Salt Lake MSA Development Thread

[locolife]

Originally Posted by Comrade

It's not just about market size.

If that was the case, LA wouldn't have spent 20 years without a NFL team after the Raiders and Rams bolted (and before the return of the Rams and the relocation of the Chargers).

You've got to also have a willing owner and an arena/stadium plan that actually has a strong chance of happening. It's why when the Sonics left Seattle, a much larger TV market than Oklahoma City, for Oklahoma. Oklahoma had the support system in place to get a NBA team.

Also, just because the NHL is giving the appearance they're exhausting every avenue to keep the team in Phoenix, that doesn't mean they really believe it'll happen. It's doing your due diligence. Hell, the NBA did it with Seattle for the last couple years before relocation.

Once SLC has an approved and funded stadium plan then things may get real. If the NHL is destined to be in SLC then Mr. Smith or whomever can pony up the estimated $1B price tag and land an expansion team. That's how it went down in Seattle and Vegas, easy as that.

https://theathletic.com/4302822/2023...uston-atlanta/

[Comrade]

Originally Posted by locolife

Once SLC has an approved and funded stadium plan then things may get real. If the NHL is destined to be in SLC then Mr. Smith or whomever can pony up the estimated $1B price tag and land an expansion team. That's how it went down in Seattle and Vegas, easy as that.

https://theathletic.com/4302822/2023...uston-atlanta/

I'm pretty sure he plans on doing just that.

[Utah_Dave]

Originally Posted by freeshavocado

Do you know if there's a recording of this sports radio segment anywhere?

I’ll have a look and see. Hans and Scotty G on June 6th hour 3. I found it on Omni.fm. Hour 3. The hockey and jazz stadium was mentioned between minute 10-17 of hour 3. They also speak about jazz games available on media between minutes 25-30 of hour 3 as well. That part was a positive but their speculation about the Jazz possibly moving out of downtown was hard to hear.

[bob rulz]

Lots of speculation. It gets a little tiring that every tiny nugget of speculation is worthy of 2 pages of conversation about the same old "will Salt Lake City get pro sports X team and will they be in the suburbs". There's so much interesting development happening right now that we haven't had discussions about (aside from periodic Astra photo updates, which I appreciate).

[Orlando]

Ya, can we please move the sports franchise discussion to a separate thread?

[Dallas Snob]

Amen

[Paniolo Man]

A separate theater thread was made for far less conversation.

There has easily been 10+ pages of sport banter, I say separate thread.

[delts145]

AN OFFICIAL PRESS RELEASE - June 7, 2023
PEG Companies Breaks Ground on Seven-Story Multifamily Building in Downtown Millcreek

https://pegcompanies.com/news-articl...ment-building/

Known as Brick Lofts Phase II, the project marks the first ground-up build in the Salt Lake Valley for PEG Construction since joining the PEG Companies umbrella in 2021.

SALT LAKE COUNTY, Utah – PEG Construction, the commercial contracting arm of parent company PEG Companies [PEG], broke ground on Phase II of Brick Lofts, a large upscale multifamily community in the heart of Millcreek, Utah.

The seven-story 166,454 square-foot‪ building will add an additional 89 one- and two-bedroom units to the 44 units completed during Phase I, bringing a total of 133 units to the neighborhood.

“I couldn’t be more thrilled to see the process of a fully integrated company come to fruition as we break ground on this exciting new project. The idea of both the developer and the contractor working together ‘in-house’ is an intriguing efficiency that PEG has been working toward for a very long time.”

As a vertically integrated subsidiary of PEG Companies [“PEG”], PEG Construction worked side-by-side with sister-company PEG Development in a true partnership through the entire design process. This collaboration allowed the team to maximize value and reduce timelines for the benefit of PEG and its investors.

Brick Lofts will feature market-leading amenities that take full advantage of the project’s prime location and intriguing city views. PEG is proud to deliver a robust rooftop terrace and outdoor kitchen area, several outdoors lounges and fireplaces, a resort-style hot tub and sunbathing area, and more.

Construction for Brick Lofts Phase II is slated for a 24-month build with a grand opening scheduled for Summer 2025. Upon completion, Brick Lofts will be managed by PEG’s in-house multifamily and commercial property management entity, PEG Property Group. ‪

“PEG Property Group is excited to be managing this state-of-the-art project in the heart of Millcreek,” said Debra Spohn, Division President of PEG Property Group. “This upper east location is in a very desirable area with nearby shopping and restaurants; plus, a huge new mixed-use development on its way that will enhance the experience further.”

https://pegcompanies.com/news-articl...ment-building/

.

[bob rulz]

Really liking the buildout of downtown Millcreek. Been meaning to get down there for a photo update as I live pretty close.

[Paniolo Man]

Tried to grab a few pictures where I could. Remaining fences and perimeters made good angles difficult. Hope some of these are informative.

[delts145]

Originally Posted by bob rulz

Really liking the buildout of downtown Millcreek. Been meaning to get down there for a photo update as I live pretty close.

I'm looking forward to that update when you get a chance.

[i-215]

I have an ominous feeling that the slowly-growing collapse in commercial office real estate may doom, delay, or (mostly likely) significantly de-scale The Point project. Instead of a bunch of 15-story buildings, we'll end up with a bunch of 3-story buildings.

[wrendog]

Originally Posted by i-215

I have an ominous feeling that the slowly-growing collapse in commercial office real estate may doom, delay, or (mostly likely) significantly de-scale The Point project. Instead of a bunch of 15-story buildings, we'll end up with a bunch of 3-story buildings.

A bunch of 15 story buildings? The most recent rendering had like 1 with a bunch of 5 -7 story buildings

[i-215]

Originally Posted by wrendog

A bunch of 15 story buildings? The most recent rendering had like 1 with a bunch of 5 -7 story buildings

We're not off to a great start then. Now imagine the collapse of commerical real estate.

2-story buildings

[wrendog]

Originally Posted by i-215

We're not off to a great start then. Now imagine the collapse of commerical real estate.

2-story buildings

We definitely agree that The Point will look nothing like any of the "dense" renderings of the past. It's gonna be a suburban style office park. Sigh.

[rockies]

Originally Posted by wrendog

We definitely agree that The Point will look nothing like any of the "dense" renderings of the past. It's gonna be a suburban style office park. Sigh.

I don't disagree but I am curious for anyone who wants to answer~

Do you anticipate unfavorable market conditions continuing beyond 2026, when they plan to start vertical construction?

I feel like the renderings sort of just confirmed that the plan has always been basically a suburban office park but with a real density of parking garages. Maybe the few 15+ story buildings scattered around will get axed but I sure hope the market is looking better by end of the decade when whatever gets built starts to open up.

[RC14]

I don't know. When it comes to commercial real estate (office), I think this could be a long term problem. Similar to what has happened to shopping malls. Maybe not.

Either way, I feel like the point project has been massively over hyped. I supported the prison relocation all along but I'm not sure it's really worth, for example, delaying or canceling the Blue line TRAX extension to Lehi, to route a new transit line through the point.

Also, when I look at how much money and energy have been put into this because of the value of the underlying real estate, I can't help but think about how much land would be freed up by the Rio Grande plan and how much more valuable that must be being downtown instead of at the southern end of the valley surrounded by mostly single family homes.

[msbutah]

The problem is that the legislature (and various friends of the legislature) doesn't own the land around the Rio Grande Project. They do own the land around The Point.

[Atlas]

My read on it is this: the only way office projects will make sense going forward is if they offer a lot of extra amenities and easy access to transit and parking. Otherwise, speaking from experience, most tech and business professionals are going to prefer working from home for the foreseeable future.

Given that there's already a significant surplus of office space available in the metro, the only way that "The Point" will be successful is if the state basically gifts Draper an entire new downtown core that can attract workers, companies, and visitors on its own merits. That success will necessarily come at the expense of other office parks in the valley as well as the established downtowns. It's become a zero sum game and they're going through with it anyway.

[Paniolo Man]