Salt Lake City: Official Development News Thread - Part 5

[dakben]

Please take the sports conversations to a different venue.

[Reeder113]

Worthington as of two days ago. Original post by u/HossTR on the DevelopmentSLC subreddit.

https://www.reddit.com/r/Development..._week_of_9522/




Astra as of this morning:

[allh]

Can't wait till they both peak their heads into the skyline

[Comrade]

Originally Posted by dakben

Please take the sports conversations to a different venue.

Or what?

[JTO]

Originally Posted by dakben

Please take the sports conversations to a different "venue".

nice i see what you did there.

[tchild2]

Originally Posted by Comrade

Or what?

Or, we are going to be bored out of our goddamn minds reading here.

[smartdev]

Originally Posted by Comrade

Or what?

Or you're not allowed to watch Halloween Ends.

[Comrade]

Originally Posted by smartdev

Or you're not allowed to watch Halloween Ends.

Like hell.

[i-215]

Originally Posted by dakben

Please take the sports conversations to a different venue.

I see you've only been here a few years.

This Mountain ("Interior") West forum's dreaming about professional sports expansion? It's a looooong tradition. It keeps popping up like a hurricane— about every 3-4 years. These always turn into long-winded discussions eerily similar to the one we've just experienced.

Occasionally, one pans out. I was among those who thought the "major-league soccer expansion" (now R.S.L.) was a total dead-end. We fought over where the stadium should go (Daybreak, The Gateway, etc.) And everyone was horrified when it ended up in Sandy (which I incorrectly defended at the time).

(Add in the discussion about Frank Gehry's supposed Point of the Mountain skyscraper hotel... and you're basically up to speed.)

Having survived another MLB discussion, you are now fully initiated into our club, dakben! Welcome!

[delts145]

^^^
Ha ha...so true! My bet is on major league hockey first, at least I hope so. If it's going to happen in the next 5-plus years will depend on the likes of Smith and his team of
like-minded investor buddies he puts together. That could also easily mean MLB would come first.

[mstar]

I was driving down 100 S today after the Ute game. I noticed on the SE corner of 100 S and 400 E there was large demolition project going on. Does someone know what’s going on there? Could be a large construction project after the demolition is completed.

[Ironweed]

Originally Posted by mstar

I was driving down 100 S today after the Ute game. I noticed on the SE corner of 100 S and 400 E there was large demolition project going on. Does someone know what’s going on there? Could be a large construction project after the demolition is completed.

I believe it is a new replacement of an old Salt Lake School District admin building. Two stories. Nothing too fancy.

[locolife]

Originally Posted by delts145

^^^
Ha ha...so true! My bet is on major league hockey first, at least I hope so. If it's going to happen in the next 5-plus years will depend on the likes of Smith and his team of
like-minded investor buddies he puts together. That could also easily mean MLB would come first.

Smith and his buddies are going to look at factors like corporate support and the ability for the market to support another team. The biz journal evaluated sports markets about 9 years ago and SLC was ranked as having the right level sports for the market's size, with a small surplus of income available. But they also didn't count BYU has a power five school, when doing that SLC would be at a deficit on TPI to costs needed to support another team. So why would they do it? They love SLC so much they don't mind potentially losing money on another team? They can share a venue with the Jazz, so it won't cost as much to support? Not sure but I think the reason SLC doesn't hit the top lists for new NHL, MLB or NFL teams is the TPI and existing teams really doesn't support more pro sports being there.

Name of sports market: Salt Lake City-Provo-Orem, UT, Combined Statistical Area
Population: 2,389,225
Population rank (of 83 sports markets): 31
Total personal income (TPI): $91 billion

EXISTING TEAMS AND MAJOR COLLEGES
National Basketball Association (1): Utah Jazz
Major League Soccer (1): Real Salt Lake
Power Five (1): Utah

INCOME CALCULATIONS
Total personal income (TPI): $91 billion
Number of existing teams and Power Five programs: 3
TPI required for existing teams and programs: $85 billion
Remaining TPI: $6 billion
Market's status: Small surplus of TPI

CAPACITY SCORES
Major League Baseball: 6
National Football League: 13
National Basketball Association: (already has team)
National Hockey League: 12
Major League Soccer: (already has team)

https://www.bizjournals.com/bizjourn.../market31.html

[Marvland]

Originally Posted by locolife

Smith and his buddies are going to look at factors like corporate support and the ability for the market to support another team. The biz journal evaluated sports markets about 9 years ago and SLC was ranked as having the right level sports for the market's size, with a small surplus of income available. But they also didn't count BYU has a power five school, when doing that SLC would be at a deficit on TPI to costs needed to support another team. So why would they do it? They love SLC so much they don't mind potentially losing money on another team? They can share a venue with the Jazz, so it won't cost as much to support? Not sure but I think the reason SLC doesn't hit the top lists for new NHL, MLB or NFL teams is the TPI and existing teams really doesn't support more pro sports being there.

Name of sports market: Salt Lake City-Provo-Orem, UT, Combined Statistical Area
Population: 2,389,225
Population rank (of 83 sports markets): 31
Total personal income (TPI): $91 billion

EXISTING TEAMS AND MAJOR COLLEGES
National Basketball Association (1): Utah Jazz
Major League Soccer (1): Real Salt Lake
Power Five (1): Utah

INCOME CALCULATIONS
Total personal income (TPI): $91 billion
Number of existing teams and Power Five programs: 3
TPI required for existing teams and programs: $85 billion
Remaining TPI: $6 billion
Market's status: Small surplus of TPI

CAPACITY SCORES
Major League Baseball: 6
National Football League: 13
National Basketball Association: (already has team)
National Hockey League: 12
Major League Soccer: (already has team)

https://www.bizjournals.com/bizjourn.../market31.html

Great data set. Thanks for sharing. The data set is quite long in the tooth though. I'd say LOTS has changed in 9 years around these parts.

[delts145]

Kier post of Sugar Alley Updates

Rendering of the Eastern side of Sugar Alley as seen from Highland Drive.



July 2022




August 2022


















Photos Courtesy of Kier Construction @ https://www.kier.org/our-work/multi-...y-micro-units/

.

[wrendog]

this thread has slowed to a crawl. Only 2 posts in the last 5 days?

Time for a new tallest proposal to get the thread going.

[nushiof]

Speaking of new tallest, there are a bunch of cement trucks at the Astra site this morning as they continue to pour the elevator shaft. Things are humming there.

[Dallas Snob]

Unfortunately, the only cam typically only focuses on Astra. With all the development going on in SLC, its a shame there are so few and far between updates. Im sure that if i still lived there that i would be no better.

And in my humblest of opinions, the biggest obstacle for me to this day is the absolute horror and pain involved in posting pics. Its abhorent in this day and age.

[Marvland]

Originally Posted by Dallas Snob

Unfortunately, the only cam typically only focuses on Astra. With all the development going on in SLC, its a shame there are so few and far between updates. Im sure that if i still lived there that i would be no better.

And in my humblest of opinions, the biggest obstacle for me to this day is the absolute horror and pain involved in posting pics. Its abhorent in this day and age.

Amen. It's just not worth it posting pics. Also why I'm so thankful that some on this forum post so many!

On the lack of new stuff, this lending environment is really stalling stuff out, even nationally. We are about to lose 75-100bps in the next few weeks. So retail lending will be at 7%, which absolutely destroys proformas and cap rates. I mean the days of 4.25 caps are over. Everywhere. Banks up upping reserve and infusion requirements. Rents cannot keep up. Fortunately there's plenty of cash/equity in the market but it might wait for a while until inflation settles.

[Reeder113]

Since we're all bored, here's yet another update on Astra. One level at a time.