This is a great photo for showing that SLC is coming along nicely as far as adding density to its core. The tabletop effect is pretty obvious from this angle though. Even with the upcoming additions like Astra that effect will still be pronounced. Now would be a good time to start pushing the decision-makers for those 500-600 footers, especially residential. Given the downtown housing shortage and continuing demand, coupled with the current rental rates, it would seem that the penciling out aligns well for increased height in the CBD. I mean SLC is not as expensive as San Fran or L.A., but it's definitely demanding higher rates than some of Salt Lake City's competitive cities, which seem to have no problem with developing the taller towers.
Edit: I stand corrected, at least as the current rates stand. Looking through some of the cities on RENTCafe.com (Denver, Austin, Nashville, and Salt Lake City) it would appear that at the moment Salt Lake City is still significantly lower city-wide, but especially downtown. The average apartment in all four cities is figured at around 850 sq. ft. City-wide SLC is 200-400 a month cheaper, Denver being the most expensive. Downtown SLC comes in on average in the 1300s. However, on average downtown Denver is at 2234.00, Austin at 2,934.00, and Nashville at 2,020.00. The average year-over-year jump was highest in SLC and Austin, but I was surprised at how expensive downtown Austin has become.
Just taking a quick stab at the stats I would guess that downtown SLC rates will only begin to catch up as SLC adds more Astra, Theatre, Convexity style housing. City's like Nashville, Austin, and Denver had already added a significant amount of high-rise residential before SLC had even started. It would make sense that an Astra tower quickly occupied would prove to developers that downtown Salt Lake City is ready for more of the same and hopefully taller. It would seem like we're just going to have to wait a few more years before the Salt Lake market proves itself as capable of the 600-plus footers, especially given Salt Lake developer's conservative nature. If anything were to come along sooner it would be most likely developed by a very deep pocketed developer with national and international reach. The L.D.S. Church could afford to play the longer game but they have so many announced and strongly rumored projects right now that it's not probable that they would build a residential tower taller than 99 West for the foreseeable future.
What are you guys predictions for taller residential over the next ten years?
Also, maybe this was no news to you guys, but something that caught me by surprise was that it seems like they decided to demolish the north visitors center on Temple Square. I had thought that it would be remaining and was not a part of the whole remake. They have indicated that gardens would take its place. Is this something more recent or was it always on the calendar?
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Worth pointing out that Convexity and Moda Luxe will also be visible in this view (bottom left)
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