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  #3221  
Old Posted Jul 21, 2018, 6:28 AM
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Orlando Orlando is offline
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I don't have much hope for Patrinely or Millenium. Though, I hope I am very wrong about both of them. I am excited to hear about Tower 8. I think Tower 8 would be competing against Millenium mostly but could also be against Patrinely, too. My bet if this is another competition, PRI will get Tower 8 built, and the others die or delayed. I would love to see all three of them get built, of course.

Btw, I was bored due to the lack of news on this forum. So, I hope you don't mind me posting an aerial image of the northern end of downtown Seattle, highlighting all the new towers/urban mixed-use developments that have popped up within the last 5 years or so.

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  #3222  
Old Posted Jul 21, 2018, 9:47 AM
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delts145 delts145 is offline
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Why would Patrinely and PRI's Tower 8 be in competition? Isn't their tenant focus completely different? Also, if my memory serves me correctly, doesn't Patrinely already have an intent of committment from a major tenant for phase I? Makid, anyone care to share your thoughts or stats on the matter? Also, opinion on Millennium Tower nixed by Tower 8?

It would seem to me that the tariff war and or the construction crew shortages are by far the most relevant obstacles at this point.
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  #3223  
Old Posted Jul 21, 2018, 3:04 PM
Makid Makid is online now
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Quote:
Originally Posted by delts145 View Post
Why would Patrinely and PRI's Tower 8 be in competition? Isn't their tenant focus completely different? Also, if my memory serves me correctly, doesn't Patrinely already have an intent of committment from a major tenant for phase I? Makid, anyone care to share your thoughts or stats on the matter? Also, opinion on Millennium Tower nixed by Tower 8?

It would seem to me that the tariff war and or the construction crew shortages are by far the most relevant obstacles at this point.
Patrinely had/has Utah SIMS for roughly 20% of Phase 1. But, when I looked at their website, it has them opening in the fall of 2019. http://utahsimscenter.com/index.html

The site linked to last night regarding leasing of the 650 Main building says the building is completed in 2020. The Utah SIMS site has had the 2019 date for the last 18 months but the leasing site has only been up for the last 6 months with the 2020 date.

I will say that in the current market, Tower 8 and 650 Main (Patrinely) as well as the Suburban office market are competing against each other as the primary driving force for office growth is Technology/IT Companies. That isn't to say that there is demand in other sectors.

In my looking around last night, I did find a leasing agent that had current numbers for 111 Main. It looks like there is only 3900 sq ft of space left available. This does help to explain the push for Tower 8. It should also limit the possible of conflict between Tower 8 and Patrinely even just slightly.

Held however is a different story. Their makeup is what makes them more unique and should help them to progress and get off the ground easier. They are primarily a hotel/commercial building with some residential on top. Their location should help them to recruit legal firms for the commercial space. The hotelier is a boutique class if I recall, so it also could be used in conjunction with people coming in from out of town for legal proceedings. I would expect that the Residential may also be purchased by some larger law firms for their clients or some who would want a near unobstructed view of the valley.

If the dates for the leasing of Patrinely are correct, by this time next year we should hopefully have Tower 8, Liberty Sky, 370 Millenium (Held), 650 Main (Patrinely), The Exchange, and Block 67 Phase 1 (11 Story Residential Building and 11 Story Hotel) all under construction. This doesn't include the possibility for 255 S State (RDA Property) that the proposals are due back the end of this month, nor the Paperbox property that should start demolition and construction later this year. I have left the CCH off the list only because it is moving slowly and may or may not be under construction. Core samples were taken and you can see the caps with cone/markers still on the plaza between the trees but nothing is showing on either the SL County upcoming agendas nor the SLC Planning Commission. The D4 with D1 overlay does require anything over 100' to go through CBDR so the CCH would need to go through the SLC Planning Commission still for approvals before they can begin to excavate the plaza. The Violin School (old Public Safety Building) and Regent Hotel are also omitted as we haven't seen or heard anything from Form Development in a while.

The nice thing about the increase in residential happening in and around downtown is that it is/has been more those that either work downtown (Goldman, legal firms, and other higher paying jobs) as well software developers that also work in other areas both North and South of the city. As more residential is built it further helps increase the chances of additional Tech Companies choosing to either locate or possibly even relocate to SLC.

On a good note, with the Unemployment numbers that were released yesterday Utah was Number 1 for Percentage of Job growth YoY again. The fastest growing segment was Construction, growing 6.2% and adding 6,200 jobs.

We also know that from the Census that for the first time in forever that Utah gained more people from Migration than from natural birth. These Migrations are helping to increase the population of SLC but are also helping to fill the Tech and Construction jobs.

With Construction jobs slowing in other areas of the Country, and them heating up here, we could see an influx of workers which could help to keep some costs down.

The tariffs for both the Steel and Wood shouldn't be too much so as to derail a project. The costs can be amortized into the project. If anything, for steel, it slow down the suburban office market as office rates would need to rise putting them closer to the downtown office rates. When it gets to between $2 and $3 between the 2 areas, it is hard for the suburban areas to compete.

Downtown has the amenities like living close to where you work and can offer transit passes where most suburban office parks cannot. Additionally, SLC can more easily assist developers looking for help to offset the impacts of the tariffs either through low interest loans, possible temporary tax reductions or even parking adjustments to assist with costs.

Last edited by Makid; Jul 21, 2018 at 3:16 PM.
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  #3224  
Old Posted Jul 21, 2018, 3:32 PM
SLCLvr SLCLvr is offline
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Quote:
Originally Posted by Makid View Post
Patrinely had/has Utah SIMS for roughly 20% of Phase 1. But, when I looked at their website, it has them opening in the fall of 2019. http://utahsimscenter.com/index.html

If the dates for the leasing of Patrinely are correct, by this time next year we should hopefully have Tower 8, Liberty Sky, 370 Millenium (Held), 650 Main (Patrinely), The Exchange, and Block 67 Phase 1 (11 Story Residential Building and 11 Story Hotel) all under construction. This doesn't include the possibility for 255 S State (RDA Property) that the proposals are due back the end of this month, nor the Paperbox property that should start demolition and construction later this year.
Also possible near downtown are the Marmalade Block apartments/mixed use project and a bit more problematic, the Violin School project. I would love to see a flock of cranes again.
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  #3225  
Old Posted Yesterday, 1:26 AM
Ironweed Ironweed is offline
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Quote:
Originally Posted by Orlando View Post
I don't have much hope for Patrinely or Millenium. Though, I hope I am very wrong about both of them. I am excited to hear about Tower 8. I think Tower 8 would be competing against Millenium mostly but could also be against Patrinely, too. My bet if this is another competition, PRI will get Tower 8 built, and the others die or delayed. I would love to see all three of them get built, of course.

Btw, I was bored due to the lack of news on this forum. So, I hope you don't mind me posting an aerial image of the northern end of downtown Seattle, highlighting all the new towers/urban mixed-use developments that have popped up within the last 5 years or so.


My wife just returned from Phoenix. Highrise construction every where. Mostly housing.

No matter how we slice it. No matter what the problems are. Something is seriously wrong, abnormal, out of sync, insert adjective with Squat Lake City.

Adjacent Western metros are urbanizing their downtown's, while SLC is confused, lost, and clearly does'nt want to be the premier urban center of it's own state.
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  #3226  
Old Posted Yesterday, 6:14 PM
jaxemer11 jaxemer11 is offline
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Anyone know what is being built just west of the Doubletree on 600 South? Also, does anyone know if there are any plans for the vacant building/parking lot on the SE corner of West Temple and 300 S? That building has been boarded up since I moved here in 2011 and it looks atrocious. Seems like a prime location for a highrise.
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  #3227  
Old Posted Yesterday, 6:49 PM
Makid Makid is online now
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Quote:
Originally Posted by jaxemer11 View Post
Anyone know what is being built just west of the Doubletree on 600 South? Also, does anyone know if there are any plans for the vacant building/parking lot on the SE corner of West Temple and 300 S? That building has been boarded up since I moved here in 2011 and it looks atrocious. Seems like a prime location for a highrise.
I am not sure off hand what is being built next to the Doubletree on 6th South.

Regardig the bold and italicized portion (by me in the quote). There aren't any current plans for this lot. It is land banked. The owner wanted to tear it down for a parking lot but the City won't allow it so the Owner must keep it in at least a state of good/decent repair. If the building is burned, the owner must pay for demolition and then pay for landscaping. They would still not be able to put parking there.

Hopefully there will be a future tower at that location, either by the current owner or someone who will buy them out.

If, I say this with some hope, if Liberty Sky does well and fills up quickly with leases once completed, I think we will other high rise rental towers start to pop up. Unfortunately, we need to get one into the market to get the waters tested before anyone else is willing to jump in I think.
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  #3228  
Old Posted Yesterday, 6:57 PM
jaxemer11 jaxemer11 is offline
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Quote:
Originally Posted by Makid View Post
I am not sure off hand what is being built next to the Doubletree on 6th South.

Regardig the bold and italicized portion (by me in the quote). There aren't any current plans for this lot. It is land banked. The owner wanted to tear it down for a parking lot but the City won't allow it so the Owner must keep it in at least a state of good/decent repair. If the building is burned, the owner must pay for demolition and then pay for landscaping. They would still not be able to put parking there.

Hopefully there will be a future tower at that location, either by the current owner or someone who will buy them out.

If, I say this with some hope, if Liberty Sky does well and fills up quickly with leases once completed, I think we will other high rise rental towers start to pop up. Unfortunately, we need to get one into the market to get the waters tested before anyone else is willing to jump in I think.
Thanks for the response. I appreciate the info.
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  #3229  
Old Posted Yesterday, 10:06 PM
airhero airhero is offline
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The development on 600 S is Garden Lofts:


https://www.downtownrising.com/go/1
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  #3230  
Old Posted Today, 6:12 AM
bob rulz bob rulz is offline
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Originally Posted by Orlando View Post
This is really cool, would love to see something like this for SLC if you've got the time! Just for perspective.
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  #3231  
Old Posted Today, 3:30 PM
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Marvland Marvland is online now
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Quote:
Originally Posted by Ironweed View Post
My wife just returned from Phoenix. Highrise construction every where. Mostly housing.

No matter how we slice it. No matter what the problems are. Something is seriously wrong, abnormal, out of sync, insert adjective with Squat Lake City.

Adjacent Western metros are urbanizing their downtown's, while SLC is confused, lost, and clearly does'nt want to be the premier urban center of it's own state.
I spend a lot of time in Phoenix and it is a place near and dear to my heart. I think SLC's market and layout has a lot in common with Phoenix. They have massive suburban nodes: PHX Mesa Chandler Gilbert Tempe is very much like SLC Provo Lehi Ogden. Tempe is their Lehi, but way cooler. While they have some towers rocking it's mostly mid-rise all over the valley. Their downtown is doing great stuff now though and it's a great example to follow.
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