Cushman & Wakefield | Commerce Brokers Land Purchase for Future Boutique Hotel on Regent Street
http://www.marketwired.com/press-rel...et-2068570.htm
SALT LAKE CITY, UT--(Marketwired - Oct 29, 2015) - Cushman & Wakefield | Commerce today announced it has closed negotiations for the successful purchase of a downtown parcel and future site of the boutique, 251,810 square-foot Regent Street Hotel,
envisioned to be Salt Lake City's finest hotel once completed.Phillip Eilers, International Business and Industrial Specialist with Cushman & Wakefield | Commerce represented the buyer, Regent 200 LLC, in a seven month negotiation and approval process. Regent 200 is a partnership between investor-developers Form Development and The Pelorus Group, both of whom have offices in downtown Salt Lake City, managing both in-state and out-of-state investments. The site is located at the east corner of 200 South and Regent Street, directly north of downtown's Gallivan Center.
"When completed, this will be the seventh tallest building in Salt Lake," said Eilers. "It will have an unusually thin profile, similar to the attractive precedent at the Monaco Hotel. That said, the project will be the first of its kind in Salt Lake because of its mixed uses and spectacular roof-top bar, patio and swimming pool."
Existing requirements permit a maximum 100 feet of vertical construction for sites of this type within Salt Lake's Central Business District.
The Regent Street Hotel proposes an increase of 230 feet to that limit, climbing 22 floors up its 330-foot tower. Salt Lake City's Planning Commission approved the hotel design and height variance in their commission meeting early last month, giving developers the final green-light to move forward with the purchase and next phase of planning.
Regent 200's purchase couldn't be better timed, nor its location better situated. Public and private investment in new downtown construction has been at an all-time high, particularly in Regent's block, where 111 Main and Utah's new Performing Arts Center (UPAC) are currently under construction. Construction will also begin soon on major enhancements to Regent Street's pedestrian experience.
The Regent Street Hotel already benefits from so much neighboring investment. By itself, the original 0.15 acre Eat-a-Burger parcel was far too small to accommodate the hotel's proposed 0.27 acre footprint (11,739 square feet). In response, Salt Lake City Council members, acting as the Redevelopment Agency (RDA) Board of Directors, approved Regent 200's purchase of three RDA owned parcels directly adjacent the Regent 200's north boundary. The approved Option to Purchase Agreement added 0.13 acres to the original purchase, bringing the total area to 0.28 contiguous acres (12,117 square feet).
"This project identifies two critical trends in downtown's development," said Mike Farmer, Executive Director of Industrial at Cushman & Wakefield | Commerce. "Change has come with no sign of slowing, and both city leaders and developer/investors are tackling challenges they ignored in previous years." The looming question for developers is how to capitalize on increased and increasing costs.
The 251,810 square-foot hotel will welcome hotel guests, residents, and visitors through a transparent, ground level lobby and hotel restaurant. Meeting rooms and limited access gym and spa will occupy floors two and three, followed by the hotel's 190 guest rooms from floors 4 to 12. Private condos will occupy the remaining top floors (13-20) of the main building, with private balconies added only to residences on floors 15-20. The final two floors (22 and 23) will feature a rooftop pavilion covering the hotel's bar, patio and swimming pool, with an 18.5-foot penthouse at its crown.
The project is slated to begin construction this coming fall, 2016, finishing spring, 2018.
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