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Salt Lake City — CBRE has been selected as the exclusive listing agent for Falcon Hill National Aerospace Research Park. Eric Smith, Scott Wilmarth, JR Moore and Russ Harris will manage the listing. Hunt Companies, Inc. and Woodbury Corporation are the project developers.
Located at Hill Air Force Base in Layton, Falcon Hill is a 550-acre private development. The first phase of development features more than two million square feet of commercial space, with additional phases planned. The preliminary plan for phase one includes 1,245,000 square feet of office space and 45,000 square feet of retail space. It also features a five-story, 200-room hotel complete with a state-of-the-art conference center.
“Falcon Hill represents a tremendous economic boost to the area surrounding Hill Air Force Base,” said Eric Smith, first vice president of CBRE. “Hill Air Force Base has consistently been one of Utah’s top employers, contributing more than $3.5 billion annually to Utah’s economy. Construction of phase one is estimated to infuse another $500 million to Utah’s economy, and this number will only increase as the development progresses.”
Phase one of the project began in 2010 and is still underway. In April of 2012 a 152,000- square-foot building was completed for Northrop Grumman. A second building has been designed, and construction can begin as soon as summer 2013. It is planned to total 75,000 square feet of office space. Construction dates for phase two have not yet been determined.
“Falcon Hill will be easily accessible,” said JR Moore, vice president of CBRE’s retail team. “The location offers immediate access and exposure to I-15 and proximity to the FrontRunner rail line. It will become a recognized retail and business hub, rejuvenating the area and offering more amenities to the base and surrounding community.”
The project is being funded via an Enhanced Use Lease (EUL), a method for funding construction or renovations on federal property by allowing a private developer to lease underused property with rent paid by the developer in the form of cash or in-kind services. The development is the largest EUL for the Department of Defense to date, and the first large EUL for the Air Force.
As part of this consideration, the developer will provide in-kind payments in the form of improvements for the benefit of the Air Force. All the buildings in the development have been designed to meet the highest building standards, including LEED Certification. Falcon Hill has already been awarded several recognitions, including the 2010 United States Air Force Architectural Honor Award “Architectural Nexus,” the 2010 AFMC Design Awards “Honor Award, Concept Design” and the 2011 Associated General Contractors, Utah Chapter “Industrial Project of the Year” award.