Quote:
Originally Posted by DCRes
A couple random thoughts:
650 South (Patrinely) is very visible from I-15. While it's not the tallest of buildings at 10 stories, I think it does a fair amount to stretch the skyline further south. As similar sized buildings fill in around the Grand America it will start to seem like the CBD extends to 600 S instead of 400 S.
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The more of these 'Midtown' projects we get, the better the skyline will look. However, until that full block parking lot that was discussed two pages ago is filled in with development, I think it will still feel somewhat separated.
Quote:
Originally Posted by DCRes
About a month ago I spoke with someone in the know in the Salt Lake market. I asked if he thought that all the highrise residential projects in various stages of planning could all be built or if it was a race to see who starts first and then the others might die off. His only response was that he was an investor in the Worthington deal and he knows for a fact that it is going to happen. So take that for what it's worth to you.
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Quote:
Originally Posted by taboubak
Ya it seems Worthington has alot of power behind it and is moving quickly. Based on Kensingtons history and willingness to invest in other properties around SLC, I would be very surprised if that didn't happen either. Main St apartments also seems to have a large backing and a very experienced developer. I say it's likely all three of these buildings get built. Compared to what a lot of high rise apartment towers look like in other cities all three of these buildings are actually very attractive. It's an exciting time for SLC development and once a 5 to 600 footer is finally built the skyline will look amazing around it.
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I think the difference now and why most if not all of these projects seem likely to be built at this point is because they are mostly projects led from out-of-state developers and financiers. This was almost unheard just a few years ago.
While the units in these tower projects will likely skew more expensive than other middensity apartments buildings, the downtown Salt Lake market has performed so well in recent years that non-Utah investors appear to have become confident that 'if they build it, people will come.' Even for units on the pricier side.
Huge and successful 6-7 floor apartment buildings have been going up consistently for the past several years, each project adding hundreds of new units, roughly equivalent to what one of these towers will be adding. So I suspect they feel that: if it can be done for a midrise, why not in tower form?
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I will point out that if these group of towers (Liberty Sky, Worthington, Kensington, & Main Street Apartments) prove to be successful and acquire good occupancy rates without appearing to be too competitive with one another (something I am not super concerned about), then an even larger tower boom is likely just around the corner. Something I think almost everyone on this forum will be excited about.
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