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

25 Jan 2013, 10:25 pm

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

31 Dec 2012, 7:11 pm

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

20 Dec 2012, 4:45 pm

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

7 Dec 2012, 6:30 pm

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

26 Nov 2012, 4:10 am

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

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

9 Nov 2012, 6:30 pm

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

29 Oct 2012, 4:11 am

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

12 Oct 2012, 4:06 pm

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

27 Sep 2012, 4:33 pm

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

12 Sep 2012, 10:31 pm

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..



After 2012 Parade of Homes, Permit Levels Will Tell the Tale

30 Aug 2012, 4:45 pm

By Alex Girda, Associate Editor

Like many other cities whose housing markets took a punch during the recession, Salt Lake City is still looking for clear signs of recovery. It remains to be seen how the designs showcased at the 2012 Salt Lake Parade of Homes impressed prospective homebuyers, but the volume of new home permits in the next several months will offer unmistakable clues to the market’s direction.

Through the first seven months of 2012, new home permits totaled 3,788. That is far below than the 7,200 recorded at the market’s peak from January through July 2007, but it also represents a 28 percent increase compared to the same period in 2010.

This year’s Parade of Homes showcased properties from around the area that represent a broad spectrum of sizes and styles. In addition to the 23 properties built specifically for the event, the parade presented a dozen other designs. Most models were priced between $200,000 and $400,000, while four designs carried price tags between  $800,000 and $900,000.

Image courtesy of SaltLakeParade.com

For additional Salt Lake City market data, click here.



Premier Park City Ranch Slated for Sept. 14 Auction

16 Aug 2012, 4:50 pm

By Alex Girda, Associate Editor

A premier 214-acre Park City residential property is set for a Sept. 14 date with the auctioneer. Located near Park City along a half-mile stretch of the Weber River, RiverBend Ranch was originally priced at $29 million, according to Concierge Auctions.

The property features fenced pastures, trails and hillside ranges, with living accomodations provided by a 16,800-square-foot residence. Paul Benson, an agent handling the auction for Summit Sotheby’s International Realty, said that while zoning restrictions prevent the construction of homes closer within 100 feet of the river, a grandfather clause allowed construction of the house only steps away from the river.

High-end furnishings and art will also be included in the auction. The residence includes eight separate bedrooms, each with its own private deck and patio; nine bathrooms, a theater that can hold up to 20 people, four laundry centers and an art studio.

Photo courtesy of duPontRegistry.com



Plans Unveiled for $42M Waters Edge Resort on Bear Lake

1 Aug 2012, 10:05 pm

By Alex Girda, Associate Editor

The developers of the Waters Edge Resort have unveiled their plans for their $42 million project adjacent to Bear Lake. The project will include a hotel, as well as retail and business space, but also a residential component in the form of condominium units.

Waters Edge Resort will capitalize on Bear Lake’s nickname of “Caribbean of the Rockies” in an area where resorts have yet to proliferate. It will be located in immediate proximity to the beach, just off Highway 89. An 84-key full service hotel will spearhead a development that will also feature 70 condominium units, 40,000 square feet of retail, restaurant and office space that will be leased out as soon as possible, as well as 5,000 square feet of conference and meeting space for company events.

The entrepreneurs and investors linked to Waters Edge are Vietnamese investors drawn by South Jordan resident and investor Hai Huynh, who is himself of Vietnamese origin. Huynh acknowledged in an interview for the Deseret News that many Vietnamese are unfamiliar with Utah, but he is confident that a special visa measure for foreign investors will put Utah firmly on the map.

Image courtesy of cachevalleydaily.com

For a Salt Lake City market snapshot, click here.



Hines/Oaktree JV Buys 248 KSF Office Complex in Sandy

11 Jul 2012, 8:43 pm

By Alex Girda, Associate Editor

KBS Realty Advisors has closed on the sale of South Towne Corporate Center in Sandy to a joint venture of Hines and an affiliate of Oaktree Capital Management. The deal is Hines/Oaktree’s second acquisition following last year’s pickup of Alton Corporate Plaza in Irvine, Calif.

Located 15 miles from Downtown Salt Lake City, the 248,352-square-foot property  consists of 150 Civic Center Drive, a six-story, 124,046-square-foot building unveiled in 2000, and 200 Civic Center Drive, a 124,306-square-foot office building developed in 2006. Adjacent structures offer 592 parking spaces, complemented by 733 surface spaces. 

The complex has a 99 percent occupancy rate a tenant roster featuring names such as Cadence, CoreLogic, E*Trade, New York Life and Seamless.

As part of the deal, Hines is assuming property management tasks for the property. Eastdil Secured handled all aspects of the transaction for KBS.

Photo courtesy of Google Maps



City Officials Grapple With Funding Proposed Arts Venue

5 Jul 2012, 6:39 pm

By Alex Girda, Associate Editor

Talks regarding Mayor Ralph Becker’s proposed Utah Performing Arts Center in downtown Salt Lake City are now focused on hammering out the financing package for the $110 million project.  Considered a centerpiece of an effort to re-energize Downtown Salt Lake City, the 2,500-seat venue would be capable of hosting touring Broadway shows and other major performance events.

The County Council is slated to provide $20 million toward the project. However, now that the council is controlled by a conservative Republican bloc, that $20 million share could be reduced dramatically. Signs of the County Council’s reluctance to help fund the development were reported by the Salt Lake Tribune, which noted that the council’s Republican members voted against placing a $123 million parks bond issue on the November ballot. David Wilde, the council’s chairman, gave further indications of the body’s mindset in comments that his colleagues are reluctant to commit funds to big-ticket items.

City officials are proposing to increase the county’s say in the facility’s operations as a tactic for sweetening the deal. The county-controlled Center of the Arts currently operates a number of other downtown venues such as the Rose Wagner Theatre, the Capitol Theatre and Abravanel Hall.

Image courtesy of utahperformingartscenter.org



National Park Visitors Flock to App Created by Local Firm

28 Jun 2012, 2:29 pm

By Alex Girda, Associate Editor

Thanks to a partnership between a Salt Lake City-based digital media company and National Geographic, iPad and iPhone users can get every bit of information they need about the park they’re visiting. The app currently features guides for 20 of the country’s 58 national parks. Zion, Arches and Bryce Canyon are Utah’s three national parks currently featured by the “National Parks by National Geographic” app created by Rally Interactive. The media giant chose Rally because of its previous effort with the Canyon Country National Parks app.

With more than 650,000 downloads from the App Store, Rally has won a following among hiking enthusiasts and tourists. The app is made up of guides that can be purchased for 99 cents or $1.99 each.

When downloading the free main app, the user receives one free guide. Guides include facts and statistics, what-to-do and what-to-see lists, as well as camping and lodging information. Also built in are weather reports and access to tweets originating from park grounds, along with opportunities to share information via Facebook.

Photo courtesy of the National Park Service: nps.gov



Officials Seek Public Works Deal as Budget Deadline Looms

20 Jun 2012, 7:59 pm

By Alex Girda, Associate Editor

The debate over the 2012-13 Salt Lake City budget appears to be nearing a conclusion as Mayor Ralph Becker’s $204.3 million proposal comes under the City Council’s scrutiny. The mayor’s proposal falls just $1.5 million short of the council’s $205.8 million plan, with major differences primarily related to capital improvements, the Salt Lake Tribune reports.

In particular, Becker recommended a $16.8 million allocation for the fund that pays for street upgrades, sidewalk improvements and the maintenance of storm drains. The city council added $888,549 to the mayor’s initial proposal,amid concerns that the cuts would be too big. In the budget for the current fiscal year, which ends June 30, the city allocated $19.6 million to capital spending.  The additional funding would be provided by an increase in property tax revenue.

The city will also add two officers specializing in zoning enforcement, an area in which the city is aiming to be more aggressive. Downtown parking will get more expensive; the council signed off on the mayor’s proposal to raise rates from $1.50 to $2.00 per hour. The council also eliminated free side street parking during the Christmas holiday season.

With the July 1 start of the fiscal year looming, budget decisions will also determine the future of the city- owned Jordan River Par-3 Golf Course. Becker wants to close the venue to save on operating costs.

Photo courtesy of destination360.com 



Bear Lake Resort Plan Wins Garden City Approval

17 Jun 2012, 5:52 pm

By Alex Girda, Associate Editor

A $42 million resort in Garden City has secured approvals from the city council and planning commission, paving the way for development of what could be one of Bear Lake’s largest resorts, the Herald Journal of Logan reported.

Vista Realty plans to build Waters Edge Resort, a Holiday Inn brand, which would include 84 guest rooms, 70 condominium units, 40,000 square feet of retail space and a 5,000-square-foot conference area. The project could create as many as to 500 jobs during construction and after the resort’s completion.

A significant number of investors will be involved through a federal program that encourages investment from foreigners. If that investment results in certain levels of job creation and meets other criteria, the investor and his or her family are eligible to receive green cards. The Herald Journal reported that those investors have already  contributed $19.5 million to the Waters Edge Resort development.

The project also underscores investor interest in Utah, a trend underscored by a recent NAIOP report concluding that the state ranked sixth in the nation last year with $3.6 billion in development investment.



Primary Showdown Looms Over $29M Draper Recreation Center

6 Jun 2012, 7:47 pm

By Alex Girda, Associate Editor

The city of Draper faces a showdown over a bond issue on the June 26 primary ballot that would finance a $29 million, 120,000-square-foot to 140,000-square-foot recreation center. Since the city placed the issue on the ballot in early April, surveys commissioned by local authorities have shown public backing for taxes that would pay off the bonds. According to The Salt Lake Tribune, 72 percent of local residents support the levy.

As the election approaches, however, critics are ramping up their activity. The Utah Taxpayers Association opposes the bond issue because of the date of the election and because of what it argues is double-dipping. Draper residents would already be paying for a county-funded recreation center to be developed by 2016. As a result, city residents, who also contribute to the county coffers, would be paying for two different recreation center projects, the organization contends.

A Draper recreation center was identified four years ago as a priority in a 2008 parks and recreation master plan, but only recently has the idea gained enough steam for a bond measure to go before the voters. Low interest rates on public bonds and competitive construction costs also motivated Draper’s timing.  The city’s goal is for the facility to operate in the black, with $1.5 million in projected revenues offsetting roughly the same level of operating expenses.

Image courtesy of the city of Draper.



Sterling Bay Plans Upscale Buildout for Victory Ranch Club

1 Jun 2012, 10:43 pm

By Alex Girda, Associate Editor

Sterling Bay Cos. recently snapped up one of the state’s prime development sites: the 6,500-acre Victory Ranch Club in Park City. The sale price for the property, which was acquired from an affilate of Wells Fargo Bank, was not disclosed. The parcel was originally slated for a 650-unit luxury residential development, the Salt Lake Tribune reported.

Chicago-based Sterling Bay plans to trim the number of units in favor of a more upscale residential development on a site that it has called “the most beautiful piece of property” in the state.

Victory Ranch also hosts the private Rees Jones championship golf course, Victory Ranch Club, which  recently opened to the public. The site is surrounded by the Wasatch and Uinta mountains, the Deer Valley ski resort and the Provo River.

Photo courtesy of facebook.com/victoryranchclub

For additional SLC market data, click here.







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