Salt Lake City: Official Development News Thread - Part 5

[Schmoe]

Originally Posted by locolife

Send it to the owner now, this must happen.

[meman]

Hey Schmoe, how is the pre-leasing going on the Astra Tower?

Also I have heard that another tower is planned by Kensington.

Any info you can share on this?

[Paniolo Man]

North Capitol Building:

[Tippy]

If anyone is curious, Worthington is 15% leased and 2% occupied. They are even offering 2 months free, like most other buildings right now. Astra isn’t offering anything like that yet.

I’ve tried to do a tour of Astra but they stopped doing hard hat tours for now.they didn’t have any unit pictures to share yet either. I also heard the media package fee is something like $350, I can’t remember the exact number but in the 300s, which is quite high

So I can’t imagine there’s been a huge amount of pre leasing with no tours and no unit pictures and no free months offered, but I could be totally wrong.

I did tour Worthington recently and it is extremely impressive, the amenities are much nicer than anything I’ve seen in SLC.

[Comrade]

I just wish there were actual condos. I am not renting.

[Tippy]

Originally Posted by Comrade

I just wish there were actual condos. I am not renting.

The condo market is so crap. You get the equivalent of a 1200 dollar apartment for a 2500 mortgage.

[Comrade]

Originally Posted by Tippy

The condo market is so crap. You get the equivalent of a 1200 dollar apartment for a 2500 mortgage.

Yup - and so many of them are fucking dated. Like, they'd look good if it was 2004 but not 2024.

[Paniolo Man]

The Gauge:



SPARK!:



School of Medicine:

[mstar]

Thank you, Paniolo Man!

[Rileybo]

Photo bump. Pic by me at the Arts Festival.

[delts145]

Originally Posted by Tippy

If anyone is curious, Worthington is 15% leased and 2% occupied. They are even offering 2 months free, like most other buildings right now. Astra isn’t offering anything like that yet.

I’ve tried to do a tour of Astra but they stopped doing hard hat tours for now.they didn’t have any unit pictures to share yet either. I also heard the media package fee is something like $350, I can’t remember the exact number but in the 300s, which is quite high

So I can’t imagine there’s been a huge amount of pre leasing with no tours and no unit pictures and no free months offered, but I could be totally wrong.

I did tour Worthington recently and it is extremely impressive, the amenities are much nicer than anything I’ve seen in SLC.

Hey Tippy, Not sure if you're familiar with the Compilation Thread. I noticed this morning that Worthington has recently released a number of interior staged photos for their publicity push. You're right, Worthington is absolutely stunning with their views and many amenities. Here's the link for the Comp. Thread, https://skyscraperpage.com/forum/sho...93987&page=441

Also, I try to keep up with the different complexes as they are completed or when they release their promo interiors. You'll find that even many of the mid-rise developments have really upped their game when it comes to amenities. I like Worthington's size and location, which afford not only some incredible views but also a boat load of extras. I think it would be my favorite complex to move into if I were moving back to SLC at this point.

https://worthingtonslc.com/

.

[TheWireRedux]

Looks like there has been some more details given about the structure of the agreement between the city and SEG on the entertainment district. According to the Trib, SEG would agree to pay up to $125 million if either the Jazz or the UHC leaves the arena in the first 15 years or $250 million if both leave, with the penalties decreasing by about $16 million a year after that. The council meeting to discuss the proposal will be happening next Tuesday, July 9th.

https://www.sltrib.com/news/politics...ider-downtown/

[Tippy]

Originally Posted by delts145

Hey Tippy, Not sure if you're familiar with the Compilation Thread. I noticed this morning that Worthington has recently released a number of interior staged photos for their publicity push. You're right, Worthington is absolutely stunning with their views and many amenities. Here's the link for the Comp. Thread, https://skyscraperpage.com/forum/sho...93987&page=441

Also, I try to keep up with the different complexes as they are completed or when they release their promo interiors. You'll find that even many of the mid-rise developments have really upped their game when it comes to amenities. I like Worthington's size and location, which afford not only some incredible views but also a boat load of extras. I think it would be my favorite complex to move into if I were moving back to SLC at this point.


.

I ended up deciding to live at the Worthington, the city skyline views from my apartment are great. One big draw for me over nearly every other apartment complex is the fact that with taller buildings you get concrete between units. Worthington is 15 inches of concrete between floors. At these smaller newer buildings you’re likely to hear your upstairs neighbor’s every footstep.

[Makid]

Some more information regarding the possible deal with SEG:

https://www.sltrib.com/news/politics...ider-downtown/

Deal would keep Utah Jazz and pro hockey in Salt Lake City — or Smith group would face steep penalties

A fee on tickets would raise $100 million for affordable housing, art installations, preserving Japantown and other public benefit projects, according to proposed deal between the city and SEG.

he Utah Jazz and the state’s new professional hockey team would be required to play all of their home games in the Delta Center for the next 30 years or face significant penalties under a deal being finalized by lawyers for Ryan Smith and Salt Lake City.

...

Other features of the agreement include a fee on ticket sales at all Delta Center events — $1 for tickets that cost less than $25, $2 for tickets up to $200, and $3 for tickets more than $200. The fee will generate an estimated $100 million for the 30-year life of the agreement that will go into a Public Benefit Account that the city plans to invest in affordable housing and other projects.

Five million dollars of the fund will be earmarked for restoration of Japantown — which was once one of the largest Japanese enclaves in the country. Representatives of the Japanese Church of Christ and Buddhist Temple will work with SEG on designing the renovations.

Coming up with ways to provide a revenue stream for public benefits is great for the City, especially with minimal impact to ticket prices. I do think it would be great if they could get a similar amount from concert/event tickets at the Delta Center as well to further increase the public benefits.

[i-215]

Now THIS is a reasonable agreement!

• SEG gets $900,000,000
• BUT... it's paid out in installments

Yes. Yes. Go on...

• The team is required to play ALL HOME GAMES at the Delta Center
• The team must stay in Salt Lake City for 30 YEARS
• If not... they REPAY all the public assistance they've recieved up to this point

YES YES YES!

• A fee on ticket sales (based on ticket price) helps finance public goods beyond the project.

It would be great if fees and a special tax district adjacent to the Delta Center could foot the entire cost of the $900M. I doubt it can. But this is a step in the right direction, and makes the tax a bit less regressive (e.g., a poor family on 900 W paying sales taxes on basic household goods to finance a billionaire).

But if the attendees can "give back" to the community, I feel a bit better. Sure the +$100M is upside down to the -$900M from the sales tax, but it's a step in the right direction.

• "The proposed agreement calls for pedestrian plazas that can be used for festivals, free of charge, for six days a year."

I mean, good. But what about easement? I don't like ceding public ownership of 300 West.

• "must be completed within 10 years of the date of the finalization of the agreement"

That sounds achievable and reasonable.

• "an estimated $525 million would help pay for renovations to the arena, while the remaining $375 million would go toward developing the rest of the district"

I sure hope Ryan is planning to kick in the $3B he said he was. Because $375M won't even pay for the proposed tunnel he wants to build.

• "The average household in Utah’s capital would end up paying about about $150 more in sales tax annually."

Propose something like this for UTA and everybody loses their minds. But for a billionaire Jazz owner? "Sure!"

Not happy about this regressive tax. But may have to shrug and just say that's the racket that comes with hosting a major-league sports team, I guess.

“The truth of the matter is we’re just like Manhattan, except instead of rivers boxing us in, it’s mountains,” council Chair Victoria Petro said.

Well, no. But... lol

---------

THIS is the accountability that I have been craving to see all last month when I was obnoxiously complaining about this project. It removes the "blank check" aspect from the deal and makes SEG accountable. No free lunch.

This is a huge step in the right direction, guys!

(Now we just need to kill off the 300 West tunnel...)

[Hatman]

There are many good reasons why a wide pedestrian bridge is preferable to lowering 300 West. And by "wide pedestrian bridge" I mean something like the connection between Disneyland's entrance plaza and Downtown Disney, spanning Disneyland Drive. These structures can be built wide enough that pedestrians wouldn't be able to tell they are on a bridge at all.

1) Cost. Take it from me, building up is cheaper than building down. A LOT cheaper.

2) If the Delta Center is going to get a renovation anyway, it would be trivial to create an entrance at the 2nd level, right at the height of the pedestrian bridge.

3) SLC is built on a hill. The intersection of South Temple and 300 West is actually 15 feet lower than the intersection of South Temple and 200 West (measured on GoogleEarth). This means that the new Sports & Entertainment District can hold level between 200 and 300 West, and already be pretty much at the height of the bridge.

4) Pedestrian bridges only need 16-17 feet of clearance. The stairs on the west side of the Delta Center cover a vertical distance of 20 feet, and this doesn't ruin the aesthetic of the arena.

I know people here are generally not in favor of pedestrian bridges, especially ones that isolate pedestrian traffic away from the streets. But in this case, I think the alternative is worse.

[Orlando]

I still don't understand what they are planning on doing to 300 West. I like I-215's idea of just doing an at-grade, street-calming. mid-block crossing. Does anyone know for sure what they had proposed to the Planning Commission?

[Atlas]

I don't get the need to bury 300W either, as long as it gets a significant calming treatment.

I haven't seen anything about it as part of the agreement with the city or the zoning changes. It seems like something that would have to be worked out with UDOT and a separate public feedback process.

[Comrade]

I still remain most curious about the Delta Center renovations.

[wrendog]

Originally Posted by Comrade

I still remain most curious about the Delta Center renovations.

Amen. Release the plans/renderings, SEG!