Strategic Capital, Compass Development Launch N. Salt Lake City Mixed-Use Project

By Alex Girda, Associate Editor

Strategic Capital Partners and Compass Development Group have broken ground on the initial phase of Eaglewood Village, a mixed-use development located in North Salt Lake City. The community will take shape across a 96-acre site at Eagle Ridge Drive and Highway 89. Phase one, a 214-unit apartment complex dubbed Eaglewood Lofts, is scheduled for completion next June.

Set on a parcel originally owned by the Compass Development Group, Eaglewood Village will include office, retail, multi-family and single-family components. Compass sold its stake to Strategic Capital except for the apartment portion. Strategic Capital now owns 17 acres of land that will feature office and retail space, as well as entitlements for 300 residential units.

The apartment complex will feature a community clubhouse with kitchen, fitness facilities, executive business center, pool with spa and outdoor grills. In-unit amenities will include designer interiors, personal decks and patios, granite countertops, modern cabinetry and a full set of kitchen appliances.

Multi-family construction trends are on the rise in the Salt Lake City area, according to Marcus & MIllichap Real Estate Investment Services Inc. This year’s completions may lag 2011, but an uptick in permitting volume suggests that volume will bounce back during the next few years.

Image courtesy of eaglewoodlofts.com

Dunkin’ Donuts to Open 16 Stores in Salt Lake City by 2018

By Alex Girda, Associate Editor

Sixteen Dunkin’ Donuts locations are on their way to Salt Lake City. As part of a strategy to expand the brand in the West, an affiliate of Sizzling Platter L.L.C. plans to open the first location next year, followed by a phased rollout through 2018.

In February, the Murray-based firm’s Sizzling Donuts L.L.C. affiliate secured deals for 11 Dunkin’ Donuts restaurants in Denver and eight in El Paso, Texas. All told, Sizzling Platter operates seven national brands of quick-service and family restaurants in the western U.S.

The coffee and baked goods franchise currently has no minimum unit requirement in place for its franchise deals, a provision that company officials say make the brand an attractive option for first-time franchisees. Sizzling Platter did not immediately specify the locations of the new stores; however, Dunkin’ Donuts is known for its variety of formats and locations, ranging from free-standing restaurants, end caps, in-line sites, gas stations, convenience stores, travel plazas and colleges.

Lights, Camera, Action: $40M Production Center Planned

By Alex Girda, Associate Editor

Utah’s recently sweetened incentives for movie production are bearing fruit in the form of new development.  Woodbury Corp. and Redman Movies and Stories plan to start construction early next year on a $40 million studio production in South Salt Lake. The joint venture will redevelop the 105-year-old Granite High School campus as a 90,000-square-foot complex of sound stages, office and retail space, the Salt Lake Tribune reported.

The project marks a win for efforts to lure more movie shoots to the state that served as a backdrop for such classics as The Searchers, 2001: A Space Odyssey, Planet of the Apes and Rio Grande. In response to a falloff in film production, state officials took steps last year to get a bigger share of Hollywood’s business.

Taking a cue from Louisiana, which attracted more movie production after raising tis rebate, Gov. Gary Herbert, signed legisation that increases Utah’s motion picture incentive from 20 percent to 25 percent. That brought Utah on a par with New Mexico, which has successfully competed for films that require a distinctively Western setting like like the Coen brothers’ remake of True Grit and the Walt Disney Co.’s John Carter.  

Image courtesy of Google Maps

Birkhill on Main Project Targets Murray’s Thriving MF Market

By Alex Girda, Associate Editor

Parley’s Partners has broken ground on Birkhill on Main Apartment Homes, a $45 million transit-oriented project in the thriving multi-family market of Murray.  

As reported Sept. 17 by Multi-Housing News, the first of four phases of construction will consist of 137 rental units, 96 of them designated as affordable housing. Following completion of phase one during the first quarter of next year, the developers will start construction of another 65 units in June 2013. The third phase will add the final 109 residential units by 2016, followed by construction of a three-story office building. The development will meet the Enterprise Green Communities Certification Standard and feature Energy Star-compliant appliances.

 Designed by KTGY Group Inc., the complex will include such amenities as a clubhouse, a courtyard, basketball court, fitness facilities, swimming pool and an attached $1.8 million parking structure that will offer residents direct access to their vehicles. A paved trail will link the property to the Jordan River Parkway’s 40-mile network of trails. Apartments will have tall ceilings, granite countertops, generous closet space and balcony or patio access. Birkhill on Main Apartment Homes is near retail and dining spots and the TRAX light rail line.

  According to Marcus & Millichap Real Estate Investment Services Inc., Murray is Salt Lake City’s strongest multi-family residential submarket, with a 2.9 percent vacancy rate. Demand is expected to tighten the market further, and developers appear to be responding.  Permitting for new multi-family projects is far outpacing the tally for 2010 and 2011.

For a more in-depth take on the Birkhill development, click here.

Chart courtesy of Marcus & Millichap Real Estate Investment Services at marcusmillichap.com 

For additional Salt Lake City market data, click here.

Fall Construction Start Eyed for 122-Unit CityScape Complex

By Alex Girda, Associate Editor

 CityScape Apartments is the latest luxury residential project destined for Downtown Salt Lake City, with construction set for a fall kickoff, the Salt Lake Tribune reported.

Located at 150 S. 400 East in Salt Lake City, the 122-unit development is a collaboration betwen Wasatch Advantage and Strategic Multifamily, companies that have previously worked together locally.

When vacancy slipped below 5 percent in 2008, the two firms  partnered to develop high-quality rental housing. Wasatch Advantage acquired parcels on the Wasatch Front that could accommodate about 2,500 apartment units, most of which have since been built and rented.  

For its part, Strategic Multifamily, which is an affiliate of Henry Walker Homes, continues to develop housing along the Wasatch Front. Its pipeline currently includes 750 units.

The new CityScape complex will feature a rooftop courtyard, a spa, a business conference center, a dog park and barbecue areas, all geared toward a target market of the city’s young professionals..