City Creek condos nearly ready for grand opening
September 14, 2009
SALT LAKE CITY -- Salt Lake City's skyline is changing, and so is its downtown residential real estate market. In a few months condos at the new City Creek Center project will be open for its first residents.
The two buildings in the middle of the block on South Temple, between Main Street and West Temple, are known as Richards Court. They're now almost fully enclosed, and interior work is well underway. They'll be ready for occupancy at the beginning of 2010.
Demand for condo units overlooking Temple Square, as these do, is said to be high. That's no surprise to real estate broker Babs De Lay. She's the principal broker for Urban Utah Homes and Estates.
"I think if you were Catholic and you lived in Rome, wouldn't you want to see the Vatican?" De Lay asked.
The downtown residential real estate market, hot a few years ago, slowed down considerably with the economic slide. But Prudential Utah real estate broker Gary Howard says the demand remains strong with empty nesters and young professionals.
What are… the residential properties at the City Creek Center?
Approximately 700 for-sale and for-rent units will be built.
The Regent Richards Court East Richards Court West
Address: 35 E. 100 South 45 W. South Temple 55 W. South Temple
Stories: 20 10 10
Sq feet: Penthouse: 2,188-3,507
Suite:765-2,272 Penthouse: 2,819-3,148
Suite: 921-2,499 Penthouse: 1,927-2,147
Completion: 2012 2012 2012
-City Creek Living
Howard predicts the market will bounce back strong thanks to continued low interest rates, a new downtown supermarket, TRAX to the airport and the massive retail-residential influx coming with City Creek.
"The synergy just creates a lot more desirability, and so you get a lot of people who then start realize there's a lot happening downtown--and even more, and even more, and even more as time goes on. And as a result, it becomes a more desirable place to live," Howard explained.
"It's a very good thing," De Lay said. "Their price point is very high, but their quality is very high. So, people can either use that as a choice or a comparable to what they'll be purchasing."
Other elements of the project are also making progress: Assembly of the steel framework for the retail center well underway. It is expected to open in spring of 2012.