Salt Lake City
Primary Showdown Looms Over $29M Draper Recreation Center
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 […]
Sterling Bay Plans Upscale Buildout for Victory Ranch Club
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 […]
Utah Jumps to 6th Place in U.S. Development Spending: NAIOP
By Alex Girda, Associate Editor Utah’s development and construction market recorded a substantial upswing in 2011, according to a report from NAIOP. The state’s $3.6 billion in spending on direct investment on all categories of commercial real estate ranked sixth nationwide. That investment propelled Utah from 26th place in 2010, a jump second only to […]
KBS Expands Salt Lake City Foothold With Gateway Tech Center
By Alex Girda, Associate Editor KBS Realty Advisors has added to its Utah portfolio with the acquisition of Gateway Tech Center, a 198,565-square-foot Class A office building located near the 40-acre Gateway District in Downtown Salt Lake City. Located at 155 North 400 West Street, the five-story Gateway Tech Center was built in 1909 as […]
Sky Lodge Trade Signals Main Street Changes in Park City
By Alex Girda, Associate Editor Park City’s Sky Lodge is the latest property to change hands after investor Kenneth Abdalla announced the purchase of the iconic boutique hotel. The 3-guest room property is an integral part of the developer’s plans in the area, as Abdalla suggested that the property is part of much bigger investment […]
80-Unit Student Housing Complex Trades in Orem
By Alex Girda, Associate Editor An 80-unit, 300-bed student housing complex near Utah Valley University in Orem recently came under new ownership. The asset, College Terrace Apartments, is located at 643 West 1200 South near Interstate 15. Completed in 1985, the 64,500-square-foot complex is located on a 2.6-acre site in one of Utah’s fastest-growing student […]
Stalled 1.4MSF Orem Mixed-Use Project Inches Toward a Restart
By Alex Girda, Associate Editor, and Paul Rosta, Senior Editor For years, the once-promising Midtown Village project has been a sore point for Orem. Midtown Joint Venture L.L.C., the original developer, planned a 1.4 million-square-foot residential, retail and office project featuring three mixed-use towers. But the developers completed only a seven-story condominium and office tower and a small, […]
Indoor Stream Gets Retail Traffic Flowing at City Creek
By Alex Girda, Associate Editor The new City Creek development has any number of distinctions. A joint venture of the Mormon Church and Taubman Centers Inc., the $1.5 billion project is one of the largest private developments in the U.S. in the last few years. The 23-acre project features 700,000 square feet of retail and […]
Park City Home Sales Top $1B Despite Declining Prices
By Alex Girda, Associate Editor Last year was a decidedly mixed bag of progress and challenges for the Park City residential market. First, the good news: overall transaction volume hit nearly $1.1 billion, a 6 percent increase from 2010, according to the Park City Board of Realtors. That is the only the seventh time that total […]
Green Shoots Emerge for Salt Lake City Market
By Alex Girda, Associate Editor Salt Lake City’s real estate market showed strong signs of a comeback in 2011 after several tough years, and 2012 shows additional, if modest potential. The office vacancy rate last year dropped from 17.1 percent to 15.3, with absorption reaching a healthy 652,000 square feet , a CBRE Group Inc. […]