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With a downturn in the real estate market, there is a threat that projects that had been previously approved will never be built.
We reported this month that several projects across Salt Lake City that are ready for permitting, many after receiving approval from the Planning Commission and City Council, are now up for sale.
A handful of major projects are underway, including the Worthington and Astra towers. But others have yet to begin, leaving the question of whether skyline-changing buildings would be constructed.
Building Salt Lake requested updates on three downtown projects. Here’s what we discovered.
Main Street Apartments (Utah Theater)
Hines demolished the Utah Theater at 150 S. Main St. in April as part of its construction work for a 31-story, 400-unit residential tower.
The demolition followed a battle over the fate of the 110-year-old theatre, which also had room for other local businesses.
After years of back-and-forth with the city, Hines was given the building for free on the condition that it provide 40 affordable units for people earning between 60 and 80 percent of the area’s median income (or up to $65,550 $ per year for a couple). ). The company will also provide a publicly accessible space, which it says will go atop a three-story parking lot.
A company representative confirmed that although he has not submitted a building permit, Hines still plans to move forward.
“Hines is very committed to this project,” the rep said. “We are still working on the design process, as well as the permits. We hope to have more to say in the months to come.
In May, Hines was given another year to begin her project through a process that extends the design review approval she already got from the city. Unless something changes, expect the project to submit permits this winter, with construction following in the new year.
Hines is also behind a 22-story, 386,000-square-foot office tower at 477 S. Main, surplus land that was previously owned by Salt Lake County.
The company declined to provide much of the update on the Sundial Toweralthough he pointed out that the commercial brokerage firm JLL was active pre-rental space within the project, a move that would help determine the market feasibility for the project.
“We are currently active in the pre-lease process and have shown interest so far,” Hines said in the statement. “That’s all we can provide at the moment.”
Sundial’s construction would follow other major office projects in the capital which are sure to test demand for class A office space in the city centre.
JLL has even previously noted that the market is becoming inflated, with rising vacancy rates and growing availability of sublets. A possible recession in the coming months would throw another challenge on the pile.
Between the Post District, Industry, 95 State, 6th and Main and other offerings in the Granary that come online quarterly, time will tell if Sundial generates enough interest to see the building built.
We first wrote about Moda Luxe’s plans in 2018, when J. Fisher Companies proposed a nine-story, 220-unit building at 250 S. 200 E.
This project has gone through a journey, and it is still unclear when it will end.
Next door, the State of Utah originally sought to build a 10-story parking lot to service a two-story liquor store on Edison Street and provide a giveaway to a private developer considering a new building next door.
This garage would have been problematic for Moda Luxe, whose view would have been obstructed by a monolith to store private vehicles.
J. Fisher Companies has already cleared the land for construction, but hasn’t provided an update in years. When Building Salt Lake announced that the state would no longer be building an extremely large parking lot in the heart of the city, the company was thrilled.
“This is great news,” Owen Fisher, managing partner at J. Fisher Companies, wrote to us in an email at the time. After promising to provide an update on the building’s condition in June, Fisher Co. did not respond to repeated requests throughout the summer and fall.
The company still owns the land. But how long it will remain vacant remains a mystery.
Email Taylor Anderson
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