Downtown SLC on the rise as projects begin to bear fruit

by | Jun. 01, 2010

News from Utah

New York, London, Paris … Salt Lake City?

Major players in downtown's burgeoning real estate market waxed bullish on the city's future last week, predicting rising cachet for Utah's capital and an elevated presence, regionally and beyond.

The driving force behind the optimism is an unprecedented infusion of development capital in the central business district, some $5 billion from 2005-2012, anchored by the Mormon church-financed City Creek Center, and a local economy that, while depressed, has outperformed much of the rest of the country.

The early fruits of those investments are coming online now, with the first residents moving into the posh, just-completed Richards Court condominium towers at City Creek, new businesses opening their doors throughout the downtown core and the owners of the futuristic new 222 Main high-rise luring super-tenant Goldman Sachs.

At a panel discussion hosted by Salt Lake City's Downtown Alliance last week, Jim Tozer, president of the New York-based Vectra Management Group, said Utah's capital city was ready to step into its new role as a home base for corporate heavy-hitters and that it was time to dedicate resources to getting the word out.

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