Posted Jan 3, 2018, 12:53 PM
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Registered User
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Join Date: Aug 2006
Location: Downtown Los Angeles
Posts: 19,375
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Quote:
Originally Posted by DCRes
I noticed a construction fence up around this property this morning. It has the logo of the construction company on the fence which leads me to believe that construction will actually be starting! A couple months ago a small building along Tabernacle street was torn down, and now that I'm looking at the renderings again I see that there is part of the development going right where that building was. I pass by this site everyday so it will be fun to watch is develop, and i'll be sure to post pictures as it does.
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DCRes, Looks like that great new project was just covered in the Deseret News. Very excited for this one. I think it strikes just the right note for that area of downtown St. George.
Construction underway on $40M downtown St. George project
ST. GEORGE — A key step in building up downtown St. George is underway...
Associated Press for the Deseret News- https://www.deseretnews.com/article/...e-project.html
The Spectrum reports developers gathered Wednesday with city officials to break ground on a $40 million multi-use project.
The "City View" project is planned to include a four-story Boutique hotel, two four-story apartment buildings, retail shopping, restaurants and other commercial uses.
PEG Development representative Cameron Gunter says the first phases, one of the apartment buildings and a parking structure, should be open by next fall.
About 110 apartment units would be included in the project, which should help meet a growing demand for apartments in the city.
Gunter says the apartments would be higher-end, with monthly rents likely starting at about $900 and go up to $1,600.
Construction is expected to be completed by the end of 2018.
Construction starts on $40 million 'City View' downtown project
David DeMille - The Spectrum,
http://www.thespectrum.com/story/new...ect/969927001/
https://www.gannett-cdn.com/
More Details, ..."We're trying to get that Millennial generation, those young professionals, as well as those Baby Boomers," Gunter said.
Cameron Gunter, CEO of PEG Development, explains theBuy Photo
Cameron Gunter, CEO of PEG Development, explains the ideas behind a new mixed-use development in downtown St. George during a presentation Wednesday, Dec. 20, 2017. (Photo: David DeMille/The Spectrum & Daily News)
The hotel, which was named "The Advenire," has been tabbed as a Marriott hotel and one of the company's luxury "Autograph Collection" properties.
City officials first approved the project in 2016, amending city zoning for an L-shaped property at the southwest corner of the intersection between St. George Boulevard and Main Street, wrapping around a row of existing shops along Main Street.
Gunter said increasing construction costs put construction on hold in the meantime, but now investors are ready to move ahead anyway. When it was approved, the project was estimated at $30 million.
The city helped with special tax incentives that reinvest monies generated by downtown businesses in improving the area's infrastructure. Through a process called tax increment financing, the properties where new projects are built would retain their base tax rates, with any revenue generated by increases in property values being pumped back into public improvements like parking, utilities and other infrastructure needs.
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Last edited by delts145; Jan 3, 2018 at 1:15 PM.
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