Salt Lake City: Official Development News Thread - Part 5

[bob rulz]

Originally Posted by jtrent77

Frankly bowling is waning in popularity. More alleys are closing than opening. The ones that are opening/surviving are ones that provide something more like a club feel with bowling attached to it. At least that's what I have noticed.

I think something like that would be a great fit in or at least near downtown Salt Lake.

It sucks that the only options in northern Salt Lake County are pretty much Fat Cats, which has terrible service and kind of a kitschy 90s throw-everything-together kind of feel, and Bonwood, which is good but very much in the old-school tradition that's going out of style. I know a lot of people even in my age group (20s) that still like going out bowling and we all wish there were more options. I don't think it's going out of style as much as it is that they're expensive to run and the younger generation wants more of an experience when they go out, and nobody has stepped up to bridge those two options yet.

[DCRes]

I heard from someone at PRI that the current plan for the Harmon's park tower is 22 floors. I think 111 is 24 floors and 380' but they have a taller than normal lobby, 222 is 21 floors and around 315'. So we're probably talking somewhere in the mid 300' range.

[nushiof]

Originally Posted by DCRes

I heard from someone at PRI that the current plan for the Harmon's park tower is 22 floors. I think 111 is 24 floors and 380' but they have a taller than normal lobby, 222 is 21 floors and around 315'. So we're probably talking somewhere in the mid 300' range.

Bummer. That would put it somewhere close to what we see in those old 2008 renderings.

[bob rulz]

Everything is just rumors until there's an official announcement.

[Liberty Wellsian]

Originally Posted by nushiof

Bummer. That would put it somewhere close to what we see in those old 2008 renderings.

Honestly, a 300' plus building not on Main.I say, Cool beans and more please.

[Utah_Dave]

^^^^^

If we can get 3-4 300ft buildings and some of the shorter proposals built too the skyline will really fill in nicely and the skyline will look great. Not to mention giving the downtown vibe an even more legit feel with the added population. I just hope the market holds together long enough for these projects get built. There are a lot of nerves out there on the world stage and real estate seams to be getting too overheated at the moment

[Makid]

Originally Posted by Utah_Dave

^^^^^

If we can get 3-4 300ft buildings and some of the shorter proposals built too the skyline will really fill in nicely and the skyline will look great. Not to mention giving the downtown vibe an even more legit feel with the added population. I just hope the market holds together long enough for these projects get built. There are a lot of nerves out there on the world stage and real estate seams to be getting too overheated at the moment

I think the known projects and some future projects shouldn't have any issue with funding nor with finding occupants.

Residential is booming and High Rise apartments are the next step. With projected growth rates, I can't see a drop in demand for more than 7 years as the build rate is barely keeping up with demand now. As space becomes more limited, demand will increase even faster than the build rate.

Commercial growth is also booming, more so outside of SLC directly. This is mostly due to the cheaper land in the suburbs. But, space is starting to thin out causing increased land prices. Additionally, with increased traffic SLC is becoming an even better option. Tower 8 could be a completely spec build and would most likely be nearly 90% leased upon completion.

The market for Commercial in SLC is bigger than people know but due to lending requirements, commercial is easier to build in the suburbs. I think this is why 111 was sold to CCR before anything above ground was built. I know it is why Boyer wanted Tower 8 held for so long. If you don't have deep pockets or have good connections, building a commercial tower is difficult in the SLC market. Primarily due to the Suburbs taking 1 year from inception to move-in while it can take up to 3 years for downtown just due to the nature of construction (3 to 5 floors vs 20+ floors).

[Utah_Dave]

Thanks for the insight Makid!

My fingers are crossed for this to continue

[Viperlord]

I spoke with a high level individual with a downtown salt lake city firm this past week. I won't provide names to protect his identity.

He gave me some interesting information.

I asked:
"Have you heard anything about the 6th & main apartments development project?"

https://www.loweprop.com/6th-main

"6th & Main apartments will consist of Class A apartment units in downtown Salt Lake City, Utah. LPG is currently in the early planning stages and looks forward to delivering an unparalleled development to be enjoyed by the local community for years to come."


He responded:
"The project talked about on 600 Main is a dream (in my opinion). The developers have never done hi-rise construction. I don’t think they will even get close to penciling it. By the way they are now the 4th group to announce the same thing, a 20+ story apartment deal"


I said:
"The Carl's Jr Site on 200 South and State Street was recently purchased by an out of state investment company out of Boston. I hope that they will develop the site into something better than what's there currently."

He responded:
"Yes the Carl’s site was purchased. They are planning a 20+ story residential tower. There’s 2 more on the drawing table"


So, 20+ story apartment towers.....
1. 151 State Street
2. State Street (carls jr site)
3. 6th & main.
4. ????

[airhero]

Originally Posted by Viperlord

I spoke with a high level individual with a downtown salt lake city firm this past week. I won't provide names to protect his identity.

He gave me some interesting information.

I asked:
"Have you heard anything about the 6th & main apartments development project?"

https://www.loweprop.com/6th-main

"6th & Main apartments will consist of Class A apartment units in downtown Salt Lake City, Utah. LPG is currently in the early planning stages and looks forward to delivering an unparalleled development to be enjoyed by the local community for years to come."


He responded:
"The project talked about on 600 Main is a dream (in my opinion). The developers have never done hi-rise construction. I don’t think they will even get close to penciling it. By the way they are now the 4th group to announce the same thing, a 20+ story apartment deal"


I said:
"The Carl's Jr Site on 200 South and State Street was recently purchased by an out of state investment company out of Boston. I hope that they will develop the site into something better than what's there currently."

He responded:
"Yes the Carl’s site was purchased. They are planning a 20+ story residential tower. There’s 2 more on the drawing table"


So, 20+ story apartment towers.....
1. 151 State Street
2. State Street (carls jr site)
3. 6th & main.
4. ????

If the last one is LaPorte that's a lot of potential highrise residential planned for State Street.

[asies1981]

More on the Trolley Square redevelopment.

[ajiuO]

Does anyone happen to know what it going in the old EZ-Mart building on 200W &600N? The store closed about 3 years ago and the building went up for sale. Recently they have been doing a lot of work on the building. They took off the wood that has been coving the windows since the late 1980’s and put in all new windows. I noticed that they painted over most of the sign except for the part that says EZ-Mart... so I’m hoping it’s going to be a new version of the same store... glad to see somthing happening with that building though.

[bob rulz]

Someone posted about it in the MSA thread, but since it's technically in SLC borders, I'll mention it here.

The Carl's Jr. Sugarhouse location (at about 1250 E. 2100 S.) has closed. Does anybody know if there's another development slated for that location? Or was it just a struggling location that couldn't stay open? Either way, another location prime for development opening up.

[ajiuO]

Originally Posted by bob rulz

Someone posted about it in the MSA thread, but since it's technically in SLC borders, I'll mention it here.

The Carl's Jr. Sugarhouse location (at about 1250 E. 2100 S.) has closed. Does anybody know if there's another development slated for that location? Or was it just a struggling location that couldn't stay open? Either way, another location prime for development opening up.

To bad it wasn’t the one on 200S and State.

[wrendog]

Originally Posted by bob rulz

Someone posted about it in the MSA thread, but since it's technically in SLC borders, I'll mention it here.

The Carl's Jr. Sugarhouse location (at about 1250 E. 2100 S.) has closed. Does anybody know if there's another development slated for that location? Or was it just a struggling location that couldn't stay open? Either way, another location prime for development opening up.

I think Carl's is just struggling all over. A bunch of them have closed down here in the San Antonio area

[Comrade]

It's wild. That Carl's Jr. on 2100 South and 1250 East was one of the first in the Salt Lake area. I'm kinda sad it's closed down.

[Ironweed]

Originally Posted by Viperlord

I spoke with a high level individual with a downtown salt lake city firm this past week. I won't provide names to protect his identity.

He gave me some interesting information.

I asked:
"Have you heard anything about the 6th & main apartments development project?"

https://www.loweprop.com/6th-main

"6th & Main apartments will consist of Class A apartment units in downtown Salt Lake City, Utah. LPG is currently in the early planning stages and looks forward to delivering an unparalleled development to be enjoyed by the local community for years to come."


He responded:
"The project talked about on 600 Main is a dream (in my opinion). The developers have never done hi-rise construction. I don’t think they will even get close to penciling it. By the way they are now the 4th group to announce the same thing, a 20+ story apartment deal"


I said:
"The Carl's Jr Site on 200 South and State Street was recently purchased by an out of state investment company out of Boston. I hope that they will develop the site into something better than what's there currently."

He responded:
"Yes the Carl’s site was purchased. They are planning a 20+ story residential tower. There’s 2 more on the drawing table"


So, 20+ story apartment towers.....
1. 151 State Street
2. State Street (carls jr site)
3. 6th & main.
4. ????

Am I missing something? My understanding was the Patrinely Group(SP) was to have developed the land which is now this so called 600 S and Main? Did they vacate to this to another group?

[airhero]

Originally Posted by Ironweed

Am I missing something? My understanding was the Patrinely Group(SP) was to have developed the land which is now this so called 600 S and Main? Did they vacate to this to another group?

It’s two separate locations at 600 S Main. Patrinely is developing office on the west side of Main. LPG would be developing across the street on the east side of Main.

[DCRes]

Originally Posted by Viperlord

I spoke with a high level individual with a downtown salt lake city firm this past week. I won't provide names to protect his identity.

He gave me some interesting information.

I asked:
"Have you heard anything about the 6th & main apartments development project?"

https://www.loweprop.com/6th-main

"6th & Main apartments will consist of Class A apartment units in downtown Salt Lake City, Utah. LPG is currently in the early planning stages and looks forward to delivering an unparalleled development to be enjoyed by the local community for years to come."


He responded:
"The project talked about on 600 Main is a dream (in my opinion). The developers have never done hi-rise construction. I don’t think they will even get close to penciling it. By the way they are now the 4th group to announce the same thing, a 20+ story apartment deal"


I said:
"The Carl's Jr Site on 200 South and State Street was recently purchased by an out of state investment company out of Boston. I hope that they will develop the site into something better than what's there currently."

He responded:
"Yes the Carl’s site was purchased. They are planning a 20+ story residential tower. There’s 2 more on the drawing table"


So, 20+ story apartment towers.....
1. 151 State Street
2. State Street (carls jr site)
3. 6th & main.
4. ????

Thanks for the info Viper. I think it's good news that multiple groups are proposing the same type of development. It's unlikely that they will all be built, but it would also seem unlikely that none of them get built. A little competition to be the first with shovels in the ground is a good thing.

[jtrent77]

Originally Posted by airhero

It’s two separate locations at 600 S Main. Patrinely is developing office on the west side of Main. LPG would be developing across the street on the east side of Main.

There is something seriously funky about LPG's website then, because you look at their page for 6th and main, it sure looks like they are the ones developing the highlighted property (i.e. the two buildings and the parking garage on the west side). Whereas the East side doesn't show anything.