Posted Aug 3, 2019, 3:14 PM
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New high-rises and midsize apartment complexes going up across downtown Salt Lake City
https://www.sltrib.com/news/2019/08/...rises-midsize/
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Downtown Salt Lake City is headed in a new direction — up.
More than half a dozen new high-rises are now planned or underway in the urban core and several of them will take their place among the city’s tallest towers. Other projects will offer a new brand of luxury living high off the ground, with rooftop pools and sweeping views.
“This city is in ascension economically, and that’s being manifested on the skyline,” said Dee Brewer, executive director of the Salt Lake Chamber’s Downtown Alliance.
In addition to these freshly minted office, hotel and residential skyscrapers, developers are putting up at least a dozen midsize apartment buildings, which will join more than 20 sizable complexes constructed in Utah’s capital since 2011 that are now full.
This apartment construction is helping Salt Lake City realize a long-held goal of boosting its permanent population (now above 200,000) — although a majority of the dwellings will be rented at luxury or market rates even as the city struggles from a dire lack of affordable housing.
The trends toward height, luxury and adding people are part of a remarkable upsurge in real estate development in the city, much of it led by out-of-state investors.
“Downtown is off the charts,” said Kip Paul, vice chairman of investment sales at Cushman & Wakefield, a leading Salt Lake City real estate brokerage.
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Projects illustrating this trajectory include:
• A 28-story Convention Center Hotel, set to rise by 2022 on the southeast corner of the existing Salt Palace, at 200 South and West Temple.
• 95 State at City Creek, a 28-story office tower now going up at 100 South and State Street and set for completion in fall 2021. It’s being built by City Creek Reserve, a development arm of The Church of Jesus Christ of Latter-day Saints, which also put up 111 Main.
• Word is that developers behind another major office project called 650 Main are now set to proceed with the first of two 10-story office towers side by side at 600 South West Temple.
• Liberty Sky, a new 24-story luxury residential tower at 151 S. State, being built by Cowboy Partners and The Boyer Co.
• Chicago-area developer Brinshore intends to build two residential towers a few blocks away, at 255 S. State, at 14 and seven stories, respectively, in a project backed by nearly $11 million in loans by the city’s Redevelopment Agency.
• Nearby, a Boston real estate firm called Kensington Investment is touting a 0.69-acre plot at 75 E. 200 South — currently home to a Carl’s Jr. restaurant — for what insiders say could be another apartment high-rise, this one some 23 stories tall.
• The Block 67 project — dubbed The West Quarter by developer The Ritchie Group — which would cover the block bounded by 100 South and 200 South from 200 West to 300 West, including what is known now as Royal Wood Plaza.
• The Exchange, a two-building project now taking shape along 400 South, where the former Barnes Bank Building and Salt Lake Roasting Co. once stood.
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[QUOTE]Overall, the city’s spate of new high-rise and apartment projects — and others like them still in negotiations and not yet made public — reflects a crucial financial turning point for the state as a whole, judging from the sheer volume of projects./QUOTE]
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