Salt Lake City: Official Development News Thread - Part 5

[Paniolo Man]

Originally Posted by wong21fr

What's the estimated cost of the Rio Grande Plan these days? It's so transformative, but I imagine that it might end up being the most expensive project in SLC's history.

$3-5 Billion. The new airport will likely retain the crown of most expensive project in SLC history.

[nmed]

IN 2024 dollars I suspect the web of interstates around SLC was (is) vastly more expensive over the years, but that may not be considered SLC. Besides it's hidden the taxes we pay to the state and feds.

[Orlando]

I'd rather put up money for the Grand Boulevards before they put any money towards the Rio Grande Plan. It is so embarrassing coming off of the interstate on to that stretch of roadway entering SLC. We've got to do something before the Olympics come.

Who do we convince to get that done or at least improve what's there?

Also, I'd rather have the Grand Boulevards done before the Green Loop. What is going to make a better impression to visitors of our city?!

[Schmoe]

Originally Posted by Viperlord

Also, I can confirm that today my firm has been contacted by a developer about a new condominium project on the Regent Street Hotel parcel. I can't state who my client is, but they have asked us to be part of their team, and will be sending us updated architectural plans of the project when the architect has them finished in a few weeks.

I know who your client is (an no, folks, it's not me). But from my conversations, I gathered that the other land owner on this site--the RDA--made condos a condition of contributing its land. Can you confirm that, Viperlord?

Originally Posted by skizzo

I really like that Theater Tower and hope it actually gets built

Any news on its status?

The RDA really wants this to happen. I hear another developer may be getting involved (again, it's not me).

[airhero]

I wonder if that means the theater tower will get substantially redesigned.

Originally Posted by Orlando

I'd rather put up money for the Grand Boulevards before they put any money towards the Rio Grande Plan. It is so embarrassing coming off of the interstate on to that stretch of roadway entering SLC. We've go to do something before the Olympics come.

Who do we convince to get that done or at least improve what's there?

Also, I'd rather have the Grand Boulevards done before the Green Loop. What is going to make a better impression to visitors of our city?!

Is there a way we can do it all?

[Makid]

We could have them all. 5th and 6th South, the Grand Boulevards are owned by UDoT. So UDoT could put funds to them while the City, County, and UTA focus on Rio Grande.

The Green Loop is all City funding and they have started to direct funding towards at least starting the loop. They could direct a portion of the impact fees of new developments towards the green loop.

I would add the Downtown Streetcar as another project that could move forward as well as studies already have stated that it could be fully funded with just adding a transit improvement fund tax to properties along the corridor. With all the new development along the route, this project could move ahead with a reduced TIF amount.

Techlink is already going to happen by 2030 as is the Orange line (Airport to U).

There will be a lot of projects coming to downtown over the next 5-6 years already.

Block 67 - 3 towers (Blocks C and D)
SEG development - 2 towers (Residential 600' ish and 400' ish hotel)
Theater tower
Condo building west of Astra
Salt Palace reconstruction
Delta Center reconstruction
and I would expect more to come.

To put this into perspective, the above items are between South Temple to 2nd South and 3rd/4th West to State Street and on roughly 7 contiguous blocks. If all of these projects happen, this will be a major change to the City and will constitute the largest booming decade in the Cities history.

[bob rulz]

Originally Posted by Orlando

I'd rather put up money for the Grand Boulevards before they put any money towards the Rio Grande Plan. It is so embarrassing coming off of the interstate on to that stretch of roadway entering SLC. We've go to do something before the Olympics come.

Who do we convince to get that done or at least improve what's there?

Also, I'd rather have the Grand Boulevards done before the Green Loop. What is going to make a better impression to visitors of our city?!

I think you understate how awesome the green loop could potentially be. Imagine how great of an impact that could make to people hanging out downtown.

I would love to see our grand boulevards redone because they are embarrassing (thanks UDOT!). That said, people here for the Olympics are going to spend more time IN downtown than they are going in and out of the city.

[i-215]

Can the SLC market absorb that much new supply?
(Remember: We're also filling the state's Point project)

Yes, residential purchases are red hot

But commercial leases are very soft (at least nationally)

I could see potential developers showing up to the bank and being laughed out of the meeting. In which case, we've created a great blueprint for a SLC thirty years in the future when market demand catches up. And in the meantime, a bunch of very expensive vacant property.

[John_Walker]

Were the Intermountain downtown hospital plans approved that were shown here:https://www.sltrib.com/news/2024/06/...spital-former/

It said 20 stories for the tower and I was curious if they ever said the height. This was approved in Omaha yesterday and it is 20 stories and 400 ft.

[Atlas]

Originally Posted by John_Walker

Were the Intermountain downtown hospital plans approved that were shown here:https://www.sltrib.com/news/2024/06/...spital-former/

No, the city and the public basically told IHC that it wasn't good enough and to go back to the drawing board.

They haven't even gotten the rezone that they want yet, much less an approval.

[Paniolo Man]

Originally Posted by Atlas

No, the city and the public basically told IHC that it wasn't good enough and to go back to the drawing board.

They haven't even gotten the rezone that they want yet, much less an approval.

I got to chat with an IHC outreach person two days ago. She made it seem like IHC and the city are actively engaged in discussions to resolve the city's concerns.

[Viperlord]

I noticed that the ownership has changed on the old Salt Lake 5th ward chapel property. Jordan Atkin has deeded it to "Salt of the Earth, a Utah nonprofit company". Does anyone know what is going on with this?

[Comrade]

Originally Posted by John_Walker

Were the Intermountain downtown hospital plans approved that were shown here:https://www.sltrib.com/news/2024/06/...spital-former/

It said 20 stories for the tower and I was curious if they ever said the height. This was approved in Omaha yesterday and it is 20 stories and 400 ft.

Omaha actually embraces height. Salt Lake? Not so much.

[rockies]

Originally Posted by Atlas

No, the city and the public basically told IHC that it wasn't good enough and to go back to the drawing board.

They haven't even gotten the rezone that they want yet, much less an approval.

Why did they want D1 zone to begin with? Could this not have been built under D2 assuming hospitals were allowed?

[Makid]

I had thought the plan that was shown was based on the current zoning and that IHC had used it as a way to get the City to pass the rezone in sort of a 'if you don't rezone, this is what you get' type of thing.

I think the City should point to the Omaha hospital as something they would like and tell IHC to get closer to the Omaha planned hospital than their initial plan.

[locolife]

Originally Posted by i-215

Can the SLC market absorb that much new supply?
(Remember: We're also filling the state's Point project)

Yes, residential purchases are red hot

But commercial leases are very soft (at least nationally)

I could see potential developers showing up to the bank and being laughed out of the meeting. In which case, we've created a great blueprint for a SLC thirty years in the future when market demand catches up. And in the meantime, a bunch of very expensive vacant property.

Residential was hot. It is slowing now, to what extent and length who knows.

https://www.axios.com/local/salt-lak...wn-home-buying

Salt Lake City's housing market is cooling down faster than the national average, according to an analysis by Redfin.

Why it matters: With fewer buyers competing, homebuyers might find it easier to avoid paying more than the asking price.

By the numbers: Between April 2023 and April 2024, Salt Lake metro saw a 5% decrease in the share of homes sold within two weeks, compared to about a 3% drop nationally. Meanwhile, housing inventory increased 17% year-over-year.

[locolife]

Originally Posted by Makid

There will be a lot of projects coming to downtown over the next 5-6 years already.

Block 67 - 3 towers (Blocks C and D)
SEG development - 2 towers (Residential 600' ish and 400' ish hotel)
Theater tower
Condo building west of Astra
Salt Palace reconstruction
Delta Center reconstruction
and I would expect more to come.

7 new towers in 5 or so years would be sweet. I was up visiting last weekend and ended up picking up a mountain bike at the EVO in Granary. That area has got better in recent years.

[BretUtah]

Originally Posted by Schmoe

I know who your client is (an no, folks, it's not me). But from my conversations, I gathered that the other land owner on this site--the RDA--made condos a condition of contributing its land. Can you confirm that, Viperlord?

I have a feeling this client is known in the area for high end townhomes and sold their last 2 projects to reits. Maybe they'll name it The Karen.

[meman]

Just for fun, does anyone want to venture a guess when the next tower in salt lake breaks ground?

My guess is the condo tower just west of Astra in Spring 2025.

By this time interest rates should be somewhat lower and expect some projects to commence.

[Paniolo Man]

Progress on the North Capitol Building: