Salt Lake City: Official Development News Thread - Part 5

[TheGeographer]

Atlas,

I saw your Toronto example. Pretty awesome what they’re doing. Would be awesome to see Zion bank do something similar.

You’re right about the parking lot comparison and Salt Lake being behind some cities in terms of re-filling in and ahead of others. Denver used to be horrendous. We’ve come a long ways. Once the courthouse parking lot, jazz stadium parking lots and parking lot next to Gracie’s and perhaps some of the Sears/car lots fill in Salt Lake will feel way different. Until then I’ll enjoy the progression.

[TMoneySLC]

Originally Posted by TheGeographer

Thanks Paniolo for the pics! Keeping the historic Zion bank building and then building a tower around it would be a dream of many. Astra continues to come along.

Speaking of parking lots. We have a multitude of them. I was using google maps to look at other cities and qualitatively see if they had a similar number. Couldn’t find many cities Salt Lake size or bigger with so many littered through their downtowns.

There is SO MUCH parking downtown. Over 32,000 spaces to put a number on it. (http://www.saltlakecityutah.org/parking-downtown-salt-lake-city.htm)

From BSL, "In Salt Lake, there is one downtown parking space for every 6 residents. Downtown Salt Lake has nearly three times the amount of parking per capita. If Salt Lake had the same parking ratio as Denver, there would be less than 12,000 parking spaces downtown, a loss of over 20,000 parking spaces." (https://www.buildingsaltlake.com/report-...,of%20over%2020%2C000%20parking%20spaces.)

[PHX31]

Originally Posted by downtownslcresident

People always forget about Millie’s burger on 21st. That place is so yummy and so classically sugarhouse.

I saw that on yelp when i was look up Atlas's recommendations. We actually drove by it as we headed to Lucky 13 (then ultimately Proper Burger) and it looked closed. Maybe it's closed on Mondays?

I'll give you guys what you want here : I was impressed by SLC (and even Ogden's) overall neighborhoods. The whole area really gave me a midwest feel. And you should feel lucky to have so many pre-war homes of all shapes and sizes. I saw a ton of really beautiful early 1900s and likely late 1800s victorians and such. From my perspective (Phoenix being quite a bit younger and having a ton of 40s-50s ranch and MCM, and relatively less pre-war) it was really interesting.

[SLC PopPunk]

Drove by the 508 South Temple property and there was construction fencing up and a construction office trailer on site. Looks like things are happening there.

[John_Walker]

I worked at Zions until June. I was told that the Executive Management Committee had plans to build a new corporate tower on the southwest corner of 1st South and Main prior to the pandemic. $350 mil was the estimated cost and then Zions backed out of those plans because of the cost and then the pandemic hit. The initial hope was to own their own tower instead of renting from the LDS Church.

To my knowledge the plans to build a new tower have been completely scrapped. I also don't see this happening in the near future. Zions is notoriously cheap and they instead built that new building by Top Golf (there were issues on who was getting to work there and why. For example, some team members of mine lived close to the new building but were being forced to commute to the downtown HQ). On top of that, at the beginning of the year the Executive Management Committee was making this big push to make everyone return to the office for at least 3 days a week (they said it was for "synergy") and were getting significant pushback. Then in March we had a management call and Harris Simmons and Scott McLean both acknowledged that even though they were getting huge pushed back to the return to office and there was no data that indicated a drop off in production while employees worked from home, AND that Zions could save tens of millions of dollars a year if they allowed people to work fully remote....they held firm to returning to office. Recruiting then let us know the difficulty they were having in hiring talent because of the return to office policy and people were leaving because of that. I mention the work from home issue and the new building because when I left, these were the top issues they were trying to tackle and the tower plans had not been mentioned since 2019.

[Atlas]

Yeah, sounds about right. Still, if it's true that they rent their headquarters from the church then they could still do pretty well by building their own tower and adding a residential component. Even if their office downtown was downsized, making it a mixed-use project could help it pencil.

Idk, probably wishful thinking. Maybe they'll sell the parcel instead.

[bob rulz]

Originally Posted by PHX31

I saw that on yelp when i was look up Atlas's recommendations. We actually drove by it as we headed to Lucky 13 (then ultimately Proper Burger) and it looked closed. Maybe it's closed on Mondays?

If it was this past Monday, it was probably closed for Pioneer Day. They usually close for multiple days for almost every holiday. Benefits of being a tiny family-owned business.

[Ironweed]

Originally Posted by Schmoe

While you're at it, see if they want a development partner with some ideas.

Just gentle nudging and conversation.

What would you like me to tell him, folks?

[Paniolo Man]

Originally Posted by Ironweed

Just gentle nudging and conversation.

What would you like me to tell him, folks?

Just don't open with "Me and some online friends have an amazing business opportunity for you!"

[dakben]

BTW, here's an image of the Hyatt CCH with the crown lit:

[TheGeographer]

Originally Posted by TMoneySLC

There is SO MUCH parking downtown. Over 32,000 spaces to put a number on it. (http://www.saltlakecityutah.org/parking-downtown-salt-lake-city.htm)

From BSL, "In Salt Lake, there is one downtown parking space for every 6 residents. Downtown Salt Lake has nearly three times the amount of parking per capita. If Salt Lake had the same parking ratio as Denver, there would be less than 12,000 parking spaces downtown, a loss of over 20,000 parking spaces." (https://www.buildingsaltlake.com/report-...,of%20over%2020%2C000%20parking%20spaces.)

That’s an insane amount of parking. Thanks for pointing me to these sources

[John_Walker]

Originally Posted by Atlas

Yeah, sounds about right. Still, if it's true that they rent their headquarters from the church then they could still do pretty well by building their own tower and adding a residential component. Even if their office downtown was downsized, making it a mixed-use project could help it pencil.

Idk, probably wishful thinking. Maybe they'll sell the parcel instead.

In the original plans I was told about, they would've built around that historic Zions building on the corner. One thing to consider too is that the underground City Creek parking is very convenient for Harris, Scott McLean, Paul Burdiss and others as it right outside the below-ground door to the Zions Tower. Maybe in a new mixed-use tower on that lot they would add in underground parking but that feels like an expense Zions would cut. I could be wrong though.

Property Reserve Inc., one of the church's many business subsidiaries owns the building.

[Blah_Amazing]

Lowe Property Group has provided some updated concept renderings of their next large project on their website. Silos is located on the block (500 S & 600 S and 400 W & 500 W) directly west of Lowe's other large project, the Post District.

Summary from the Lowe Property Group website:
The Silos will be a transformative redevelopment to the gateway of Salt Lake City. The block sits directly west of the nearly completed Post District project and is in one of Salt Lake’s oldest districts, the Granary. The Silos will provide a healthy use of mixes including vibrant and inclusive housing, enticing retail spaces, and captivating office space, all in a uniquely curated setting of old and new structures.

Updated Concept Renderings:

Here is a link to the Building Salt Lake Article from January showing the original concept renderings. Apparently it was originally going to include 650 new federally-subsidized units as part of it. I don't know if that is still true or not, but the project is still pretty large either way.

Old Concept Rendering from January 2022:

[Comrade]

Originally Posted by bob rulz

If it was this past Monday, it was probably closed for Pioneer Day. They usually close for multiple days for almost every holiday. Benefits of being a tiny family-owned business.

Don't worry. I'm sure in ten years it'll be closed for good to make way for the new SugarHouse.

[taboubak]

Love the projects that Lowe Property Group is putting up all over the city!

[delts145]

Just a little photo bump

Update - 500 Parkview Mixed-Use Project - Liberty Wells District

Replacing an eight-unit apartment building the updated development will consist of 27 apartment units, over 29 structured parking stalls, and approximately 1,200 square feet of commercial space. Vehicular access for the parking garage will be via an alley that runs adjacent to the west of the proposed building and a private drive that the developer will construct onto Sherman connecting the alley through the block.

This rendering shows the 500 Parkview apartments looking northeast from Sherman Avenue near 1320 S. 500 E. in Salt Lake City’s Liberty Wells neighborhood. Rendering by Think Architecture.

Originally Posted by rockies

I was driving near 500 E/1300 S today and noticed that demolition has finally happened for 500 Parkview mixed-use development. Not the best lighting but I took some pics.

Photo By Rockies

Nextdoor Update, Wells Mixed-Use Project

This Project will replace the two commercial buildings on 0.39 acres with two, two-story buildings with 12 residential units and 14 commercial units. Both buildings will be mixed-use and will be separated by two walkways, surface parking, and landscaping. The north building will front both 1300 South and 500 East and will have two restaurants and four retail spaces on the ground floor. The second floor will have four one-bedroom apartments. Each apartment will have one and one-half baths and a balcony. The building will have a significant amount of glazing on both floors with floor-to-ceiling windows that will increase the building’s transparency at the street level.

Originally Posted by rockies

Wells mixed-use development next-door looks like it is nearing completion

Photos By Rockies

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[rockies]

Zillow press release: Buyers gaining time and options as competition eases

The share of homes with a price cut is rising across the U.S. as well, and at 14.8% is at the highest level since November 2019. Salt Lake City (24.1%), Sacramento (21.7%) and Phoenix (20.4%) are seeing the highest shares of price cuts.

The fastest drops in newly pending sales from May to June are taking place in San Jose (-24.3%), Seattle (-23.9%) and Salt Lake City (-20.8%)

[Jbash]

https://www.reddit.com/r/Futurology/comm...?utm_medium=android_app&utm_source=share

Thought this reddit post was very enlightening with some good discussion, I'd recommend it. It's about car dependence

[Reeder113]

Here's an aerial view of the new Salt Lake Prison



https://www.abc4.com/news/lawmakers-open-new-utah-state-prison/

[mstar]

Hey . . . . how come they get to water their lawn more than twice a week???