Salt Lake City: Official Development News Thread - Part 5

[Utah_Dave]

Anyone else concerned about the lack of movement and announcements of some of the larger proposals recently?

[Denvergotback]

Originally Posted by Utah_Dave

Anyone else concerned about the lack of movement and announcements of some of the larger proposals recently?

Could it be because of the increase on the steel tariffs? I was wondering if that could hurt some of the high rise developments. Especially in some of the smaller cities

[Makid]

Originally Posted by Denvergotback

Could it be because of the increase on the steel tariffs? I was wondering if that could hurt some of the high rise developments. Especially in some of the smaller cities

I wouldn't expect that this will stop tower 8 only due to the funding behind it. Liberty Sky, the financials might be adjusted slightly. Overall though, it shouldn't have too much of an impact. I have heard that the largest impact predicted is adding 1 year to the ROI to a project.

Basically, it is the same impact, if not less, that has been happening in wood frame construction since the addition of the penalty to Canadian Lumber, since they were found to be selling it below cost to gain market share. That is currently adding approximately $9,000 to the cost of Single Family Homes. This I can see having a larger impact on housing affordability across the Country for many years.

On the plus side, we may see some cargo container apartment buildings pop-up around the city since they are somewhat prefabricated.

[Marvland]

Originally Posted by Utah_Dave

Anyone else concerned about the lack of movement and announcements of some of the larger proposals recently?

They are all working as far as I know. It takes a long time to get towers going. Most of the previous tower proposals (Regent, Air Tower, APS) all had one thing in common: inexperienced developers for tower projects. That is no longer the case. Held, Patrinely, Boyer, they can all do towers. Ritchie group will need to bring in a bigger player to get Block 67 going. Maybe that bigger player is DDRM through the CCH thing?

Lots going on:

- We are losing basis point every day
- Banks are tightening. Requiring cash infusions in land pledge JV deals.
- Steel is up 30%. Tariffs, demand.
- All of the steel and concrete is at the airport.
- Not enough workers.

The airport is really squeezing us tight. Concrete should be off the job soon there which will help.

[Comrade]

Plus, it's SLC. Why anyone thought the city would buck a trend that has literally been there for 50 years, and suddenly see a surge in high-rise development, is beyond me.

Salt Lake averages 2-3 20+-story towers a decade - going back to the 1960s.

2010s:

111 South Main
The Regent
99 West

The 2000s:

222 South Main
Grand America Hotel

The 1990s:

Wells Fargo Center
Gateway Tower West
One Utah Center

The 1980s:

Eagle Gate Tower
American Tower North/South

The 1970s:

Beneficial Life Tower
LDS Church Office Building

The 1960s:

University Club Building
Kennecott Building (we'll throw this one in at 18 stories)

Pretty damn consistent. We're not due for a new hour for at least three years, IMO.

[wrendog]

Originally Posted by Comrade

Plus, it's SLC. Why anyone thought the city would buck a trend that has literally been there for 50 years, and suddenly see a surge in high-rise development, is beyond me.

Salt Lake averages 2-3 20+-story towers a decade - going back to the 1960s.

2010s:

111 South Main
The Regent
99 West

The 2000s:

222 South Main
Grand America Hotel

The 1990s:

Wells Fargo Center
Gateway Tower West
One Utah Center

The 1980s:

Eagle Gate Tower
American Tower North/South

The 1970s:

Beneficial Life Tower
LDS Church Office Building

The 1960s:

University Club Building
Kennecott Building (we'll throw this one in at 18 stories)

Pretty damn consistent. We're not due for a new hour for at least three years, IMO.

You crack me up. Things can never change. Nope, never.

Cities can be stagnant and all the sudden have booms. It happens. Look at Austin. I know your pessimism will say it's different, but it could totally happen in SLC.

[asies1981]

West Station developers are moving forward with phase III

[Utah_Dave]

Originally Posted by Comrade

Plus, it's SLC. Why anyone thought the city would buck a trend that has literally been there for 50 years, and suddenly see a surge in high-rise development, is beyond me.

Salt Lake averages 2-3 20+-story towers a decade - going back to the 1960s.

2010s:

111 South Main
The Regent
99 West

The 2000s:

222 South Main
Grand America Hotel

The 1990s:

Wells Fargo Center
Gateway Tower West
One Utah Center

The 1980s:

Eagle Gate Tower
American Tower North/South

The 1970s:

Beneficial Life Tower
LDS Church Office Building

The 1960s:

University Club Building
Kennecott Building (we'll throw this one in at 18 stories)

Pretty damn consistent. We're not due for a new hour for at least three years, IMO.

I predict 5 buildings 20+ stories for 2020-2030. That would be on low end. Can’t wait for 2020!!

[Comrade]

Originally Posted by wrendog

You crack me up. Things can never change. Nope, never.

Cities can be stagnant and all the sudden have booms. It happens. Look at Austin. I know your pessimism will say it's different, but it could totally happen in SLC.

Sure. It could totally happen. The fact it hasn't, though? Yeah...

[Jiffy]

Originally Posted by wrendog

You crack me up. Things can never change. Nope, never.

Cities can be stagnant and all the sudden have booms. It happens. Look at Austin. I know your pessimism will say it's different, but it could totally happen in SLC.

Can it happen? Yes. Will it happen? Probably not. There is nothing in the surrounding areas history to ever indicate it would ever happen in Utah. And Austin is a bad example for the very reason that it is much much more liberal in the metro as a whole than the Salt Lake metro ever will be. Sure Salt Lake is liberal, but it’s hard to be a dynamic city center when all of your suburbs are literally competeing against you.

What makes Denver and Seattle so great of cities? It’s the fact they have centeralized literally everything and not all the suburbs are trying to get every attraction they can in their own city, instead the whole metros acting as one cohesive unit supporting the city centers. That desperately needs to happen in Utah. Imagine how great Salt Lake could be if every surrounding city supported it instead of competing against it.

Imagine how much less polluted the valley would be if not every city is trying to build their own versions of downtown that tend to be sprawled, but instead allowed Salt Lake to build a better network of an urban area that people would want and envy to live around, instead of building dozens of office parks catering to suburbs and adding to the entire reason to never change the mindset away from plain boring, polluting sprawl.

Yes I understand that every city has their share of office parks, and that may never change. But if Salt Lake wants to stay desirable and sustainable, then they are really going to have to figure out a way to convince people of a change of mindset.

What makes Utah desirable? 1) being Mormon, 2) the natural beauty. Who’s going to want to fly in and spend time in the mountains when they literally start to look like the mountains in LA. You know, if LA even has mountains, I mean you can’t see them 75% of the time.

That is my rant

[Orlando]

I think the catalyst for greater development is convincing a few of those big tech startup success companies that downtown and adjacent urban areas like the Fleet Block can be so much more sustainable and rewarding with transit and amazing walkable amenities. Unfortunately, Pluralsight had Narrowsight in choosing a stand-alone car-centric suburban office park on the Draper hills.

[Utah_Dave]

Originally Posted by Orlando

I think the catalyst for greater development is convincing a few of those big tech startup success companies that downtown and adjacent urban areas like the Fleet Block can be so much more sustainable and rewarding with transit and amazing walkable amenities. Unfortunately, Pluralsight had Narrowsight in choosing a stand-alone car-centric suburban office park on the Draper hills.

Yes, this is one large factor. I just drove thru the Lehi area this morning and it’s definitely sucking Developement away from down town area. Adobes’ next phase has started ground work. Next up will be Drapers prison site. I’m revising my 2020-2030 guess to 2-3 buildings over 20 stories and pushing it back to 2030-2040 for about 5-7 high rises over 20+ stories.

[asies1981]

The Downtown Alliance released their annual economic benchmark report. Spoiler, they agree we need more downtown development.

[airhero]

Thanks Isaac!

Looks like there is a rendering of Tower 8 in the report:



Not sure if it's just preliminary or what. Looks like 111 but wider and some curvature.

Report pdf:

https://www.downtownslc.org/images/S...wn_EMAIL_1.pdf

[wrendog]

Is 370 Millennium officially dead?

[Utah_Dave]

Originally Posted by wrendog

Is 370 Millennium officially dead?

370 tower was mentioned as moving forward still. Is the convention center hotel is shelved I would hope 370 tower and Richie would be able to move forward a little quicker now and maybe increase the hotel parts of the project a little.

[Utah_Dave]

Tower 8 looks to be about 365-385ft tall

[Comrade]

Originally Posted by Utah_Dave

Tower 8 looks to be about 365-385ft tall

That was confusing. I was looking at the building listed as No. 8 on there and was like, "what the fuck you smokin' bro?"

[EPdesign]

The Project on the block west of the convention center has been pushed to begin fall...possibly late fall.

[delts145]

Just to clarify then?...The tower spoken of as the LDS Church office tower. Are they speaking of T8? " But plans for several other towers that should exceed 20-floors appear to still be moving forward including Cowboy Partners’ Liberty Sky apartment tower, Held Properties’ 370 Millennium Tower and an office tower from The Church of Jesus Christ of Latter-day Saints’ private real-estate arm."

Originally Posted by airhero

Thanks Isaac!

Looks like there is a rendering of Tower 8 in the report:



Not sure if it's just preliminary or what. Looks like 111 but wider and some curvature.

Report pdf:

https://www.downtownslc.org/images/S...wn_EMAIL_1.pdf