Salt Lake City: Official Development News Thread - Part 5

[Utah_Dave]

Good to see you on EP. but that’s what Tooele is for right?

[Blah_Amazing]

Originally Posted by Stenar

The project has been "on hold" since November 2009.

"Universe Project on Hold

November 25, 2009 — Inland American Communities Group, Inc. (IAC) notified the University of Utah (U) on November 13th, that it will not be exercising its option to go forward with the Universe Project, and the non-binding letter of intent between the U and IAC concerning the project is formally terminated....

Over the past several months the university and IAC have discussed concerns about the feasibility of the project given a variety of current economic conditions."

Source: archive.unews.utah.edu

Nice. Though, something tells me those ‘economic conditions’ have changed since 2009.

[delts145]

Originally Posted by Utah_Dave

Good to see you on EP. but that’s what Tooele is for right?

That's right, and it won't be long before a major focus on transportation to and from Tooele Valley is going to have to be made. It reminds me of how Los Angeles overflowed out into the San Fernando Valley. If people want elbow room single-family residential along the Wasatch Front, Summit or Heber Valleys they're going to have to be able to pay for it. It's pretty clear that the go-to Valleys for those not making six-figure incomes who want to be homeowners are going to be looking at the southern or northern fringes or Tooele and Cedar Valley. Otherwise, Apartment or Townhome living will be the alternatives along the central parts of the Wasatch Front.

[RC14]

The problem with the Tooele valley is that we don't have many options for providing transit access to the area. We could build a commuter rail line as Hatman has suggested but that's about it unless we want to start boring tunnels through the Oquirrh Mountains. It won't be long before I-80 becomes a parking lot around the Lake Point area.
That is my biggest hang up when it comes to the idea of buying a home in Tooele. That and the fact that it's not Salt Lake City.

[Stenar]

Originally Posted by Blah_Amazing

Nice. Though, something tells me those ‘economic conditions’ have changed since 2009.

The development was a pet project of university president Michael Young, and hasn't been a priority since he left in 2011.

Maybe we should lobby the new president when they are appointed to develop the stadium lot.

[Orlando]

Originally Posted by EPdesign

What’s crazy to me now, is living in Orlando and the water table so high, the buildings downtown here…not all but they sit on podiums of parking more than 5 stories high. It was such an odd thing to see. Now looking at the Sundial and seeing the response to the parking makes me laugh cuz I totally get it. Also… Orlando is no where close to even having half of the infrastructure for public transportation compared to Salt Lake. It killed me when I found out there is no light rail. Salt lake isn’t Portland or Seattle but it’s getting lots of things right…even if a building gets built that promotes driving when literally being at a light rail station. I love see the growth in Salt Lake.

One last thing…home prices out there are insane! I don’t know how the population can support homes of up to 300k plus. I get the tech jobs pay well and are bring people to Utah that can afford it. Makes me wonder where the people who can’t afford those prices will go? Homeless? Further out? Will the valley see an increase in Residential units housing multiple families? It’s just changed so much in less than 3 years. I know, I have townhomes out there.

Sorry you live in Orlando. I lived there when I first joined skyscraperpage, thus my name. It has lot to be desired from an urban standpoint. Lake Eola in downtown is nice, and winter park, and a few other places, but the quality of urban architecture, in general, is poor.

[rockies]

That's how Las Vegas was when I first moved to slc I was shocked at how urban downtown and sugarhouse are... Las Vegas is almost all single family homes and virtually no public transportation anywhere.

[delts145]

Speaking of housing prices, Utah is rapidly climbing to the top tier. Utah is now the 8th most expensive housing market in the nation. Won't be long before it hits the top five. This is one rarified top-five rankings I wish Utah could avoid.

[Atlas]

I had the chance to pop downtown for a short time yesterday and got some sunset shots:

[Boz]

Great photos, Atlas!

[locolife]

Originally Posted by delts145

Speaking of housing prices, Utah is rapidly climbing to the top tier. Utah is now the 8th most expensive housing market in the nation. Won't be long before it hits the top five. This is one rarified top-five rankings I wish Utah could avoid.

Is that from 2018? The numbers look kind of low to me I'm pretty familiar with the real estate in both Utah and Arizona and I don't think the affordability is much different. I checked the same site and found the chart below which seems to sure more recent data points.

[delts145]

Interesting, looks like the super rich are taking over the real estate in Western Wyoming. Of course, those averages are pretty much the areas around Jackson Hole. There's really no larger metros in the eastern parts to drive the average down.

[Utah_Dave]

We might see our population growth slow if we can’t provide enough cheap housing stock and our younger generations move out of state. This should be concerning to our labor market as a whole. The options are limited when moving out of the state but the Midwest and South seem relatively affordable. Or you could join me up here in Ogden and take your chances. But to be honest Ogden is getting pretty out of hand too and the city is making some nice strides in the right direction. I think my area up here is still kinda under the radar nationally. Particularly if you are the outdoor type. I’m just a few blocks to half a dozen mountain trails, no need to drive to them, and some excellent mountain biking trails along the Bonneville shoreline. Not to mention the skiing, nearby reservoirs and small river recreation. There’s still a lot of upside in this market. Not to mention Downtown Ogden is getting better every year. Anyway, I’m getting a little off topic here.

[locolife]

Originally Posted by delts145

Interesting, looks like the super rich are taking over the real estate in Western Wyoming. Of course, those averages are pretty much the areas around Jackson Hole. There's really no larger metros in the eastern parts to drive the average down.

Yes, I tried to get a hotel in Jackson Hole last summer and even that was ridiculous. That has to be one of the most exclusive places you can reside at this point.

This data is from 2018, it will be interesting to see how out of reach SLC has become in the last 3ish years as well.

[EPdesign]

I can see why younger generations stay with their parents. I was fortunate to be able to buy in Salt Lake when I was in my 20s. These numbers are concerning. Such high rates will start to force people that can’t move away and can’t commute into affordable neighborhoods with increased risk of crime and poverty.

[rockies]

It is really scary seeing how quickly home prices are going up... I wish the gov would be more aggressive about solving the housing problems

The other night I picked up pizza really late somewhere on North Temple and the parking lot was filled with like 30+ homeless people it looked like a scene out of a movie... definitely not something I imagined I would see in SLC

[Blah_Amazing]

I posted this video on the Salt Lake International Airport Development Thread but I thought I'd post it here as well since I know not everyone follows the Airport thread.

• Video Link

[Blah_Amazing]

https://citizenportal.slcgov.com/Cit...howInspection=

Address: 915 West 200 North

Project Description:

Approximately 35 micro-unit residential apartments in a five-story elevatored building configuration.
Type of Construction: Type III A Sprinkled Apartments (wood frame)

[Blah_Amazing]

https://citizenportal.slcgov.com/Cit...howInspection=

592 W 200 S

Project Description:

Demolition of existing commercial buildings in preparation for Greenprint Gateway Apartments project

Demo permits have been filed to make way for the 6 floor 150 residential unit Greenprint Gateway Apartments.

[Blah_Amazing]

https://citizenportal.slcgov.com/Cit...howInspection=

Address: 1528 W North Temple

Project Description:

Demolition of the old Diamond Lil's Building, located on 1528 West North Temple, Salt Lake City, Utah.

Demolition to make way for the two building, 5 floor, and 285 residential unit Power Station TOD Apartments.