Lake? Yeah, we'll reverse 'em so that Draper can use those funds.

Think that sounds conspiratorial? lmao

It's exactly what happened with the RSL stadium. Hopefully this time it goes better.

[RC14]

I hope this is true. This location would be great. It would be next to a TRAX station and the Jordan River trail, easy access from Downton and the airport... The stadium would probably have a great view of the mountains and the SLC skyline, similar to Smiths Ballpark.

[Marvland]

Originally Posted by Comrade

It makes so much sense. It would act as a catalyst for that neighborhood and bridge the divide between downtown and the west side.

That area has been so neglected over the years.

Hell, even Kearns has the Olympic Oval and WVC the E Center.

It's the one part of the valley that I think deserves something of this scale.

Now I'm getting my hopes up.

Watch. They'll intend to build the stadium there. Then the legislature will do something to block certain funds or something ridiculous from going to the stadium, they'll struggle financing the build, declare the project dead and magically, they'll make a deal ... but this time out in Draper on the old prison site. And of course, those same restrictions the legislature imposed on Salt Lake? Yeah, we'll reverse 'em so that Draper can use those funds.

Think that sounds conspiratorial? lmao

It's exactly what happened with the RSL stadium. Hopefully this time it goes better.

Comrade, I can't tell you how much it means to me to see you even the slightest bit less skeptical about an MLB franchise in SLC. Truly the RMP site is the one. We will see if they can pull it off. Total haymaker if they do it. It would be a total game changer for the state, the city and specifically the West Side. The state can't derail it. Buffett owns the site and enough cash to buy Africa. The Millers are no slouches finacially and they are proven franchise owners. This is all of the sudden one of the most capable owner packages the MLB will see. The land, the cash. Fingers crossed.