Salt Lake City: Official Development News Thread - Part 5 - Page 111

airhero · #**2201** Posted **Feb 13, 2018, 12:52 AM**

Oh I'm sure there is extra meaning. I'm very excited to hear more about this Boston group's plan for the parcel, whenever that may be (hopefully by spring).

Quote:

Originally Posted by Makid

Within the D-1 zone, Midblock buildings are upto 100' as right. It is unlimited with conditional use permit and design review.

I can understand a developer wanting to avoid the review. Look at 151. It was denied a few times because of a box design. Most residential buildings would be boxy by nature to maximize available space without needing to charge more.

I wonder if they are looking to change the midblock CBSDR requirement to match what it is on the corners. In that case, a 20 story residential building would be shy of the 375 foot threshold and would avoid a review. I can't see the city changing this for the entire D-1. Perhaps a zoning amendment just for the parcel in question.

Orlando · #**2202** Posted **Feb 13, 2018, 1:53 AM**

I'll wait to get excited until someone actually starts digging.

wrendog · #**2203** Posted **Feb 13, 2018, 2:05 AM**

Quote:

Originally Posted by Orlando

I'll wait to get excited until someone actually starts digging.

Seriously. I drove through Austin yesterday and I was just salivating.

asies1981 · #**2204** Posted **Feb 13, 2018, 2:10 AM**

I think that now that Salt Lake is on the national radar we are going to see more development. Even just with what we already know about like Held, Block 67, 151, State Street Plaza site, Regent Street, tower 8, Patrinely that is a lot of new development for a city our size.

asies1981 · #**2205** Posted **Feb 13, 2018, 2:10 AM**

Also construction started on the Salt Lake Costume adaptive reuse.

EPdesign · #**2206** Posted **Feb 13, 2018, 2:16 AM**

Actually...I would like to post my objection to the parking lot/structure they built on the old Mr. Mac? Or Men’s Wharehouse or ever it was on south temple. The design of it was really an interesting choice.

delts145 · #**2207** Posted **Feb 13, 2018, 2:29 PM**

Developers propose 24-story apartment tower on State Street in downtown Salt Lake City

The Salt Lake Tribune - By Mike Gorrell
https://www.sltrib.com/news/business...alt-lake-city/

“We’re excited to see residential on State Street, which is a fairly new addition to the ecosystem,” said Christian Harrison, the Downtown Community Council chairman.
“It is a good sign that State Street is turning a corner. We do hope it spurs more development farther south along State Street.”

“Offices are daytime [operations] and don’t create vibrancy or activity in the evenings. In downtown, they create dead zones,” Planning Director Norris added. “Apartments put eyes on public spaces basically all day long. Those residents tend to go out at night and walk around the neighborhood. It enlivens downtown.”

(Artist's rendition courtesy of Cowboy Properties) Cowboy Properties and Boyer Co. are looking to build a 24-story apartment building on the east side of State Street between the Federal Building on 100 South and the Maverik headquarters building on 200 South. The $90 million project is being praised for its prospects of bringing more residents to downtown Salt Lake City.

Convinced that downtown living is increasingly desirable, real-estate developers Cowboy Properties and Boyer Co. want to build a 24-story apartment building on State Street between 100 and 200 South...

...The $90 million high-rise would include roughly 300 apartment units and a rooftop swimming pool. A five-story parking terrace would be built on its east side, hidden from street views by surrounding buildings.

Although rent levels would vary, Cowboy Properties President and CEO Dan Lofgren said most would cost near the “top of the market in today’s market. We’ll have studios to very large two bedrooms, units that go for under $1,000 [a month] while some of the largest will be several thousand.”...

...“As the downtown residential market has evolved, and as we massaged what we thought was the best option, this residential tower emerged,” Lofgren said. “Downtown Salt Lake City has become an amenity-rich environment. It’s become a great neighborhood. The pieces that were missing 10 years ago — not that it was bad then — are now filled in.“

First and foremost: the Harmons City Creek market at 135 E. 100 South. “The grocery store makes it a neighborhood,” Lofgren said. “For many household configurations, the option of living downtown has become the preferred option. These are households hoping to live without a car, households looking for the convenience of being close to work, households energized by all the activities downtown, households attracted to this notion of a high-rise and the views and lifestyle it offers.”

At the projected rent levels, he sees these apartments appealing to people working at high-tech and financial-services companies, law firms and banks. Retirees also are likely renters, Lofgren added, “drawn especially by the arts downtown — the symphony, the ballet, Eccles Theater. That’s a pretty full basket of offerings.”...

...Planning Director Norris said the shift from office tower to residential high-rise is “certainly consistent with our master plan policies, which try to increase the number of people living downtown.”

.

wrendog · #**2208** Posted **Feb 13, 2018, 3:00 PM**

Noice. Good job Boyer. Now make sure it happens.

Marvland · #**2209** Posted **Feb 13, 2018, 3:19 PM**

SICK! We finally have an apartment tower in the pipeline!

EPdesign · #**2210** Posted **Feb 13, 2018, 3:49 PM**

Quote:

Originally Posted by delts145

Developers propose 24-story apartment tower on State Street in downtown Salt Lake City

The Salt Lake Tribune - By Mike Gorrell
https://www.sltrib.com/news/business...alt-lake-city/

“We’re excited to see residential on State Street, which is a fairly new addition to the ecosystem,” said Christian Harrison, the Downtown Community Council chairman.
“It is a good sign that State Street is turning a corner. We do hope it spurs more development farther south along State Street.”

“Offices are daytime [operations] and don’t create vibrancy or activity in the evenings. In downtown, they create dead zones,” Planning Director Norris added. “Apartments put eyes on public spaces basically all day long. Those residents tend to go out at night and walk around the neighborhood. It enlivens downtown.”

(Artist's rendition courtesy of Cowboy Properties) Cowboy Properties and Boyer Co. are looking to build a 24-story apartment building on the east side of State Street between the Federal Building on 100 South and the Maverik headquarters building on 200 South. The $90 million project is being praised for its prospects of bringing more residents to downtown Salt Lake City.

Convinced that downtown living is increasingly desirable, real-estate developers Cowboy Properties and Boyer Co. want to build a 24-story apartment building on State Street between 100 and 200 South...

...The $90 million high-rise would include roughly 300 apartment units and a rooftop swimming pool. A five-story parking terrace would be built on its east side, hidden from street views by surrounding buildings.

Although rent levels would vary, Cowboy Properties President and CEO Dan Lofgren said most would cost near the “top of the market in today’s market. We’ll have studios to very large two bedrooms, units that go for under $1,000 [a month] while some of the largest will be several thousand.”...

...“As the downtown residential market has evolved, and as we massaged what we thought was the best option, this residential tower emerged,” Lofgren said. “Downtown Salt Lake City has become an amenity-rich environment. It’s become a great neighborhood. The pieces that were missing 10 years ago — not that it was bad then — are now filled in.“

First and foremost: the Harmons City Creek market at 135 E. 100 South. “The grocery store makes it a neighborhood,” Lofgren said. “For many household configurations, the option of living downtown has become the preferred option. These are households hoping to live without a car, households looking for the convenience of being close to work, households energized by all the activities downtown, households attracted to this notion of a high-rise and the views and lifestyle it offers.”

At the projected rent levels, he sees these apartments appealing to people working at high-tech and financial-services companies, law firms and banks. Retirees also are likely renters, Lofgren added, “drawn especially by the arts downtown — the symphony, the ballet, Eccles Theater. That’s a pretty full basket of offerings.”...

...Planning Director Norris said the shift from office tower to residential high-rise is “certainly consistent with our master plan policies, which try to increase the number of people living downtown.”

.

So this is Love...😍

Makid · #**2211** Posted **Feb 13, 2018, 4:03 PM**

There shouldn't be much opposition to the building as it was originally going to be a bit taller and commercial.

Approximately 300 units here, possibly another 300+ 1 block south, as well as the possibility of Carl's Jr being developed, and Tower 8, these will really enliven and change the character of State Street in this area. I would love it if UDoT would work with SLC to widen the side walks between North Temple and 9th South. Additionally, adding shared transit lanes in the 2 inner lanes and the median could keep State Street at 2 lanes in each direction. In many regards, this section (North Temple to 9th South) could look like Main Street transit wise but the transit ROW would be shared.

Another location that has been discussed previously but I think may be dead or at least in the process of changing is the planned residential component of the Utah Theater restoration. I know that this was planned to be a long process but does anyone have any updates on this project?

bob rulz · #**2212** Posted **Feb 13, 2018, 4:14 PM**

I really hope this spurs improvements to pedestrian safety along State Street. There's too many unsafe mid-block crosswalks, and State Street is about the only street downtown I wouldn't feel safe riding a bike on, which shouldn't be the case in ANY street downtown.

Hopefully we will get street-level retail out of this too. The rendering implies that with the tables on the street but the article doesn't mention it.

bob rulz · #**2213** Posted **Feb 13, 2018, 4:20 PM**

Quote:

Originally Posted by Makid

There shouldn't be much opposition to the building as it was originally going to be a bit taller and commercial.

Unless you wade into the Tribune comments section. I'm not sure why I ever bother with that, haha.

This is fantastic news though! It's about time we got an official proposal for 151. I'm tired of that empty lot there.

Always Sunny in SLC · #**2214** Posted **Feb 13, 2018, 4:20 PM**

How does a project of this cost pencil out? I did a "back of the envelope" calculation.

Project cost: $90 million
Assume desired payback period of 10 years
Ignoring financing costs and operating costs

90M/ 120 months= 750,000
750,000/ 300 units= 2,500

They would need to average $2,500 in apartment rent to get this payback, but in reality more. What am I missing? I can't imagine an investor would accept more than a decade for payback of principal.

airhero · #**2215** Posted **Feb 13, 2018, 4:46 PM**

I'm trying to decide if I like the design or not. I think I do, though the western half looks a bit bland. Regardless, I'm excited to see this project move forward and hopefully we'll see some movement soon.

Makid · #**2216** Posted **Feb 13, 2018, 4:49 PM**

Quote:

Originally Posted by Always Sunny in SLC

How does a project of this cost pencil out? I did a "back of the envelope" calculation.

Project cost: $90 million
Assume desired payback period of 10 years
Ignoring financing costs and operating costs

90M/ 120 months= 750,000
750,000/ 300 units= 2,500

They would need to average $2,500 in apartment rent to get this payback, but in reality more. What am I missing? I can't imagine an investor would accept more than a decade for payback of principal.

From the image, it looks to have ground floor retail which will help reduce the average rent cost. Additionally, the parking garage could have spaces that are sold/rented to nearby offices (Fed building and Maverick HQ)

I know we don't know the number of stalls in the garage but a 5 story parking structure is probably between $20 and $30 million. Because I think that it will be overbuilt in a way that will allow usage by nearby buildings and potential retail spots, potentially 1/2 of the garage cost could be removed from the tower ROI rental calculations.

This can get the average rent down to between approximately $2,100 and $2,300. This is before taking into account any retail space.

Additionally, I would hope that the City and Developers come to an arrangement to allow for some income restricted units, 10% maybe, scatted in the building. Restrict it for 60% to 80% AMI. Maybe this could be done with assisting with utilities, parking or via property tax breaks for 10 years (say 10% for 10 years. Percentage based on # of affordable units up to a 50% discount). The discount would be based off the increase in property tax from the predevelopment rate. Whatever is chosen though should also be offered to any developer building a residential building over 20 stories within the downtown area.

ajiuO · #**2217** Posted **Feb 13, 2018, 5:33 PM**

I would love to see state street reduced in size between 400S and North Temple. I would like to see an island with trees in the middle of the street and some bike lanes on the sides.

RC14 · #**2218** Posted **Feb 13, 2018, 6:41 PM**

Finally we get a high rise apartment building!
I already plan to move in.

Hatman · #**2219** Posted **Feb 13, 2018, 6:48 PM**

Quote:

Originally Posted by ajiuO

I would love to see state street reduced in size between 400S and North Temple. I would like to see an island with trees in the middle of the street and some bike lanes on the sides.

I want State Street to be adapted for a BRT line. Most of State Street is about 90 feet wide, curb to curb. We can reassign those widths to make something pretty nice:

4*11ft trafic lanes (two each direction) = 44 feet
2*11 ft BRT lanes (1 each direction ) = 22 feet
1* 12ft station/landscaping in the median = 12 feet
1*11 ft turning lane (at intersections) = 11 feet

Total: 89 feet.

Some additional widening could be done for bike lanes or right-turn lanes as needed. Basically State Street could look very similar to North Temple Street.

I like the idea of the blocks between Main Street and State Street being surrounded by high-frequency and high quality transit. It would turn that area between South Temple and 700 South into a mile-long transit mall, of sorts.
Hopefully with bills specifying UDOT building and owning all future UTA infrastructure - and UDOT already owning State Street - stuff like this can actually move forward.

asies1981 · #**2220** Posted **Feb 13, 2018, 7:05 PM**

Here's a bit more info on the 151 project. They want to start construction this year.