Salt Lake City: Official Development News Thread - Part 5

[Pencil]

Its crazy to think that all of these towers could potentially break ground next year!

[Schmoe]

Originally Posted by Atlas

Fantastic! What a great week for SLC skyscraper news! New renderings for Utah Theater Tower, news and renderings of 370 S. West Temple, and talk of three or more new 20-30 story towers on top of that! (450 Main, Regent St. Hotel, and Tavernacle)

When is the Utah Theater Tower supposed to break ground? This is Hines, right?

[ThePusherMan]

Originally Posted by Pencil

Just got a comment on a post I posted on the r/DevelopmentSLC subreddit saying this:

Wondering if anyone has info about this here?

All I can say about this is that the folks at the Tavernacle just put a bunch of money into renovations and expanding into the space next door and running a food concept. These aren't cheap investments for a business to make. Hundreds of thousands spent. I would doubt they'd go through all that effort if their landlord had given them any hint that he was planning on demoing the building any time soon. Then again land lords can be real jerks. I'm friends with the owner of a tattoo shop in sugarhouse who's landlord made it clear that they are planning on tearing down several buildings including his shop to make way for more housing. Tattoo shop can't break their lease and move elsewhere but at the drop of a hat the land lord can kick them out. All they have to provide is the option to lease space after construction but what is the poor guy supposed to do during construction. Anyhow I hop for the sake of the business owners that these project don't happen for a while. Plenty of empty lots where stuff could be built.

[ajiuO]

It’s probably already been mentioned, but Carl’s Jr. has closed... yes the one on State Street and 200 S.

[Makid]

Originally Posted by Schmoe

When is the Utah Theater Tower supposed to break ground? This is Hines, right?

Yes, this is the Hines project.

I don't think there will be an official ground breaking for at least a year.

The reason for this is that the Developer and the City are cataloging all of the items to be saved from the Utah Theater and then removing and storing them safely.

I don't think the removal of the items is set to happen until March of 2021 at the earliest.

Then there is the restaurants/bars in the LaSalle portion of the project. I am not sure when their leases are set to expire. I know that they have been advised the leases will not be renewed though.

Depending on how late the leases run, could push the demolition start, at least for the LaSalle portion, until mid to late summer 2021. 2 to 3 months for demolition and clearing puts it to October/November 2021.

While I hope for sooner, I am at least prepared for a longer wait.

[Rileybo]

Originally Posted by ajiuO

It’s probably already been mentioned, but Carl’s Jr. has closed... yes the one on State Street and 200 S.

:,)

[Layrasm]

Hey guys, actually been lurking this forum for years but every time I'd try to sign up, Skyscraperpage was having issues

Lots of nice potential developments in conversation. I hope at least a few of them end up being built next year. I do wonder how many can realistically be built at the same time as well, I thought finding enough local labor was an issue?

Also, maybe unpopular opinion. I liked the prior proposal at 255. State better than the current. It was taller and more impressive, so I wouldn't be too upset to not see that one go through.

[Blah_Amazing]

Originally Posted by Layrasm

Also, maybe unpopular opinion. I liked the prior proposal at 255. State better than the current. It was taller and more impressive, so I wouldn't be too upset to not see that one go through.

Yeah 'The Strand' was a really nice proposal.

However, 255 S. State just filed for a Final Plat approval, so it seems like that project is still moving ahead, at least in the form of paperwork. https://citizenportal.slcgov.com/Cit...owInspection=#

[berger4]

http://https://m.youtube.com/watch?v=cMi2CQN3mXo
The best drone video I’ve seen of Salt Lake, done sometime in early summer but just released on YouTube.

[Atlas]

Originally Posted by Layrasm

Hey guys, actually been lurking this forum for years but every time I'd try to sign up, Skyscraperpage was having issues

Lots of nice potential developments in conversation. I hope at least a few of them end up being built next year. I do wonder how many can realistically be built at the same time as well, I thought finding enough local labor was an issue?

Also, maybe unpopular opinion. I liked the prior proposal at 255. State better than the current. It was taller and more impressive, so I wouldn't be too upset to not see that one go through.

Welcome! I liked the Strand proposal more too but I don't dislike the current plan. I'm just glad to hear that it's still going forward. It's been a graffiti-laden pit for far too long.

Hopefully the design of the Utah Theater Tower by Dwell Design Studio is the real design and not a rejected one like The Strand. I noticed that Dwell opened an SLC office recently but that could have been in support of the CINQ project.

By the way, it looks like Dwell took down the Utah Theater Tower page on their website! Maybe they noticed a bump in traffic and realized they jumped the gun The images are currently still hosted but I will back them up in case those get removed.

EDIT: I'm happy to report that my request for the Kensington Tower has gone through and it's been added to the SSP database. Also, big thanks to Tethys00 for making a drawing of 95 State! Check it out!

[Rileybo]

^^^

Nice. I never realized how close in height our highest towers are.

[SLCPolitico]

Originally Posted by ThePusherMan

All I can say about this is that the folks at the Tavernacle just put a bunch of money into renovations and expanding into the space next door and running a food concept. These aren't cheap investments for a business to make. Hundreds of thousands spent. I would doubt they'd go through all that effort if their landlord had given them any hint that he was planning on demoing the building any time soon. Then again land lords can be real jerks. I'm friends with the owner of a tattoo shop in sugarhouse who's landlord made it clear that they are planning on tearing down several buildings including his shop to make way for more housing. Tattoo shop can't break their lease and move elsewhere but at the drop of a hat the land lord can kick them out. All they have to provide is the option to lease space after construction but what is the poor guy supposed to do during construction. Anyhow I hop for the sake of the business owners that these project don't happen for a while. Plenty of empty lots where stuff could be built.

Can confirm. I'm friends with one of their longtime pianists and he was telling us about it over the weekend. Landlord told them they wouldn't have the lease renewed at the end of the year so they could make way for apartments (didn't mention anything about a tower, but probably didn't know that much). Owner of Tavernacle is super upset for the same reasons you mentioned about putting all that money and time into opening up Steyk Center. Very horrible timing.

[Atlas]

I take back my previous comment about it being fantastic, although I'd love to see a new tower that far east of Main. It's not cool to see a lively local bar get forced out like that, especially when there are still so many other empty parking lots around downtown.

[Always Sunny in SLC]

Originally Posted by SLCPolitico

Can confirm. I'm friends with one of their longtime pianists and he was telling us about it over the weekend. Landlord told them they wouldn't have the lease renewed at the end of the year so they could make way for apartments (didn't mention anything about a tower, but probably didn't know that much). Owner of Tavernacle is super upset for the same reasons you mentioned about putting all that money and time into opening up Steyk Center. Very horrible timing.

Wow, what a dick move by the developer!

[scottharding]

That sucks about the Tavernacle. I will absolutely hate to see that stretch of retail go, no matter what takes its place. That's a very lively and charming section of 3rd South, I love the building and the little eclectic shops that are there. Once again, there's plenty of dead space downtown. We shouldn't be losing local gems like this. What a waste.

[Marvland]

Originally Posted by SLCPolitico

Can confirm. I'm friends with one of their longtime pianists and he was telling us about it over the weekend. Landlord told them they wouldn't have the lease renewed at the end of the year so they could make way for apartments (didn't mention anything about a tower, but probably didn't know that much). Owner of Tavernacle is super upset for the same reasons you mentioned about putting all that money and time into opening up Steyk Center. Very horrible timing.

Man I hate hearing about things like this. There is a lesson here: you CANNOT do major improvements without knowledge that you control the real estate for long enough to make your return. For me that usually means 15 year minimum control. Prefer 20 to 30 years. First term plus extensions, 100% tenant option. no pre-arranged landlord buyout unless its really favorable to the tenant. You should see some of the leases the big name brokers in town have foisted on their "clients". People bragging about signing folks at $45psf with $13 CAMs. Watch those spaces cycle now. Pigs get fat hogs get slaughtered. Heart breaking. Covid and now this.

[UT_Presto]

Originally Posted by Viperlord

Held Properties has sold their property at 370 South West Temple.

The new owner is:
370 SOUTH WEST TEMPLE LLC
Address:
C/O THE DOMAIN COMPANIES LLC, 11 PARK PLACE, SUITE 1705, NEW YORK, NEW YORK, 10007

https://thedomaincos.com/portfolio/south-west-temple/
This was added to their site in September 2020.

370 South West Temple St
Salt Lake City, UT 84101

PROPERTY TYPE
Residential, Retail and Hospitality
Coworking
Mixed-Used, Transit-Oriented Development

APARTMENTS
340

RETAIL SPACE
6,200sf

OFFICE SPACE
58,000sf

ARCHITECT
Solomon Cordwell Buenz

DEVELOPMENT COST
$230M

FINANCING
Fundamental Partners

COMPLETION DATE
Late 2023

SUSTAINABILITY
Enterprise Green Communities
Fitwel Healthy Building Certification





The Domain Companies are currently finishing up developing the exchange project across the street from the SLC library.

Has anybody been able to see the complete rendering or plans for this tower? I'm curious as to why they are only showing us the bottom part of the building. Leads me to believe there might be something really special towards the top of this one, but who knows. Thoughts?

[UT_Presto]

Also it looks like glass cladding has arrived at the prep site for 95 State! I have a picture but I'm not sure how to upload it. I'm very new to this forum.

[jedikermit]

Originally Posted by scottharding

That sucks about the Tavernacle. I will absolutely hate to see that stretch of retail go, no matter what takes its place. That's a very lively and charming section of 3rd South, I love the building and the little eclectic shops that are there. Once again, there's plenty of dead space downtown. We shouldn't be losing local gems like this. What a waste.

Same. Word for word.

[SLCLvr]

Originally Posted by Makid

I agree that it has been some exciting times.

...

This brings us to 2020. For 2021 to 2025, if all goes as planned currently, we will see:

9. Block 67 Phase 2 - Commercial
10. Block 67 Phase 2 - Residential
11. Utah Theater tower
12. Kensington Tower
13. Regent Street Hotel
14. 450 S Main Tower
15. 370 South West Temple

I know that there are also some additional towers that are planned but are not yet able to be made public.

I also wanted to point out that 7 of the above towers are primarily Residential (bolded). This is also something that should be mentioned.

I missed the discussion on the 450 S Main Tower. And I see it in the new massing from Orlando. What is this?