Salt Lake:Official development news thread

[wrendog]

I'm 99% certain the money used for the airport right now is NOT for the new terminals. It's all upgrades to the current terminal

[Orlando]

Future Mayor, I think your idea of having Sundance helpt to pay for the new theater is brilliant! "It would be great if Sundance Institute would chip in a little cash and partner with the city or County on renovation of the Utah. I would like it to be restored with the balcony rather than leave it as two separate theaters. It could be as someone else mentioned, the theater for the large Sundance premiers, I love the Egyptian in PC but PC is bursting at the seems showing Sundance films. Plus with the new CCC stores that are new to the market, higher end, that will give people something to do while in the SLC. SLC is really changing, and although it is the LDS church that is building CCC the face and culture of the city is become more and more diverse, and would be a great addition to Sundance."

How can we forward this idea to the city decision makers?

[RFPCME]

Ah, yes...SLC International Airport expansion...one of my favorite topics.

So the SLC budget goes up $100M in a year, about 14%, most of it attributable to SLC Int. expansion. Does anyone understand the financing surrounding airport operations? Projects, what do you know?

I realize the Airport Authority is a self-financing organization, or at least I think it is. And the $100M is a lot of money. But given the changes that need to take place at the airport, it would probably take 30 years to finance the needed upgrades WITH OUT ANY INFLATION. If you calculate a modest rate of inflation, say between 2-3% a year in construction and material costs, then the price tag at least doubles during that time frame.

Haven't at least some of the expansion projects been financed through bonding, under-written by the City and County? Because the airport is truly a regional asset, it seems the State and sections of neighboring states that use the airport ought to be involved as well. Many airports (e.g., Cincinnati, Kansas City, Newark) are not even in the same state as the MAJOR cities they serve. It does not make sense to me to treat such a major public asset on a pay-as-you-go basis. Can we imagine where the I-15 rebuild would be if that were the approach? Or mass transit? Or public education? (although I realize massive amounts of Federal money were available for the first two; thank you, Bill Clinton).

I don't understand airport financing and operations. But it seems to me that bonding for a major overhaul of the airport would make financial sense in the long run, not considering the other benefits to the City the expansion would bring. I probably just don't understand the issues. Or maybe I keep underestimating the rift between SLC and other government entities. Possibly the Becker administration can resolve at least part of the problem.

[RFPCME]

Man, I looked at the Holding block between 4th and 5th S. and Main and West Temple tonight on Google Earth. I cannot count the times I've driven by it and wondered why nothing had ever been done with it. It is one PRIME piece of real estate.

The Holding's never do anything on the cheap and without great attention to detail. The idea of some massive mixed-use development, especially with an energy theme because of the Holding family's ownership of the Sinclair Oil, on that property would really be something to see. I would expect any development on that property would up the ante considerably for any other planned development in the CBD.

[urbanboy]

Originally Posted by RFPCME

The Holding's never do anything on the cheap and without great attention to detail.

A while back I posted my thoughts of the Grand America. While it is a nice hotel, it missed some great opportunities in regards to its design. Had the building been placed right up to the sidewalk, on the Main Street side, the retail could have had windows right on Main Street giving pedestrians who passed by an opportunity to window shop. This way, purchases wouldn't only be made by those staying in the hotel. Furthermore, and most importantly, by continuing this historical placement of buildings on Main Street (right up to the sidewalk), It would have given it the opportunity to expand further south. Hopefully if the vacant block is developed, Earl and his crew will not make the same mistakes.

Also, I do want the Utah Theater to be restored to its original glory, the way it looked when it was named "Pantages," not to the double screen Utah Theater (which was a huge mistake!).

[SLC Projects]

Originally Posted by urbanboy

A while back I posted my thoughts of the Grand America. While it is a nice hotel, it missed some great opportunities in regards to its design. Had the building been placed right up to the sidewalk, on the Main Street side, the retail could have had windows right on Main Street giving pedestrians who passed by an opportunity to window shop.

Right on we both agree on this. I always thought the same thing. With both Hotels right there on Main it always feels like a ghost town.

[delts145]

Downtown - Condo market feels the crunch - But new-unit prices haven't dropped yet despite sales slowdown

http://www.sltrib.com/news/ci_9200998?source=rv


Al Hartmann/The Salt Lake Tribune

...Across downtown, to the west, Howa Capital should have started on its 90-unit condo and townhome development along 300 West between 500 North and 600 North in January. Instead, the company is set to begin construction shortly on the planned retail and office space of the Marmalade project.

.

[ski_steve]

SLC to Sugar House developer: Fill this hole

By Derek P. Jensen
The Salt Lake Tribune

Salt Lake City is ratcheting up its pressure on a Sugar House developer, threatening legal action if the controversial Granite Block demolition site is not cleaned up and landscaped as promised...




http://www.sltrib.com/news/ci_9200977?source=rss

[SLC Projects]

This sucks. First Midtown Village was put on hold, then Marmalade and now the sugarhouse project is now on hold as well?

Didn't we just had a slow economy back in 2001-2005 when Salt Lake didn't have handily ANY projects going on? And now FINALLY after like 5 or 6 boring years we are just starting to see major projects going on downtown and though out the metro. But now some of these projects ( One by One ) are now being put on "Hold".
The thing is I think alot of these developers just wait way too damn long to start developing their projects. They just talk, talk and talk about it for the longest time before we see anything happen. And if alot of these guys would of just stated developing these projects back in like 2005 when the economy was Hot we would not be in this mess.
Take the 222 South Main project for example. How long was that project in the planning stages? YEARS! And now we are finally about to see Steel beams rise from the ground. Something that should of been done like three years ago.
Fact is I think alot of these projects we have been seeing breaking ground or about to break ground should of happen two years ago. Not now when the economy is going down hill.

[Scraperdude801]

I agree that little america and grand america blocks feel like a ghost town. I think little america isa super shitty design with only one tower, and then those cheesey 2-3 story buildings every where else. That should be changed and see more towers that greet the street.


now to the economy, I think SLCProjects is spot on. If developers didn't wait then we wouldn't be seeing all this shit.

1. Metro condos has taken forever in construction time
2.Broadway park lofts has as well
3. Sugarhouse was premature and done by a douchebag and done on real estate that people didn't want re developed.
4. HP took 10 years to break ground making us lose out on alot of the demand because we were told that there was a tower coming that never came. I know so many people who had to get office space in the burbs because there was nothing downtown.

etc. etc. it is just the same old story for salt lake. ... CCC is happening though and HP is happening now as well as others. I just hope the developers push through with the foresight that we will bounce back and when we bounce back they will have some projects online to meet the demand to keep our economy strong.

[leerjet]

I definitely share your dicouragement with the lack of progress on some of these projects. However I think that the thing to consider is that pulling together a project can be a lot more difficult than even experienced developers may anticipate. I'm guessing that a big problem developers face right now is financing. Conventional lenders may be more skiddish now than in previous years due to the credit crisis and so on. That is also affecting demand as far as able and willing condo buyers, obtaining presales and so on. Some developers are looking towards hedge funds and other non-conventional sources to obtain more expensive financing in order to have a little more flexibility with presales and spending. The entire market has been off guard though and it's hard to know when we've seen the end of sub-prime so I don't know that I would be too upset with developers for being caught off guard... maybe even a little empathetic toward them.

As far as the HOWA project, I heard a rumor that they got a hung up on an electical planning issue rather than financing which delayed constuction. That could be heresay though.

[DENrising]

Originally Posted by RFPCME

Man, I looked at the Holding block between 4th and 5th S. and Main and West Temple tonight on Google Earth. I cannot count the times I've driven by it and wondered why nothing had ever been done with it. It is one PRIME piece of real estate.

The Holding's never do anything on the cheap and without great attention to detail. The idea of some massive mixed-use development, especially with an energy theme because of the Holding family's ownership of the Sinclair Oil, on that property would really be something to see. I would expect any development on that property would up the ante considerably for any other planned development in the CBD.

With oil prices the way they are, you'd think Holding would take some of those mega profits and develop the block. How could he go wrong, with transit at it's doorstep, and two courthouses. It could be a great place for a mixed use development.

[Comrade]

I knew this whole SugarHouse development was crap from the start.

[SLCforme]

you and I both Comrade. Meacham... hmm, I will hold off on the conspiracy theories, but I will say that he made the statement that he wanted sugarhouse to be a place that "everyone can enjoy", which to me says that he was not happy with the clientèle that occupied those blocks.
And I totally agree that these developers want to wait until there is a red hot economy to start their projects, but there is a problem, the economy normally doesn't stay hot for more than about 2 years, and it takes that long to construct a large project, so by the time it is done, the economy has taken a downturn. And to make it worse, they actually seem to wait until it has been good for about a year or two before starting so it takes a downturn around groundbreaking, and then they put their project on hold. If I were one of these developers, I would break ground right now, because odds are, that in two years the economy will have recovered and sales will be brisk at that point.

[leerjet]

"I would break ground right now, because odds are, that in two years the economy will have recovered and sales will be brisk at that point."

Oh let's hope so! I'm involved in a project that is now applying for a building permit... they hope to break ground before winter hits.

[RFPCME]

Urbanboy, Projects, and Scraperdude: You're all right. The Little and Grand Americas area is a ghost town. And you're also right that some design changes at the Grand, like moving the hotel much closer to the street and using the first floor for mixed use, would have made the project much better. I suspect if the Holdings could redo the project, you would see changes like that. But SLC needed a 5-star hotel before the Olympics, and the Holding's stepped up. The Marriott Corporation did not. Not that it makes any difference, but I have avoided Marriott's like the plague since then. I gotta believe the Holding's will do a better job if given a second chance in that area.

As to developments on hold...I was talking with a local developer here in Georgia today that we have just leased some some office space from. I mentioned the Hill AFB/Falcon Hill development because I knew this developer had tried to do the same thing a couple of years before at Robins AFB here and finally gave up. He made two very interesting points: first, if the cost of financing a project adds $5 or $6 a square foot to the lease price above initial estimates, the project is doomed, which I suspect is happening to some of the current projects. Second, in a tricky development where several governmental entities are involved--like a city, an RDA, county, or (Heaven forbid) the Federal government--each wants to direct the project and nothing gets done. Made sense to me.

[T-Mac]

Pictures from this morning of some downtown projects.

LDS Church History Library





The Metro







500 S 500 E
I can't remember the name of these condos.



300 South Building Renovation
What do you guys think? I don't think I like it very much.



Possible Home to Broadway Style Theater

[delts145]

Very exciting group of pics this morning T-Mac. Wow, the closer this library gets to completion the more I'm liking it. I'm liking it alot infact! The high quality stone, the close street proximity, the elegant corner design, and the stepped back top make for a beautiful statement at that corner. Also, some great pics of the Metro. In addition, seeing the possible corner location for the new Theatre has me very excited. I love that as a location!!

Big improvement, to think that this was recently just another ugly parking lot.

by T-Mac


500 S 500 E
I can't remember the name of these condos...........T-Mac, These are 'The Huntington,'.... Right?



.

[jmonkey]

yes, great pics again, T-Mac!! Thank you.

The 300 South building renovation: The street-level remodel is a little too industrial, and it doesn't fit the overall style of the building. The vertical yellow piece is glaringly obnoxious. If the original street-level facade was gone, it probably would have been best to honor the time of the building in the reconstruction--in other words, rebuild to the original time period. The juxtaposition of the two styles is a little jarring. The rest of the building looks damn good though.

[jmonkey]

Originally Posted by urbanboy

It's not that they would try to cram people into the existing auditorium, they'd demolish it, and build a new auditorium in it's and the parking garage's place (north of the auditorium). It could work, and it could be very roomy. I just would rather give that building another chance to be restored and to be used as a film center. I wonder how much money Robert Redford has, and whether or not he'd invest in it? It could be a grand showcase for Sundance feature films. Furthermore, it could showcase independent films year round.

I agree also, Urbanboy. I was in Seattle a couple of months back, and saw an advertisement for the Seattle International Film Festival's spring schedule. SIFF has a home theater in the Seattle Center, where they host a year-round series of films, in addition to their summer film festival. Right now, they are having a United Artists 90th Anniversary Series; they showcased West Side Story today.

I'd love to see programming like this in the Pantages Theater, sponsored by Sundance. Perhaps we should all drop a line to Robert Redford....