Salt Lake MSA Development Thread

[arkhitektor]

Originally Posted by SLC Projects

Is this project on hold? ( Eaglewood Village ). Doesn't look like there is anything going on in those pics.

The project lost financing so for the time being, it isn't going anywhere.

[delts145]

Sandy decides it won't own or run theater - Instead, developer of the project to keep ownership

http://deseretnews.com/article/1,5143,705262428,00.html


sandyutah.gov

SANDY — Broadway shows such as "Lion King" and "Wicked" may still make their Utah debuts in this city, but Sandy leaders said Tuesday that the city will not own the hosting theater nor will it run its operations.

Money that would have gone into a lease-to-own arrangement for the Proscenium theater will be spent on infrastructure for the $600 million project, which is expected to include office space, smaller arts venues, a spa and a high-end hotel. The project's developer will retain ownership of the 2,400-seat theater and will be charged with ensuring its profitability.

The new arrangement will leave the city without an ownership stake in the project but will also simplify Sandy's investment, leaving more of the responsibility in the hands of Orem-based developer Scott McQuarrie...

The funds will be deferred from an increase in property tax generated by an expected increase in the property's value, with the expected increase being generated by improvements to the property....

... Sandy also expects the project will generate significant tax revenue over the years, which would help the city keep taxes low for residents while improving their quality of life.

Broadway-style theater in Sandy - Buying playhouse off, but show will go on - The city won't operate the facility, but the Orem-based developer still plans to build it

http://www.sltrib.com/news/ci_10961069

But the show goes on, said developer Scott McQuarrie, a principal of Orem-based Proscenium Development Inc.: The $55 million theater still will be built.
Sandy plans to support the entire, mixed-use project by channeling roughly $40 million to $60 million of new property taxes expected to be hatched by the development toward infrastructure and parking.

..

[SLC Projects]

I still would like to know when these guys plan on breaking ground if Phase one is to open in fall of 2011.

[delts145]

I think any major project in the country right now that has not already broken ground is a question mark, especially if it is a project based on future growth projections. There's not a doubt in my mind that this area of 106th will be a major growth center over the next few years. How quickly it comes to fruition I guess will depend on the economic recovery.

One thing that I noticed yesterday as I made my way over to Lehi from Alpine/Highland was that allot of new projects are beginning construction. This kind of caught me by surprise. Many were residential, which was a very pleasant indicator. the money is there for the right projects.

There's allot of commercial development going on around the metro, especially places like Northern Utah Valley. But this is because it is considered underserved by the market. I think that certain residential projects which might be in short supply vs. demand will flourish in the near future. Apt's. and housing in general built around the TOD concept is something to keep an eye on right now.

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[arkhitektor]

Somebody posted about this bizarre looking building at I-15 and 10000 S. a long time ago:



I drove by today and the thing is for sale. Land, plans, even the steel.
Looks like whoever originally planned on building it is trying to unload the project.

[urbanboy]

Perhaps it's because the Perineum looks as though it may have to be scaled down. Either because that, or it's because the economy.

[SLC Projects]

Originally Posted by arkhitektor

Somebody posted about this bizarre looking building at I-15 and 10000 S. a long time ago:

LOL, that was me. I post that a year ago or so. Nothing even happen with that. I'm sure the project is dead.

[arkhitektor]

Originally Posted by SLC Projects

LOL, that was me. I post that a year ago or so. Nothing even happen with that. I'm sure the project is dead.

Well the point is that a year ago it was a proposal that someone wanted to build.

Now, its land, plans and materials for a building that someone wants to get rid of and have someone else build.

[Makid]

Maybe this project will be the first starting phase of the perenium?

[SLC Projects]

Originally Posted by arkhitektor

Well the point is that a year ago it was a proposal that someone wanted to build.

Now, its land, plans and materials for a building that someone wants to get rid of and have someone else build.

I got the point. I just wanted to bring up that I have kept a eye on this project for awhile and nothing has happen.

[delts145]

Cottonwood Mall redevelopment could be delayed even further

http://www.sltrib.com/ci_10990455

Troubled mall operator General Growth Properties said Friday the nation's economic crisis could further delay redevelopment of Cottonwood Mall in Holladay...


Macy's and the ground that was once the Cottonwood Mall Monday, September 29 2008. (Rick Egan/The Salt Lake Tribune )


Shoppers exit the Macy's store at Cottonwood Mall that is open during construction, only to be faces with navigating the torn up parking lot. Looking into whether mall project is going to be put on hold for a year due to economy, Monday 9/29/08. (Scott Sommerdorf / The Salt Lake Tribune)

[delts145]

Eaglewood Village bond under debate

http://davisclipper.com/pages/full_story...nce=secondary_stories_left_column&open=&


CONSTRUCTION still hasn’t started on North Salt Lake’s planned Eaglewood Village development. The developers are currently discussing bonds with city officials.

NORTH SALT LAKE — Finances make everyone tense these days, especially when there are millions of dollars at stake.

North Salt Lake officials and Compass Development, the group behind Eaglewood Village, are still hammering out the acceptable parameters of the Special Assessment Area bond that will be sought to fund the development. Though Compass...

[SLC Projects]

That sucks about the "Cottonwood Mall redevelopment"

[delts145]

U. envisions new medical campus serving southwest valley - Kennecott may develop U. clinic at Daybreak

http://www.sltrib.com/ci_11009651

"We really feel a need to be closer to where the population growth is occurring, where we can provide the high level of care we provide here to people who live in southwest part of the valley, and to make sure we have opportunities for students and residents to train in appropriate clinical settings," said Lorris Betz, U. senior vice president for health sciences...


South Jordan, Utah ?Today, Kennecott Land and University Health Care announced plans to construct a 150,000 square-foot healthcare center in the Daybreak community to serve the southwest valleys growing population. The multi-specialty health center, located at 11400 South Daybreak View Parkway, will be conveniently located next to the future Mountain View Corridor and Mid-Jordan TRAX extension, allowing convenient access for patients and employees. Rio Tinto's Kennecott Land is the developer of the Daybreak Community and is working with the University master plan, a multi-phase medical campus on up to 50 acres. Phase I includes a multi-specialty health center, which will provide primary and specialty care, as well as radiology, pharmacy and vision care services. Future plans for the campus include a surgery and imaging center, AIRMED base and a full-service hospital. Courtesy University Healthcare

[delts145]

Utah could be a rare safe harbor during recession

http://www.sltrib.com/business/ci_11025075

As the United States spirals into an all but certain recession, Utah will be a good place to ride out the storm, a prominent economist suggested Wednesday...

Recessions by the numbers
Last nine U.S. recessions and how long they lasted

1953 » 10 months

1957 » 8 months

1960 » 4 months

1969 » 11 months

1973 » 16 months

1980 » 6 months

1981 » 16 months

1990 »8 months

2000 » 8 months

Average length » 10 months

Source » ClearView Economics



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[SLC Projects]

Utah population growth slowing down


SALT LAKE CITY (AP) -- New state estimates show Utah's population growth is slowing down.

Estimates released Thursday show the state's population grew by about 58,000 people in the past year, or 2.2 percent.

State planning coordinator Mike Mower says the state's population grew by seven people an hour in the past year, compared with 10 people an hour, or 84,000 total, the year before.

Mower says a weakening economy is the primary reason for the population slowdown as fewer people move into the state.

Most of the state's population growth is due to families having children.

Uintah County is the state's fastest growing county, with 5.7 percent growth.

Daggett County is the only county see a population decrease. It has five fewer people living in the county this year compared to last year.

[delts145]

Utah's population growth slows
- Migration slacks off » Demographers say fewer people are following jobs here.

By Brandon Lomis
And Matt Canham
The Salt Lake Tribune

Economic reality appears to have caught up to Utah this year, slowing both the number of people moving here and the total population growth.

Still, the state has inched to nearly 2.8 million people in the 12 months ending June 30, according to demographic and business experts on the Utah Population Estimates Committee.

Homegrown growth

Salt Lake County epitomized the trend of birth-driven growth. For the first time since 2003, more people left Utah's most-populous county than moved in. Migration siphoned away 2,616 people during the past year, but there were enough births to drive the county's 1.1 percent growth rate to a population of 1.03 million.

Statewide, the 2.2 percent population increase is off a full percentage point from the previous year. Part of the slowdown came from a declining job magnet that drew just less than 17,000 people. The previous year was a record for migration to Utah, with more than 44,000 outsiders settling here.

Utah County continued to draw people from elsewhere, with a net migration of 7,600, as the state's second-most-populous county swelled by 3.6 percent to nearly 520,000.

Less Mormon than ever

The percentage of Utahns who are Mormons continued its slow decline during the past year, dipping three-tenths of a percentage point to 60.4 percent, according to numbers The Church of Jesus Christ of Latter-day Saints gives to the state to help project



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[delts145]

Metro Salt Lake's Newest 5-Star Updates:

The St. Regis, & The Montage

St. Regis

October 28, 2008 - The St. Regis will be next to join The Stein Erickson as Metro Salt Lake's newsest Mobil 5 Star beauty.

by Andy in Park City
The floors are all done, and the roof is going on; The exterior is beginning to receive some of the finishing details; The restaurant area, the pool area, and the funicular are all plainly visible. Construction is still pegged for completion summer of 2009.

Looking West toward St. Regis

by AndyinPC


The Montage


montage resort

The Montage Resort Construction Site - Sept/Oct. 2008


Andy in PC - The Montage Resort in Deer Valley’s Empire Pass continues to move forward, but unfortunately information (the official kind at least) is in pretty short supply.

Here’s what was passed my way unofficially this week: The development will consist of a little less than three hundred total units, with the lion’s share of those being official “hotel” units that will be unavailable for purchase. Approximately 80-90 total units will be placed on the market, these units will be primarily larger-sized 2-5 bedroom properties.

Floor plans are still being finalized, hence the estimation on total units and available units. But some facets of the project are very much certain. I’m told a Manager for the the hotel has already been hired, and is currently lending a hand in as many ways as possible.

As far as time frames go, I’m told that most likely we will have an official release schedule and pricing around this time next year, and work should be completed about 12 months after that.

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[NYC Rick]

"Still, the state has inched to nearly 2.8 million people in the 12 months ending June 30, according to demographic and business experts on the Utah Population Estimates Committee."


In reading population statistics from a number of sites and relevant projections, there is no way the state has "inched to nearly 2.8 million people."

The megapolitan area is about 2.2-2.3 million people. There is no way that there are any more than 2.5 million in the state. Where am I wrong? After St. George, there are no other areas of growth.

Where am I wrong?

[Wasatch_One]

http://governor.utah.gov/dea/popestimates.html

Salt Lake County - 1.03MM
Utah County - 520K
Davis County - 302K
Weber County - 225K
Tooele County - 58K
Park City - 40K
Morgan County - 10K
Juab County - 10K
Wasatch Metro - 2.17 Million

St. George - 145K

Logan has ~125K

Box Elder County (Brigham City) ~ 49K

Iron County (Cedar City) ~45K

There 8 more counties ranging from 15K- 40K