LDS Church developer plans to build a 28-story office tower in downtown Salt Lake City
https://www.sltrib.com/news/2018/11/...rch-developer/
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Building on their success with 111 Main, developers for the LDS Church are planning a new 28-story office tower in downtown Salt Lake City.
City Creek Reserve, a real estate arm of The Church of Jesus Christ of Latter-day Saints, has submitted preliminary plans for a sleek, curving and glass-clad skyscraper on the northeast corner of State Street and 100 South, just west of the Harmons Grocery store and south of the church’s Social Hall Heritage Museum.
City Creek Reserve spokesman Dale Bills declined to comment, beyond issuing a short statement saying the company was working to finalize city approvals for the luxury high-rise.
“We’re pleased to be bringing another Class A office tower to downtown Salt Lake,” Bills said. “We’ll have more to say in the coming weeks as we progress through the city’s approval process.”
The new tower would also be directly across the street from City Creek Center, the upscale LDS Church-built, open-air shopping and residential campus. The $1.5 billion mall, built during the Great Recession, opened to the public in 2012.
Bills did not offer a timeline for the new building’s completion, but city officials say it could take up to five years. Initial plans for the project are emerging while several other additions to the city’s skyline are in the works.
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Officials with the city’s Department of Economic Development say the city currently lacks a healthy inventory of office spaces of 50,000 square feet or more.
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Plans submitted to the city’s Planning Division could get an initial public hearing as early as January, though a city planner said nothing had been scheduled as yet.
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And a follow up for other taller projects:
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On Tuesday, government officials announced approval of $75 million in tax incentives for private developers Portman Holdings and DDRM to build a 29-story convention hotel with up to 750 rooms on the southeast corner of the Calvin L. Rampton Salt Lake Palace Convention Center on 200 S. West Temple.
Groundbreaking for the $337 million hotel is now planned for fall 2019, according to Gov. Gary Herbert’s Office of Economic Development. It is scheduled to open in spring 2022.
Also potentially joining the city’s skyscraper list is a 250-foot residential tower called Liberty Sky being planned for 150 S. State St. That’s slated to be a $90 million project by Utah developers Boyer Co. and Cowboy Partners and will reportedly include nearly 300 apartments and a rooftop swimming pool.
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I didn't quote the whole article, just portions of it as it didn't provide much new information. I did want to bring over and highlight something that we have discussed here but I think that it is really going to cause problems for the City if it isn't addressed soon.
There are 2 aspects of time listed, first is the estimated time to complete the building. Dave Bills didn't provide an estimate (I will get to possible reasons shortly) but the City stating "up to 5 years" isn't good at all.
Next, we have the time for the Planning Commission to begin to look at the project. The developer has submitted plans and a design to the planning commission but they aren't looking at having an initial hearing until sometime in January but no date has yet been set.
This is a 2+ month wait after submitting documents just for the initial hearing on a CBDR for increased height on a corner lot in a D1 zone. If the initial hearing goes well, it would be another month at least before they are given the CBDR approval for the height increase.
At this point we are in mid to late February if not March for a project submitted in late October to early November. Now, if there are changes needed or further updates, a secondary hearing is done 4 to 6 weeks later. Then possible approval another month away, if any changes just rinse and repeat.
Because of the possible challenges with the Planning Commission, Dave Bills isn't able to provide an estimate.
The rest of the process, demolition, excavation and building permits are relatively straight forward and quick to obtain.
This lengthy process for both initial hearings and approvals is one of the main reasons that the City is lacking a decent inventory of commercial space availability around the 50K sq ft range.
Now, the City has updating zoning along the Trax lines to do scoring in a way to bypass the Planning Commission and get projects built faster. Something similar needs to be done for the Downtown area.
The City should be working to speed up projects within the Downtown area, especially those that want to exceed current zoning limits. I would be okay with a dedicated Downtown Planning Commission to speed up the process. When times are light, they can help speed up projects in other areas of the City.
A self funded developer shouldn't have to expect a 5 year time frame for a project that should be complete in 3 years or less just to work around the City.
Lastly, this type of news emboldens suburban building developers. They see that they have potentially 5 years before they have to worry about any competition for clients. It will also help them secure loans as they can show that Salt Lake City (the City itself) doesn't expect the project to be completed soon so the developer is more likely to gain the clients needed to repay the loan.