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Around Utah

Devin Felix

July 9, 2013


Salt Lake Area

New SLC Downtown Hotels Planned

Salt Lake City – A group of companies has announced plans to develop two hotels, a structured parking garage and mixed-use retail on a 3.26-acre development site in downtown Salt Lake, adjacent to EnergySolutions Arena. The group consists of ALEX BROWN REALTY, INC., in conjunction with PEG DEVELOPMENT and BLUE DIAMOND CAPITAL.

The site is at the southwest corner of 100 South and 300 West, one block west of the 679,000-square-foot Salt Palace Convention Center and three blocks west of Temple Square. Both the City Creek and Gateway retail centers are located within walking distance of the site.

The project will be built in two phases. Phase I will consist of a 159-room extended-stay HYATT HOUSE hotel and a 349-space structured parking garage. This will be the first urban Hyatt House in the Hyatt portfolio. Phase II will consist of a 175-room select-service COURTYARD BY MARRIOTT hotel.

Both hotels will feature ground-level retail, and the parking garage will accommodate hotel guests as well as event parking. The developers anticipate a fall 2014 opening for the Hyatt House hotel and a spring 2015 opening for the Courtyard by Marriott. RIMROCK CONSTRUCTION of Draper is the general contractor and BEECHER WALKER ARCHITECTS of Holladay is the project architect. LODGING DYNAMICS of Provo will manage both hotels.

PEG Development and Blue Diamond Capital acquired the site in September 2011 and have since received all necessary approvals to begin construction. “We are thrilled with the location of this project—with its ease of access to the city’s improved public transportation, and other Salt Lake entertainment, business function and retail amenities,” says Cameron Gunter, PEG’s founder and managing member. “We have a very strong ownership group and the city has been very helpful over the past couple years in making this project come together.”

Based on data provided by PKF Consultants, lodging supply in the Salt Lake metro area has increased by 2.3 percent, while demand has increased by 6.3 percent since 2009.

 

S.K. Hart Properties Acquires Historic Trolley Square

Salt Lake City – S.K. HART PROPERTIES, LLC closed on its acquisition of the historic TROLLEY SQUARE SHOPPING CENTER in the heart of Salt Lake City. The landmark shopping destination has been a staple of the Salt Lake community for many years, but has been a challenging asset in recent years due to the severe downturn in the economy and was in receivership.

Trolley Square is located at 700 East and 500 South and occupies more than an entire city block. The shopping center consists of about 315,000 square feet of retail, restaurant and commercial space, with tenants that include national retailers such as Whole Foods, Pottery Barn and lululemon, as well as restaurants like the Spaghetti Factory, Desert Edge Brewery and Rodizio Grill.

“This is a very exciting transaction for our company, the state of Utah and the city of Salt Lake as a whole,” says Khosrow Semnani, CEO of S.K. Hart Properties, LLC. The company plans to make significant upgrades and improvements to the center while retaining its historic integrity and charm.

“Despite the economic downturn, the current businesses at Trolley have continued to survive and thrive, and we intend to complement them by bringing in first-class retailers and restaurants from around the country, as well as local retailers,” says Semnani.

 

Salt Lake City – SPRING MOBILE acquired 11 retail locations from Clearchoice Mobility, an AT&T wireless dealer in Chicago.

West Valley City – U.S. Deputy Secretary of Commerce Rebecca Blank visited HEXCEL CORPORATION to highlight a new Obama Administration initiative.

Salt Lake City – Amazon.com listed SALT LAKE CITY as No. 12 on its Most Well-Read Cities list. The ranking was determined by compiling sales data of all books, magazines and newspapers in print and e-reader formats.

Salt Lake City – Tata Technologies, a provider of engineering services and manufacturing enterprise IT, signed agreements to acquire Salt Lake City-based CAMBRIC CORPORATION, an engineering services company.

Salt Lake City – UTAH PROPERTY MANAGEMENT ASSOCIATES LLC launched a partnership with PASSPORTPARKING, allowing drivers parking in select UPMA parking lots to use their cell phones to pay for parking.

Draper – HOME FEDERAL BANK opened a new loan production office in Draper to serve the Salt Lake and Utah County markets. The new office provides construction loans to residential and commercial builders.

Salt Lake City – UNIVERSITY OF UTAH metallurgists used an old microwave oven to produce a nanocrystal semiconductor rapidly using cheap, abundant and less toxic metals than other semiconductors.

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