[SLC Projects]

As 2006 comes to an end and 2007 is about to kick off. I can't help but to wonder what will this next year bring as of projects in downtown salt lake. Alot of projects as we know are in the works such as the "metro condo" and "city creek center" with the demo of the Inn at temple sq. But there's one big project that has yet to start that we all know about for years now..............Hamilton Partners.
So what is going on with them and their plan now tower known as "222 south main" It's been in the planning stage since 2002 but yet ground hasn't been broken yet. At the start of 2006 we got work that Hamilton partners teamed up with wasatch partners and that ground was to be broken in sept. But that never happen. Since then a new design of the tower came out with new rendings. The tower went from being 22-floors down to 21-floors. Word then came out that ground will break in Jan. of 2007.
Well guess what?................That's next month. In a matter of weeks. Will they keep their word this time and break ground in Jan? Will 2007 be the year salt lake city gets a new skyscraper?
Today i found a realestate ad that has the "222 south main rending" with the ad the opening date for the tower will be September 2008. ( so about 20 months from now ) so since it takes about 18-months to built a tower i'm guessing about Jan or Feb. for the groundbreaking. But what do you guys think? Will this be the year? Thoughts?


http://img329.imageshack.us/img329/4759/222southmainbn0.jpg

[terryaki]

Most of us on this board were quite hopeful that 2006 was the year of HP back in January, but another year of non-events for SLC passed. I give a 50% chance we see action on the HP site in 2007. The office vacancy rates are absurdly low and with every delay we risk losing more potential companies wanting downtown office space to the suburbs.

[Viperlord]

This tower has been proposed a lot longer than just 2002. It was first proposed back in the 1990's. They were going to build it when American stores was still in the wells fargo building, and have it done for the olympics. But, since American Stores left the Fargo empty, that put a major hold on this project. Also september 11th didn't help any either.

[rodan]

I hope it does. I can't wait to see how cool it looks next to the hotel monaco!!!!!!!!!!! I think it is going to fill massive cause it's going to be next to the hotel monaco which is tall but this is gonna be alot taller ! I just can't wait to stand on mainstreet in 2 - 5 years from now.

[SLC Projects]

Most of us on this board were quite hopeful that 2006 was the year of HP back in January, but another year of non-events for SLC passed. I give a 50% chance we see action on the HP site in 2007. The office vacancy rates are absurdly low and with every delay we risk losing more potential companies wanting downtown office space to the suburbs.

:previous:
I get scared everytime i drive around in Sandy and South Jordan and i see ALL the new office buildings getting built there in the suburbs. Downtown has lost alot of office companies already i'm sure.

[SLC Projects]

This tower has been proposed a lot longer than just 2002. It was first proposed back in the 1990's. They were going to build it when American stores was still in the wells fargo building, and have it done for the olympics. But, since American Stores left the Fargo empty, that put a major hold on this project. Also september 11th didn't help any either.

:previous:
Really? Way back in the 90's? I had no idea it's been in the works that long. More reason why they need to built it NOW! :tup:

[delts145]

This tower has been proposed a lot longer than just 2002. It was first proposed back in the 1990's. They were going to build it when American stores was still in the wells fargo building, and have it done for the olympics. But, since American Stores left the Fargo empty, that put a major hold on this project. Also september 11th didn't help any either.

Isn't this January suppose to be THE month FOR SURE?

[jedikermit]

:previous:
I get scared everytime i drive around in Sandy and South Jordan and i see ALL the new office buildings getting built there in the suburbs. Downtown has lost alot of office companies already i'm sure.

I think the same thing. I get irritated seeing all of the (admittedly very nice) office parks and complexes being built, knowing that it's taking towers away from downtown, and adding to the sprawliness.

[Comrade Reynolds]

I would give it less than 50% of actually getting built this year...or at least construction starting this year. They said January, yet the site hasn't been changed one bit and last I checked we're only a few days away from January....

[jedikermit]

We were down there just before Christmas, and all of those "temporary" shops that were built on that site (just before the Olympics, I think?) are still there and open for business--I think it's funny that those little restaurants that were just supposed to be there for a year or two are some of the only things still open on Main Street. Maybe we should build more of those places out of cardboard and plaster and see if THAT revitalizes downtown! ;)

[Viperlord]

Blame the delay of this tower on Boise!!!! Freakn Albertsons.:hell:

[SLC Projects]

Blame the delay of this tower on Boise!!!! Freakn Albertsons.:hell:

Yea why did Albertsons leave for bosie? What's up there for them? :shrug:

[Makid]

Albertsons didn't leave for Boise, they bought out American Stores and since they have a headquarters in Boise already, they didn't see the sense in maintaining the building in SLC. Which meant that a lot of open office space was suddenly thrust into the market.

[SLC Projects]

Here is that ad i was talking about on my first post about the 222 south main tower. And that it will be open by september of 2008.

Like i said, they better get going on it then if they want to meet that deadline.


http://img148.imageshack.us/img148/2374/citylibarayje4.jpg

[rodan]

I say if they don't start on this tower in January I give up all hope on it. We should stop posting about it after that.

[SLC Projects]

I say if they don't start on this tower in January I give up all hope on it. We should stop posting about it after that.


:previous:
Well it's Jan. and i was driving down main street by where the tower will go and i notice well NOTHING. The "temporary" shops are still open. :shrug:

I don't even know what to think of this project anymore. I hope we hear an update soon before we lose more businesses to Sandy or South Jordan cus downtown can't seem to built any new business towers. :hell:

[Makid]

Found this article this morning. Looks like a longer wait for the HP building.

SLC office space scarce
Vacancy rates in the best downtown buildings are extremely low as Key Bank Tower empties
By Lesley Mitchell
The Salt Lake Tribune
Article Last Updated: 01/03/2007 02:29:16 AM MST


Utah's booming economy has made it practically impossible for businesses to find top-of-the-line office space in the downtown Salt Lake City area.
Commercial brokerage CB Richard Ellis estimates that the vacancy rate for Class A space in the downtown area has dropped to a low of 2.4 percent. Commerce CRG estimates the rate is even lower - about 1.4 percent at the end of 2006. That's down from 4.4 percent in 2005 and a high of 14.3 percent in 2002.
"It's getting to be a very uncomfortable situation for companies who need space downtown," said Mike Richmond of Commerce CRG.
And there appears to be no relief in sight.
Although more companies are movingto Utah and existing companies are expanding, no new office buildings with available space are expected to come online in downtown Salt Lake City in 2007. Commercial brokerages define downtown as the area from about 400 West to 300 East and from about South Temple to 600 South.
Boyer Co. does plan to complete a large office building in The Gateway development in downtown Salt Lake City by summer. But the building is completely committed to Fidelity, which plans to move about 1,600 people now working in leased offices at 175 E. 400 South and 201 S. Main St. to The Gateway, said Charlie Lansche, Fidelity spokesman.
The space being emptied by Fidelity likely won't stay vacant for long.

--------------------------------------------------------------------------------

Advertisement


--------------------------------------------------------------------------------
"Companies are lining up for that space," said Richmond of Commerce CRG.
And while groundbreaking for a 21-story multi-tenant office building at 222 S. Main St. is scheduled for March or April, the 424,000-square-foot structure is not scheduled to be completed until early 2009, said Bruce Bingham of real estate investment company Hamilton Partners.
Hamilton, in partnership with Wasatch Property Management, said a number of companies have been interested in leasing space in the building, which will cost an estimated $100 million to build. But most companies likely will make leasing commitments much closer to the building's completion date two years from now.
One of the key reasons why office space downtown is in such short supply is that the LDS Church is emptying its Key Bank Tower at 50 S. Main St. in preparation for demolition.
Demolishing the building, which is attached to the ailing Crossroads Plaza mall, is reportedly part of the church's multimillion-dollar downtown redevelopment plan.
The church has been relocating tenants from that building for more than a year, although it has not officially announced when it will raze Key Bank Tower or even that it has committed to do so.
But its work to empty nearly 300,000 square feet of space has certainly reduced vacancies by pushing tenants into vacant offices throughout the area.
The law firm of Van Cott, Bagley, Cornwall & McCarthy, for example, agreed to leave the office tower to move to the Beneficial Life Tower at 36 S. State St.
Other tenants vacating the building include Skywest Airlines, HJ & Associates, Citicourt Reporting Group, the law firms of Berman & Savage and Christensen and Jensen and the accounting firm of Deloitte & Touche.
Most of the tenants leaving Key Bank Tower and those looking at downtown in general want Class A space.
Hence, the vacancy rate for older and less desirable space in the downtown area is much higher. Vacancies for Class B office space - older buildings with fewer amenities - in downtown Salt Lake City are 9 percent. Vacancies in Class C buildings - buildings in need of significant upgrades or updating - are even higher, at 25.1 percent.
Developers and owners are beginning to upgrade these properties, though, to take advantage of the strong demand for office space.
The historic Walker Center at 175 S. Main St., for example, was purchased last year by a company that wants to return the Class B building to Class A status.
New York-based real estate investment company Vectra Management Group plans to revamp the building's interior, including its mechanical and electrical systems, and make a host of other cosmetic upgrades.
While a number of companies are set on locating downtown, others are heading to areas outside the central business district, where vacancies are higher and they have more choices.
Class A vacancies in suburban Salt Lake County are 8.6 percent, according to Commerce CRG. That rate is still relatively low but much higher than the downtown area, which makes it easier to find some available space at a reasonable cost.
lesley@sltrib.com

[rodan]

Stupid HP tower. What a waste of time.

[jedikermit]

Yeah, that and other recent articles have really made me wonder why there aren't more office buildings going up--the demand's definitely there...

[SLC Projects]

March or April now. What a joke. How many times now have they set it back?
HP are pussies. Just break the damn ground already!!!! :hell:



anyway know that i got that out of me thanks for the update. :yes:

[terryaki]

Vacancy rate for class A space in downtown is 1.4%. I am almost beginning to think that if Hamilton Partners did NOT own the lot space, another company would have come in long ago and we would be in the middle of seeing a skyscraper being built as we speak.

[SLC Projects]

Vacancy rate for class A space in downtown is 1.4%. I am almost beginning to think that if Hamilton Partners did NOT own the lot space, another company would have come in long ago and we would be in the middle of seeing a skyscraper being built as we speak.


:previous:
What? it's down to 1% now. Yea it's time for a new Class-A skyscraper. Better make that 10 new skyscrapers. I just belive that HP, the LDS church and others have waited this long before anything gets built. If i had the money i would just go buy land in downtown somewhere and built the freaking office tower myself. :haha:

March or April?.............................I just can't get over that. :brickwall: :brickwall: :brickwall:

[delts145]

:previous:

You and me both!!!!!!!!!!!!!!:hell: :hell: :hell:

[Comrade Reynolds]

If HP Tower isn't building with a vacancy rate of 1%, that tower is never going to be built. I just wish they'd give up the land, because terryaki, another company would most definitely build something there...maybe even something taller. Fucking Hamilton Partners.

[rodan]

If HP Tower isn't building with a vacancy rate of 1%, that tower is never going to be built. I just wish they'd give up the land, because terryaki, another company would most definitely build something there...maybe even something taller. Fucking Hamilton Partners.

Yeah that's exactly what I'm thinking. It isn't like they could be having trouble filling the thing up. The only thing I can hope is that they are extending the height of the building but that is a far far away dream.

[SLC Projects]

Yeah that's exactly what I'm thinking. It isn't like they could be having trouble filling the thing up. The only thing I can hope is that they are extending the height of the building but that is a far far away dream.


I was just thinking that......I know it's a long shot, but what if HP is only delaying the ground breaking cus they are redesigning the tower to add more floors and sq feet with all the need with class A office space. That would be worth the wait would it?.........To have the tower with 10 more floors added to the top. LOL. Maybe. Who knows what they are doing.

[delts145]

:fingerscrossed: I was just thinking that......I know it's a long shot, but what if HP is only delaying the ground breaking cus they are redesigning the tower to add more floors and sq feet with all the need with class A office space. That would be worth the wait would it?.........To have the tower with 10 more floors added to the top. LOL. Maybe. Who knows what they are doing.

I also had the same thought. :koko: Then I said to myself, "is this a premonition?" :haha: That would almost be too good to be true. :fingerscrossed:

[jmonkey]

stupid, fretchin, Hamilton Partners!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

(^I did clean my language up for those of you who wouldn't want to hear what I'm really saying right now, and I did with Utah style!!)

:hell: :hell: :hell: :hell: :hell: :hell: :hell: :hell: :hell: :hell: :hell:

Nice fantasy guys, and I hope it's true, but a long history shows us Hamilton Partners only delays this tower so they can shorten it. Who was saying not long ago, that by the time this think gets built, it will be six stories, with five of them underground?? They better be delaying to add square footage and height, or I'm going to go downtown and shake some sense into certain people. :whip:

Good god. How pathetic is it that this rinky-dink tower can not get started, in a market with vacancy rates this low??? Are the people at Hamilton Partners literally retarded??

:hell:

Wasatch Partners will be under construction sooner, with something taller and nicer than this development guys. Give it up for a lost cause. At least Main Street got it's own cheap strip mall out of the deal--better than the deserted, ugly vacant story fronts that were there before, although at least they were two stories. Hamilton Partners can still build a five story parking garage under ground.

[delts145]

You know though, there are a couple of scenario's, which in Salt Lake's boomtown atmosphere and with the just posted predictions coming in from the banking expert's, "may actually make a lot more sense than these inexplicable delay's." It is entirely feasible that Hamilton has decided to go back to the drawing board. The current project would almost seem, "least-case-scenario," given what is pronosticated to happen over the next few years. It's entirely logical to rethink the expansion of the project. The City-Creek development has created a definite buzz in many areas of the national business sector. All of the incredible growth of the metro areas in all of its facets,"Warehousing,Industrial,HiTech,housing,transportation,commercial,
retail and on and on,"would solicit a re-thinking of previous plans." Haven't you guys also found it strange that the design's of City Creek Towers have been so vague. I do think that City Creek and Hamilton are having to deal with a plan in PROGRESS. Believe me, Developers donot like to finish a building only to find they should have added more stories. Of course ,no one wants a tower that is over-built. However,in Salt Lake's current and predicted atmosphere we can all agree that downtown and metro wide we are suffering from shortages. Isn't it feasible in our current and predicted continuing boom, that certain area regional headquarter's could be demanding a larger amount of square footage downtown,(at one footprint)? There is a TREMENDOUS amount of interest in Downtown SLC right now. We have no idea what CEO's are looking at in terms of expansion and relocating in what is rapidly becoming one of America's most exciting downtown's. One thing is for sure, Hamilton,Boyer, City Creek and all downtown developers are working in tandem over how to best syncronize their respective projects.

[Utaaah!]

I was surprised and rather disappointed by the lack of new office space proposed for City Creek Center. Perhaps HP was similarly surprised by its competition's diminutive proposal and sees an opportunity to meet pent-up demand though a taller tower. One can only hope.

[Makid]

I think the reason we didn't see to much with City Creek is that the developers wanted to put more push on the other tower developers to increase their plans and heights for the buildings.

We will be losing 2 office towers with City Creek, Key Bank and Deseret Building. Key Bank will be razed, Deseret will probably be turned into high end condos.

The City Creek developers did state that they would be building 2 commercial towers. 1 was on the site of the Deseret Building, now will be located elsewhere and another on the 1st south and State NE corner. That tower is supposed to have both commercial and residential.

I personally think that the City Creek developers gave just enough information on the project to let others begin work and finalize their projects. If City Creek would have stated they would be putting 1 Million Sq. Feet of office space on the market in 2 buildings, I think HP would have shrunk even more and we possibly would be losing space in the potential World Trade Center SLC.

I honestly don't expect to see or hear any news about City Creek commercial towers until we have work started on HP and probably a more concrete plan set up for the World Trade Center.

They want to create an better city, not own the city.

[delts145]

:previous:
They want to create an better city, not own the city.

Excellent point, and I agree 100%.

[SLC Projects]

You guys bring up some very good points and it gives me a stronger hope that HP is redoing their plans to add floors to their tower.

It's true with city creek that they taken alot of office space off the market.

Here's what i think should happen............The new HP tower should be at least 30-stoires now as for the WTC Utah it needs to go up to at least 40-stories. LOL. Can't wait to see what happens.

[jmonkey]

Well, if Hamilton Partners is adding height and square footage, they don't really need to go back to the drawing board--just resurrect one of their previous designs!!

[Comrade Reynolds]

I think it's cute some are rationalizing HP's delay. ;)

Maybe I'd buy this excuse if the tower had only been proposed for a year, but their history gives me enough reason to doubt this entire thing.

1997: Hamilton Partners propose a tower on 222 South Main Street. It's approved and construction is to start in a year or two.

1998: American Stores finishes construction on its new tower across the street from the site of the proposed Hamilton Partners Tower.

1999: American Stores is acquired by Albertsons. At first Albertsons states they will not move employees out of the American Stores Tower, however this is later reversed and the tower is left mostly vacant. Around this time, the HP Tower was just beginning the planning stages of construction, in hopes of getting it built in time for the 2002 Winter Olympics. However the glut of office space left by the vacated American Stores tower puts the tower on hold indefinitely.

2001: With plans for the tower still on hold, Hamilton Partners decides to erect temporary store fronts to fill up the site during the 2002 Winter Olympics. After the Olympics, construction can commence on the 28-story mixed-use tower. Also at this time, Wells Fargo purchases part of the American Stores Tower and begins relocating its local offices there.

2002: Winter Olympics come and go.

2003: A year after the Olympics and still no movement on the site. Instead only a poster hangs, telling people about the proposed office tower. Later in the year, the poster is removed.

2004: The Deseret News (http://deseretnews.com/dn/view/0,1249,595060165,00.html) publishes an article stating construction of the Hamilton Partners Tower will begin in the spring or summer of 2005. The tower, originally proposed as 25-28 stories, has now been scaled back to 22.

2005: Spring and summer come, yet the HP site is still left the way it was for the Winter Olympics. That does not change the entire year, even though construction was set for 2005.

2006: In February, nearly two years after its original announcement, the Deseret News publishes an article stating the tower will begin construction in fall of '06 (http://deseretnews.com/dn/view/1,1249,635185167,00.html). Now the tower is set at 21 stories, down a story from the last known article about the tower.

Fall 2006: It's announced that HP hopes to start construction not in the fall, but rather in January of 2007.

2007: It's now January '07 and those temporary businesses opened up for the Olympics are still there and no signs of movement are taking place. Will the tower be pushed back to spring '07? Fall '07 or even January of '08? Hell it wouldn't surprise me if the entire thing turned out to be one big bust.

[SLC Projects]

Wow, that's sad that it's been 10 years for them and nothing has happen. What are they waiting for, the 2nd coming? :shrug:

[Comrade Reynolds]

Ok, well good news. I talked to a friend who's working on the HP Tower and he told me demolition is still scheduled to start this month and that the tower will be built. I guess we'll just wait and see, but I'm more optimistic about the tower than I was 24 hours ago.

[i-215]

What's on the site now? I always forget to look.

[SLC Projects]

What's on the site now? I always forget to look.




This is what the site looks like today.
http://img141.imageshack.us/img141/2623/hpproject4nr.jpg

[SLC Projects]

Ok, well good news. I talked to a friend who's working on the HP Tower and he told me demolition is still scheduled to start this month and that the tower will be built. I guess we'll just wait and see, but I'm more optimistic about the tower than I was 24 hours ago.


That's good news. I hope it's true then. At least somthing will happen this month.

[i-215]

:previous:
:previous:

That mini-mall looks nice! They can't demo that! :haha:

[delts145]

Ok, well good news. I talked to a friend who's working on the HP Tower and he told me demolition is still scheduled to start this month and that the tower will be built. I guess we'll just wait and see, but I'm more optimistic about the tower than I was 24 hours ago.

That is great news. I was wondering if anybody was going to take the iniative to get an answer from someone in the know. So this means that you Comrade will keep us posted at the end of the month if there are no public announcements.

[jedikermit]

Yay, optimism!

[Comrade Reynolds]

Ok, that post was probably a bit more optimistic than I had hoped. Word is now that HP is dragging their feet at getting this done and that they should have some plans in at the end of the month (to begin building a team of iron workers), but who knows if this will actually happen. It does seem HP isn't in a hurry to get this thing built...

[jedikermit]

Son of a crap!

[rodan]

I think they just read the posts on this forum and twist us aroudn for fun. I don't think there was ever a tower planned!

[SLC Projects]

I got some good news that might help. Today when i was driving on main street i notice that some of the stores on 222 south main are closed. 2 out of 7 stores are closed. Maybe this is the first sign of these stores moving out as this project could be getting started here real soon.

[i-215]

Or the economy is slowing down....

[Comrade Reynolds]

Bad news.

My friend who works for the company that'll help construct it told me that they're having problems getting the steel for the tower's columns. I guess there's no place that fabricates these columns in the states (the size of them), so they were looking at a mill in Germany. However the mill will be out of commission for quite a while. The cost is also higher than thought, which means the tower will be over budget. They're looking at other solutions, but they may have to re-budget the tower and as it looks right now, the tower has been put on hold indefinitely.

[SLC Projects]

:previous:

Why do we even bother with this tower?

:slob: :hell: :gaah: :tantrum: :wah: :pissed: :breakcomp:

[SLC Projects]

I just thought of this...

But you know what HP should do at least is while they are messing around by trying to get the steel they should clear out those stores, Tear them down, breakground and dig up a big hole on that site just to show some kind of progress. :hell:

[wrendog]

AAAAAAAAAAARGGGGGHHHHHHH!!!!!


*wrendog lets off a stream of mormon cuss words*

[dewaalnuts]

did anyone really expect this thing to get built? they should sell the land to somebody who has the financial capability to go forth with a project. they still could make a profit on the land.

[jmonkey]

Stupid Hamilton Partners and their stupid tower. I don't even want them to build it anymore! :hell: :pissed: :pissed: :twoguns: :dead:

And if they dug a big hole, that's all we'd end up with after waiting another ten years. A big hole.

Sell the land, Hamilton Partners--or better yet, maybe it's time for the RDA to step in and declare it 'blighted'. It's time to let someone without their heads up their asses build something better there!

[delts145]

:maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown: :maddown:

Thank goodness Boyer, Andersen, the State of Utah, The LDS Church and any one of another dozen developers do not run their ship like these people at Hamilton. What is their official website for public input? We need to give them a good piece of our minds, not just keep this amongst ourselves. That piece of land on main should be taken over by someone who is serious about developing a WORTHY project.
Is this a sixty story tower?- "Hardly!" Do we not have one of the lowest vacancy office rates in the nation? Next door,City Creek is not only one of the largest and most attractive downtown projects in all of No. America, but it is actually offering up an unbelievable opportunity to developers of Class A office space. "City Creek will actually leave the community with less office and more residential!" Seriously, who is their contact at Hamilton? Hamilton should be shamed out of this project!!!!!!!!!!!!!

[i-215]

The funny thing about this thread is that if Hamilton Partners announced groundbreaking tommorrow, you'd suddenly all be really chummy with them! ;-)

[delts145]

:previous: No, I think we are taking Comrade's info. very seriously. In other words Hamilton is NOT getting their act together in the forseeable future.

Bad news.

My friend who works for the company that'll help construct it told me that they're having problems getting the steel for the tower's columns. I guess there's no place that fabricates these columns in the states (the size of them), so they were looking at a mill in Germany. However the mill will be out of commission for quite a while. The cost is also higher than thought, which means the tower will be over budget. They're looking at other solutions, but they may have to re-budget the tower and as it looks right now, the tower has been put on hold indefinitely.

[SLC Projects]

The funny thing about this thread is that if Hamilton Partners announced groundbreaking tommorrow, you'd suddenly all be really chummy with them! ;-)


Yea, Yea, I'm sure your right about that. It's just alot of us have waited so damn long for this project to get started and it just drives me nuts that Downtown salt lake hasn't seen a new office highrise tower since the wells fargo center and that was back in 1998. That's almost 10 years within a new tower.

Lane Beattie president of the salt lake chamber was talking on KSL today and he was saying that Class A office space in downtown as of right now is below 1%. He was also saying that for the next five or more years downtown will have a huge bemand on new office towers.

All this is going on and HP is just siting on their ass. :slob:

[i-215]

I understand. I've been waiting here on the forum since 2001 for this tower, too..... but I just thought how funny it was if this forum said "HP announces groundbreaking" we'd all be cheering how awesome Hamilton Partners is.

I could go into the whole "US steel industry goes overseas" thing, but that's another hash for another day. Why don't they just buy some cheap Chinese steel and get this thing built?