SH LUZ Report 2017 September

SH LUZ Report 2017 September

The following major zoning changes are potentially going to be adopted by the City Council before the end of the year.  You can attend and speak at the following public hearings, some you can still comment on Open City Hall, you can attend the City Council where these may formally b adopted, and you can send them comments to council.comments@slcgov.com.  (all these dates are subject to change, but we know not much will happen in December, so all will be probably adopted by the end of November.)

Accessory Dwelling Units 
  • Work Session (follow-up discussion)         Tuesday, September 5, 2017
  • Public Hearing #1                                    Tuesday, September 19, 2017
  • Public Hearing #2                                          Tuesday, October 3, 2017
  • Briefing Work Session                                              October 17, 2017
  • Potential Public Hearing                                       November 21, 2017
  • Potential Adoption                                         Tuesday, Nov 28, 2017
Link to the proposed zoning code:  http://www.slcgov.com/opencityhall

Growing SLC: A 5-year Housing Plan 
  • Public Hearing                                               Tuesday October 17, 2017
  • Public Hearing                                           Tuesday November 21, 2017
  • Potential Adoption                                     Tuesday November 28, 2017
——————————————————————————————————
21 and 21 Small Area Plan 
  • Public Hearing                                                                          October 17, 2017
  • Potential Adoption                                                                November 21, 2017
——————————————————————————————————
  •     Potential Adoption                October 17, 2017
—————————————————————————————————-
1316 Downington project has been pulled for now.  This parcel has 2 duplexes on it which are in complete disrepair.  The intent is to build 3 large townhouse on the property.  They are asking for a rezone, but now they plan to ask for a rezone and a Planned Unit Development, which means we will se actual drawings of what they want to build the next time we will see it.
1701 S 1100 East Costume Building Planned development was approved Sept 13 by Planning Commission, without the water towers that we all liked so much.
PARK AVENUE – The property formerly known as Shopko
80 Park is U Health with 170,000 square feet
Park 60 is the Class A office building with 150,000 square feet
40 Park is the 208 unit multi family building
There will also be an art gallery and retail space.
Anticipated 700 employees.
The project will reconnect Stringham Avenue between Highland and 1300 East.  So. we can hold their feet to the fire to have the street signs say Stringham Avenue.
2855 Highland Drive townhouse project is starting to look good,
Urbana on 21st
The utility connections are finished, they will build a wooden walkway, and the right of way will be restored.
Fairmont Park received CIP Funding for:
  • Construction for a South Loop Trail
  • Lighting for the Trail and Pickleball Courts
  • A water station and double gates for the dog park.
The site of the proposed Dixon Building 2188 Highland Drive. The site is now an active permitted construction site, vis-a-vis the lease agreement between Meacham and Boulder Ventures. Landscaping, per the bond, was still considered but then ruled out do to the belief that it would soon be destroyed anyway by all of the adjacent construction activity. The lease by Boulder will run out late spring/early summer next year, at which time the landscaping will be required to be installed by Meacham.
WE ALWAYS HAVE QUESTIONS ABOUT WHY WE KEEP BUILDING APARTMENTS.
“This low vacancy is fueling a record-breaking level of construction of new apartment buildings,” said Kip Paul, executive director of Investment Sales at Cushman & Wakefield’s Salt Lake office, in a statement.  “This begs the question of whether the market is over-building. The data shows that even with previously unmatched levels of development, the demand is such that there is no sign of oversupply in the foreseeable future and property investment, particularly in midsize communities is particularly attractive to buyers.”
With low rental vacancies, rents are rising quickly.  According to the Cushman and Wakefield report, rents in the Salt Lake Metro increased 6.5 percent in the past year.  Rents for one-bedroom apartments have seen the largest increase.  Between 2016 and 2017 rents for one-bedroom units grew by 8.8 percent, compared to 5.7 percent for studio units and 6.4 percent for two-bedroom units.
The current vacancy rate also shows a growing demand for two and three-bedroom apartments. Currently, the vacancy rate for two-bedroom units is 2.7 while the vacancy rate for three-bedroom units is at 2.1 percent.  The vacancy rate for studio and one-bedroom apartments is higher at 4.9 and 4.4 percent respectively.
According to the report, the demand for multifamily housing is greatest in Sugar House and in and around downtown Salt Lake with both neighborhoods at or near 100 percent occupancy.
The next Sugar House Community Council Land  Use Committee is scheduled for Monday, October 16 at the Forest Dale Club House, 2375 South 900 East.  However, at this point we have no agenda items.
print
@dmin
tech@sitesbysara.com