Microsoft, Nordstrom Raise Local Profiles With New Stores

By Alex Girda, Associate Editor

Two big names in retail—one fashion, one high-tech—are targeting Greater Salt Lake City for growth. On April 11, Microsoft opened a 3,500-square-foot space at City Creek Center. Nordstrom Inc. has announced plans to open a 29,000-square-foot Nordstrom Rack this fall at Station Park in Farmington.

The Nordstrom Rack will be the third in metro Salt Lake City for the brand, which offers merchandise at 50 to 60 percent discounts. Nordstrom also operates two regular full-line stores in the Salt Lake City region.

Microsoft’s 3,500-square-foot store at City Creek Center, the 700,000-square-foot regional mall that opened in March 2012, is its the software giant’s 33^rd. It is also part of a strategy of challenging the experience in the retail stores operated by rival Apple Inc.

Microsoft’s store is showcasing its products’ new direction by means of high-tech accents like a digital wall that projects Xbox games and other activities. All devices feature touchscreens and operate with Microsoft products. The store also offers a community theater for public screenings, an amenity that Microsoft hopes will help boost its profile in the community.

Summer Kickoff Eyed for Geneva Steel Site Redevelopment

By Alex Girda, Associate Editor

 After years of planning, one of the state’s biggest master-planned developments may be only months away from construction on the former site of Geneva Steel in Vineyard.

Anderson Geneva Development recently revealed plans to develop up to 2 million square feet of office space, 7,500 residential units and a rail hub on a 100-acre parcel. In all, the community could accommodate up to 20,000 residents. The Vineyard Redevelopment Agency approved plans for the project in 2011 and construction could start this summer.

According to Deseret News, the mixed-use development’s intermodal hub would offer commuter and freight rail access. Utah Valley University is considering adding 120 acres to the 100 acres it already owns at the site for athletic fields.

Megahotel Plans Pick Up Steam From State Funding Sources

By Alex Girda, Associate Editor

In recent years, Salt Lake City’s entrepreneurs and elected officials have recognized the value of developing a convention center and large new hospitality property. Often referred to as the “megahotel project”, the initiative has been picking up steam of late. Legislators have proposed new funding mechanisms to provide approximately $100 million worth of public financing toward the estimated $335 million cost, the Salt Lake Tribune noted.

The state Senate recently passed a measure to provide up to $32.8 million toward the project in annual $3.5 million increments. The funds would be used for land acquisition as well as the development of 85,000 square feet of meeting space.

The proposed 1000-key convention center hotel would produce as much as $600 million in state and local taxes over the next 30 years, theTribunereported.

Salt Lake City and Salt Lake County would supply the rest of the $100 million in public financing. Local authorities could redirect sales tax revenue to generate $67 million.

The city’s requirements stipulate that the project must be developed no more than 1,000 yards from the Salt Palace convention center in order to promote the city’s meetings and conventions business.

Image of the Salt Palace courtesy of user Mangoman88 via Wikimedia Commons

Marriott’s Courtyard Salt Lake City Airport Wraps Makeover Aimed at Business Travelers

By Alex Girda, Associate Editor

As rising demand for hotel rooms in Greater Salt Lake City spurs talk of new development, properties are taking steps now to shore up market share and boost occupancy. A case in point: Marriott’s Courtyard Salt Lake City Airport, which recently underwent an extensive renovation.

Located at 4843 Douglas Corrigan Way,the 154-key hotel now incorporates Marriott’s Refreshing Business concept in its lobby and brand-new suite design. In the lobby, RLJ Lodging Trust has introduced media pods, Wi-Fi access, and a revamped layout designed to accommodate social gatherings and pop-up meetings.

Also new is GoBoard 4.0, a lobby feature offering information, maps, weather, and headline news by means of a 55-inch LCD touch screen.

Through a smartphone integration feature, guests can access local information plus flight updates from nearby airports. The facility’s focus on business travelers extends to building-wide Internet access and a business center offering computers and a printer as well as dedicated terminals for flight inquiries and printing boarding passes.

Highlights of guestroom improvements include more functional work spaces, upgraded bathrooms, separate seating areas, high-speed internet connections and new plush bedding.

Photo courtesy of marriott.com 

Embassy Suites Opening Marks Latest Milestone for $500M Fairbourne Station Makeover

By Alex Girda, Associate Editor

In the latest milestone for West Valley City’s $500 million Fairbourne Station urban renewal program, a 162-key Embassy Suites officially opened its doors on Feb. 12, the Salt Lake Tribune reported.

Located at 3524 S. Market Street, Embassy Suites features a Shula’s 347 Grill, part of football coach Don Shula’s Miami-based dining chain. The West Valley City Redevelopment Agency kickstarted development by securing $33 million in private financing and leasing the property to the project’s developer, West Valley Lodging Initiatives L.L.C., the Tribune reported.

The hotel’s guest amenity package features a fitness center, an indoor pool, laundry facilities and 7,500 square feet of meeting space. Renascent Hospitality is the on-site  manager.

Plans for the 40-acre Fairbourne Station redevelopment site call for residential, retail, hotel and office components.

Rendering courtesy of embassysuites3.hilton.com/

City Creek Adds to Accolades With IPA Award for Top U.S. Retail Project

By Alex Girda, Associate Editor

As one of the nation’s largest new retail projects to come on line in the country during the past several years, City Creek Center has already earned wide recognition. Now the property has added to its laurels, winning the prize for the year’s best retail development in the United States at the International Property Awards in London this month. Sponsored by the Royal Institute of Chartered Surveyors and Yamaha, the program has been a mainstay of the awards circuit for the past 18 years.

Developed by Taubman and City Creek Reserve, Inc., an entity controlled by the Church of Jesus Christ of Latter-Day Saints, City Creek beat out thousands of entries to land in the top three worldwide. Candidates from the Americas included projects from Canada, Mexico, South America and the Caribbean as well as the U.S.

The retail component of the development opened last March as the centerpiece of one of the largest mixed-use downtown redevelopment projects in the country. Stores include anchors Macy’s and Nordstrom, a new Apple store and more than 100 in-line retailers. The building incorporates a manmade creek, a re-creation of the original stream that gave its name to the area and the center.  

Image courtesy of shopcitycreekcenter.com

Perry & Associates Plans Spring Start for 70 KSF Lehi Office Project

By Alex Girda, Associate Editor

Perry & Associates, Inc. is planning a May construction start for Traverse Ridge Center I, a 70,000-square-foot office complex in Lehi, according to the Salt Lake Tribune. Completion is scheduled by March 2014.

Traverse Ridge Center I will take shape east of the State Road 92 exit of Interstate 15, the Tribune reports. Perry & Associates is banking on the property’s location next to the TRAX rail line and its proximity to the new Adobe campus and the Outlets at Traverse Mountain retail center to attract tenants. Eric Smith, James Mecham and Jessmine Kim of CBRE Inc.’s Salt Lake City office are handling leasing.

In hospitality investment news, Brian Head Resort, located near Cedar City in southern Utah, is under new ownership following its sale to Brian Head Acquisition Partner L.LC., the The Standard-Examiner reports.

The resort was placed on the market following the death in 2008 of Jim Trees, its former owner. Brian Head Resort includes two mountains, nine lifts, 640 skiable acres, 53 runs and a snow tubing area.

Terms were not disclosed, but the property’s 2010 price of $34.7 million price was later cut to $29 million. In March 2012, the resort was placed into receivership with Wells Fargo.

Image courtesy of snow-forecast.com

Stalled Pioneer Park Condo Project Gets $4.5M in City Financing

By Alex Girda, Associate Editor

Broadway Park Lofts, a stalled Pioneer Park condominium project, has received a lifeline from the Salt Lake City Redevelopment Agency. The Salt Lake Tribune reports that the agency is providing $4.5 million in completion financing to BPL South Tower L.L.C., the new developer of the 51-unit project. BPL South Tower is required to repay the loan over the next two years. Company principals Micah Peters and James Chellis had acquired the unfinished project for a reported $3.5 million.

Located at 300 South, Broadway Park Lofts lost its original developer, Ken Milo, after the market turned sour in 2009. Earlier this year, the Redevelopment Agency attempted to loan $4.5 million to Milo, but that effort to restart the project fell through.

Broadway Park Lofts will comprise 17 live/work units, two 580-square-foot units, ten 700-square-foot units, ten 900-square-foot units and 12 units with 1,200 square-foot floor plans. Prices will range from just under $100,000 to about $500,000. Peters and Chelis are counting on the property’s location near Pioneer Park to boost sales. Completion is expected by the end of 2013.

Image courtesy of silverleaf-financial.com

Tech Tenants Eyed for Rebranded 500 KSF Provo Office Park

By Alex Girda, Associate Editor

Utah-based developer Warren King has acquired a 500,000-square-foot office park in Provo and is rebranding the campus as East Bay Technology Park in a bid to reel in high-tech tenants.

Laurie Adair, Tab Cornelison and Scott Wilmarth of CBRE Inc. will handle leasing, and the firm’s asset services division is tasked with property management. The new owner and leasing team have some work ahead; the complex is about 60 percent vacant. That rate is several times higher than it is for the Greater Salt Lake City office market as a whole. Vacancy for the area is hovering around 18 percent, according to Marcus & Millichap Real Estate Investment Services Inc.

But King and the leasing team are betting that the property’s proximity to Interstate 15, and to the new FrontRunner South rail line linking Provo to Salt Lake City, will help expand its roster of technology tenants.

Built from 1986 to 1993, and renovated in 2009-2010, the six buildings are linked by a series of enclosed corridors and sky bridges. The complex had previously served as a campus for Novell, the software company.

Chart courtesy of Marcus & Millichap Real Estate Investment Services  

Sun Products Inks Record 1 MSF Lease at Freeport West Industrial Park

By Alex Girda, Associate Editor

In Salt Lake City’s largest-ever industrial lease, Sun Products Corp. is taking 1 million square feet at Freeport West Landmark Industrial Park.  The consumer products manufacturer will move from six different buildings into two, enabling it to centralize and streamline operations. respond to customers more efficiently and reduce its carbon footprint.

Wilton, Conn.-based Sun Products, which produces familiar brands like Wisk, All, and Snuggle, will begin using one building at the new logistics and distribution center this month. Delivery of the adjacent second building is scheduled for the third quarter of 2013.

Developed by Big-D Construction, Freeport West Landmark Industrial Park is being marketed by NAI West, which arranged the Sun Products lease. NAI West’s Zach Anderson, Bryce Blanchard, Kyle Roberts and Mike Falk worked on the transaction.

Image courtesy of daviscountyutah.gov