2014 STATE OF DOWNTOWN

2013-2014 Economic Benchmark Report
HOSPITALITY,
TOURISM AND
CONVENTION
24
2013 YEAR IN
REVIEW
04
RETAIL AND
RESTAURANTS
28
CURRENT
AND FUTURE
DEVELOPMENT
08
CULTURE AND
ENTERTAINMENT
30
EMPLOYMENT
12
TRANSPORTATION
32
DOWNTOWN
OFFICE
16
QUALITY OF
LIFE
36
RESIDENTIAL
20
Contents
PURPOSE OF THE STATE OF DOWNTOWN
The 2014 State of Downtown report for downtown Salt Lake City ofers a comprehensive analysis and factual
update of the downtown economy to inform decisions for key stakeholders: property owners, investors,
developers, retailers, brokers, policy makers and civic leaders.
This study collects historic data to highlight trends and compare downtown to statewide and regional economic
indicators. These comparisons are important to gauge opportunities for improvement and growth in the district.
The following economic indicators will be treated with detail in the report: current and future development,
employment, downtown of ce market conditions, housing, hospitality, tourism, conventions, retail and restaurants,
culture and entertainment, transportation and overall quality of life.
2013 YEAR IN
REVIEW
A vibrant metropolitan center is an important economic engine for the entire region.
Downtown Salt Lake City is one of the region’s most dynamic and diverse economies. As such,
Salt Lake City serves as a hub for culture, commerce and entertainment and is Utah’s capital
city. Economic activity and tax revenues continue to recover from the Great Recession of
2007-2009 with retail sales continuing to reach new highs. The surge in activity is augmented
by solid performance from City Creek Center with its 700,000 sq. ft. of retail space. However,
success is not only limited to the new mall; continued retail leasing activity on Main Street and
at The Gateway Mall are indicators that downtown is poised to continue growing its share of
Salt Lake County’s retail sales.
Table 1: Downtown Economic Profile-2013 (Constant 2013 Dollars)
Category Amount
Employment 69,235
Wages Paid $2,645,796,000
Available Of ce Square Footage 10,572,513 SF
Of ce Vacancy Rate 17.1%
Retail $800,304,200
Retail Square Footage 2,400,500
Hotel Occupancy 64.7%
City-wide Convention Delegates 197,809
Spending by Convention Attendees $183,962,370
Parking Spaces 33,000*
Total Downtown Property Value $3,175,981,590
Total Acreage 501.02
Total Properties within Special Assessment Area 870
* Estimate of surface level and parking structures.
Source: Bureau of Economic and Business Research, University of Utah, CBRE, Visit Salt Lake, Downtown Alliance.
Downtown retail sales
reached all-time highs
with sales reaching
over $800 million
in eating, drinking,
clothing, department
and other categories.
2013 YEAR IN REVIEW 5
2013-2014 DOWNTOWN ECONOMIC HIGHLIGHTS
HOTEL
Utah Legislature authorizes new convention
facility development incentive provisions
The legislation provides a post-performance
tax incentive to a private developer to build
public meeting room space in addition to
privately developed hotel rooms. The hotel is
expected to significantly impact downtown’s
convention business, which will in turn spill out
to existing hotels, restaurants and retail. The RFP
process will begin summer 2014.
A 24/7 lifestyle continues to grow
New retail, restaurants and bars continue to bring
additional vibrancy and liveliness to downtown.
Notable openings are BEER BAR, Brio, Whiskey
Street, Bistro 222, Bodega, Good Dog, Red Hot,
Spitz, From Scratch, Copper Common, Rocket
Fizz and the Urban Arts Gallery.
Downtown Salt Lake City’s share of retail sales
at an all-time high
Downtown retail sales reached all-time highs
of more than $800 million for eating, drinking,
clothing, department and other retail sales
categories. While countywide sales are declining,
downtown’s retail performance continues to
grow with downtown representing 10.8% of total
county sales.
Bi-weekly Winter Market debuts in Rio Grande
Depot
Building on the success of the Downtown
Farmers Market, the Winter Market—from
November through April—brought more than
24,000 people into a challenged downtown
neighborhood. Each Winter Market supported
more than 50 local businesses and family farms
while indirectly injecting positive impacts on
neighboring business and contributing to a lively
atmosphere. The Summer Downtown Farmers
Market helps to attract more than 10,000 people
weekly and acts as an incubator for as many as
300 small local businesses.
2013 YEAR IN REVIEW 6
2014-2015 DOWNTOWN OPPORTUNITIES
Depot district redevelopment
The Gateway development created a strong foundation for this burgeoning entrepreneurial and transit-oriented district.
With a public market planned, a 10-acre urban park and over 1,000 new residential units expected, this district has the
potential to be a thriving neighborhood in downtown. However, the district needs additional resources and approaches
to help service providers and their clients address issues of homelessness and vagrancy.
Nightlife economy
A vibrant nightlife is an important part of a dynamic and diverse downtown that is welcoming to locals and visitors alike.
While new restaurants and bars are opening doors downtown, current statewide liquor laws significantly impact tourism
potential and additional development. Consensus driven policies should address issues of “the Zion curtain,” intent to
dine and the number of full-service restaurant licenses for downtown.
Residential development
Salt Lake City is in the midst of a dramatic transformation with new business, shopping, dining, arts and entertainment
rising throughout the district. However, it is residents that bring the life and soul to a true urban center. Downtown needs
more residential opportunities for all ages and income levels. Year-round residents help to create a livelier, more
dynamic community.
Development friendly codes and zoning
One of the biggest concerns threatening any new investment in downtown development projects are impact fees
and demolition ordinances. Roadway fees for of ce infill development and Parks impact fees for residential dwellings
undermine investments in new development. Local policies should incentivize developers in order to remain competitive
in attracting business and residents to the downtown area.
2013 YEAR IN REVIEW 7
CURRENT
AND FUTURE
DEVELOPMENT
Continued development is vital to the future success and vibrancy of downtown. New of ce, residential, hotel, and arts and entertainment
developments will continue to redefine downtown’s growing skyline and bring additional employees, residents, visitors and wealth into the district.
OFFICE DEVELOPMENT
101 Tower
The Boyer Company’s 101 Tower is open and currently for lease on the corner of 100 South and 200 East. The building,
designed to service Class A of ce tenants, consists of a granite and glass exterior with steel frame construction. The $34
million tower has 144,000 sq. ft. of leasable space and an on-site parking structure.
111 South Main
111 South Main Tower is a new Class A development being developed by City Creek Reserve. Construction of the 24-story
of ce building adjacent to City Creek Center is underway, along with the neighboring George and Dolores Eccles Theater.
Featuring 440,452 sq. ft. of of ce space, the anticipated LEED-certified gold project will help bolster downtown’s economy
with added businesses and jobs. Parking, access, functionality and design will be integrated from the foundation through the
façade so that the project as a whole will extend the investment in City Creek down Main Street and throughout the rest of
downtown.
151 State Street
The Boyer Company’s 151 State Street project consists of an 18-story of ce building with a full basement and rooftop
penthouse. The building footprint is approximately 22,000 sq. ft. and the building height will be 273 feet to the floor level of
the mechanical penthouse, with the penthouse extending approximately 22 feet in height. The schedule for opening and a
time frame for construction have yet to be released. A parking structure adjacent to the development site is currently under
construction.

Broadway Media Center
Wasatch Partners is in the process of retrofitting the bottom two floors of the 50 West Broadway Of ce Tower to
accommodate a full-service restaurant and Wiseguys Comedy Club, which hopes to open for business in September 2014.
The sky bridge connecting the Tower to the former Key Bank Building to the west is also being converted to house a
Broadway Media Group radio station.
RETAIL DEVELOPMENT
Three and Three Un.commons
Located on 300 East and 300 South, Three and Three Un.commons is a 16,000 sq. ft. renovated restaurant and retail space
leasing at $22 per square foot. The former antique renovation will include a market that focuses on fresh, local produce and a
restaurant featuring natural foods.
CURRENT AND FUTURE DEVELOPMENT 9
RESIDENTIAL DEVELOPMENT
Edison Quarter
La Porte Group is currently in the construction phase of a mix of 180 new market-rate residential units along with local retail,
theater space and food outlets on 237 State Street. Other planned highlights for the project include the restoration of the
Cramer House into a restaurant space and a new community piazza. The $39 million project is scheduled to be completed in 2015.
Liberty at Gateway
Cowboy Partners is the developer of the Liberty at Gateway, a 160-unit, 203 parking stall, market-rate residential apartment
project located on two acres of land directly west of The Gateway. The $25.2 million dollar project fronts most of 500 West
from South Temple to 100 South and opened spring 2014. Monthly rental rates start at $699 for studios up to $1,302 per
month for two-bedroom units. Cowboy Partners also has another apartment project that is slated to begin construction later
this spring on the west side of 200 East between 100 and 200 South.
Broadway Park Lofts
Located at 360 West 300 South, Broadway Park Lofts is an 82-unit downtown loft community adjacent to the Pioneer Park.
The project was acquired by Clearwater Homes and is currently 95% complete.
Westgate Business Center
Clearwater Homes will begin to redevelop the historical Westgate Business Center on the northwest corner of 200 South and
300 West into 38 luxury units starting in September 2014. Units will range in size from 750 to over 2,000 sq. ft. The 73,000
sq. ft. building will feature geothermal heating and cooling, as well as LEED Gold certification.
HOTEL DEVELOPMENT
Hyatt House Hotel and Courtyard by Marriott
Maryland-based Alex Brown Realty Inc., in conjunction with PEG Development and Blue Diamond Capital, is currently
building two hotels on the block directly south of the Energy Solutions Arena. The first, a 159-room Hyatt House Hotel with a
349-space parking garage on the southwest corner of 100 South and 300 West is expected to open in fall 2014. The second
hotel will be a 175-room, select-service Courtyard by Marriott. The Marriott is scheduled to open in 2015.
AIR Hotel
AIR Hotel is a 14-story boutique hotel development by Provo-based KPB Equities. Located on the northwest corner of 400
South and West Temple, the hotel will include restaurants, a high-end nightclub, rooftop pool and club and a 350-person
multi-use entertainment space. Formerly known as the AIR Center, the project is expected to break ground in fall 2014. A
hotel operator has yet to be announced.
CURRENT AND FUTURE DEVELOPMENT 10
ARTS AND CULTURAL VENUE DEVELOPMENT
The George S. and Dolores Doré Eccles Theater
Demolition and construction for the $117 million George S. and Dolores Doré Eccles
Theater (formerly known as the New Performing Arts Center) began in spring 2014.
The 2,500-seat, Broadway-style theater is expected to be completed by summer
2016 and will be designed to enhance the cultural and economic vitality of the
region by attracting first-run touring Broadway shows as well as other national and
local music, comedy and family entertainment acts. Located at 135 South Main, the
theater is also anticipated to continue the revitalization of Main Street and add a
dynamic new festival street component on Regent Street, bolstering investments
made by City Creek (one block north) and Salt Lake City’s Gallivan Center (one
block south). The theater is being developed in tandem with the 111 South Main
Street Of ce Tower.
Jessie Eccles Quinney Center for Dance and Capitol Theater Renovation
Ballet West and the Salt Lake County Center for the Arts have come together
in a public-private partnership to renovate the Capitol Theatre and build the
Jessie Eccles Quinney Center for Dance, which will be home to local arts groups
Ballet West and the Ballet West Academy. The $33.4 million, 5-story addition to
Capitol Theatre is currently under construction on the lot just west of the existing
facility located at 50 West 200 South. The new facility will provide additional
classrooms and rehearsal space, of ces and technical support areas for both the
company and the Ballet West Academy. The renovations to the theater itself were
completed winter 2013 and revamped the historical theater to expand the lobby
and concessions, increase restroom facilities, improve seating and sight lines, and
add a new banquet hall.
PUBLIC LANDMARK DEVELOPMENT
New United States Courthouse for the District of Utah
The new United States Courthouse is located behind the existing Frank E. Moss Federal Courthouse on 351 South West
Temple. Construction for the 10-story, 368,000 sq. ft. building began on January 19, 2011 and opened spring 2014. The
entire project cost was estimated to be $211 million, providing 1,500 to 2,000 construction jobs.
Salt Lake City Public Safety Building
Located on the boundaries of downtown at 300 East and 500 South, the new 313,662 sq. ft., 4-story public safety building
and emergency operation center houses essential emergency services, including police, fire and emergency response call
centers, as well as community meeting rooms and department of ces. The $125 million project opened summer 2013.
Eccles Theater:
Economic Benefits at a Glance
$200-$500 Million
Construction Value
2,500
Construction Jobs
115-168
Permanent Jobs
$1 Million
New Annual Property Tax Value
$9.4 Million Per Year
Estimated Annual Direct,
Indirect and Induced Spending
(based on theater alone)
CURRENT AND FUTURE DEVELOPMENT 11
EMPLOYMENT
A total of 660 jobs were added to the downtown core in 2013. The small growth in comparison
to 2012’s increase of 3,725 jobs can be attributed to the 2012 opening of City Creek Center.
Total employment in downtown is 69,235 with an average annual wage of $42,727.
Table 2: Estimated Employment Change by Sector Downtown
1990 2001 2005 2007 2013 1990-2013 2007-2013
Of ce 42,000 51,350 51,250 53,000 55,500 32.1% 4.7%
Restaurants 3,350 7,300 7,400 7,200 7,650 128.4% 6.2%
Retail 1,550 2,700 2,600 1,800 3,350 116.1% 86.1%
Hotels 1,250 1,800 1,800 1,800 1,800 44.0% 0.0%
Manufacturing 500 500 450 50 50 -90.0% 0.0%
Miscellaneous 500 750 1,100 1,100 1,050 110.0% -4.6%
Total 49,150 64,400 64,600 64,950 69,235 40.9% 6.6%
Source: Utah Department of Workforce Services and Bureau of Economic and Business Research University of Utah, Downtown Alliance.
Of ce workers dominate employment in downtown. In fact, 80.2% of total employment
is classified as of ce jobs. Restaurant employment ranks second with 11% of all jobs. The
restaurant sector has had the highest long-term growth rate, increasing by 128.4% since 1990.
Table 3: Distribution of Employment by Sector Downtown 1990-2013
1990 2001 2007 2013
Of ce 85.5% 79.7% 81.6% 80.2%
Restaurants 6.8% 11.3% 11.1% 11.0%
Retail 3.2% 4.2% 2.8% 4.8%
Hotels 2.5% 2.8% 2.8% 2.6%
Manufacturing 1.0% 0.8% 0.1% 0.1%
Miscellaneous 1.0% 1.2% 1.7% 1.5%
Total 100.0% 100.0% 100.0% 100.0%
Source: Utah Department of Workforce Services and Bureau of Economic and Business Research University of Utah, Downtown Alliance.
Of ce, restaurant and
retail employment
account for 95% of all
jobs in downtown and
96% of the wages paid
in 2013.
EMPLOYMENT 13
Of ce, restaurant and retail employment account for 95% of all jobs in downtown and 96% of the wages paid in 2013. Downtown’s 69,235
workers earned $2.9 billion in wages and salaries in 2013, with $2.6 billion paid to of ce workers. In inflation adjusted dollars, total wages paid
to of ce workers since 2007 increased by 12%. This increase is due to a growing number of of ce jobs as well as an increase in real wages.
Restaurant workers were paid $125 million in wages during 2013, this figure understates total restaurant income because it does not include
gratuity payments. With the additional retail workers at City Creek Center, total wages for the retail sector are up 92% compared to 2007.
Table 4: 2013 Wages by Sector Downtown
Source: Utah Department of Workforce Services and Bureau of Economic and Business Research University of Utah, Downtown Alliance.
HOTELS
Average Annual Wage .............. $23,592
Employment ....................................... 1,800
Total Wages ......................... $42,465,600
RETAIL
Average Annual Wage ...............$31,884
Employment .......................................3,350
Total Wages ......................... $106,811,400
MANUFACTURING
Average Annual Wage ............. $40,524
Employment .............................................50
Total Wages ............................ $2,026,200
MISCELLANEOUS
Average Annual Wage ..............$33,550
Employment ....................................... 1,050
Total Wages .......................... $35,227,500
TOTALS
$42,727
Average Annual Wage
$69,235
Total Employment
$2,958,184,500
Total Wages
HOTEL
RESTAURANTS
Average Annual Wage ...............$16,452
Employment ....................................... 7,650
Total Wages .........................$125,857,800
OFFICE
Average Annual Wage ...............$47,672
Employment ....................................55,500
Total Wages ................... $2,645,796,000
EMPLOYMENT 14
HOTELS
2007 (Million) ................................... $44.4
2013 (Million) .....................................$42.5
Percent Change ................................-4.3%
RETAIL
2007 (Million) ....................................$54.6
2013 (Million) ................................... $106.8
Percent Change ............................... 95.7%
MANUFACTURING
2007 (Million) ........................................$2.1
2013 (Million) ....................................... $2.0
Percent Change ................................-4.9%
MISCELLANEOUS
2007 (Million) ..................................... $36.1
2013 (Million) ..................................... $35.2
Percent Change ................................-2.4%
TOTALS
$2,608,400,000
2007 Total Wages Paid
$2,958,200,000
2013 Total Wages Paid
13.4%
Total Change 2007-2013
The percent change in wages was most significant in the retail sector. City Creek Center is seen as the strongest impetus for this growth,
however, the combined impact of new retail development throughout downtown cannot be ignored. With additional new of ce space coming
to the market and healthy restaurant growth, expect employment numbers to continue to grow in 2014-2015. In the long term, downtown will
benefit from national trends and growing interest in urban growth and metropolitan living. Aggressive marketing and recruitment strategies will
help to put downtown ahead of its suburban competitors, particularly in the surrounding counties of Salt Lake, Utah and Davis.
Table 5: Percent Change in Wages Paid Downtown (2013 inflation adjusted dollars)
Source: Utah Department of Workforce Services and Bureau of Economic and Business Research University of Utah, Downtown Alliance.
HOTEL
RESTAURANTS
2007 (Million) .................................. $108.8
2013 (Million) ................................... $125.9
Percent Change ................................ 15.7%
OFFICE
2007 (Million) ..............................$2,362.4
2013 (Million) ...............................$2,645.8
Percent Change ................................ 12.0%
EMPLOYMENT 15
DOWNTOWN
OFFICE MARKET
Salt Lake City’s downtown of ce market experienced modest improvement in 2013. Looking
ahead, a vibrant and evolving downtown will present new opportunities for businesses. In
particular, a generational shift, availability of space, amenities and access to transportation will
influence growth and activity in the area.
The vacancy rate in downtown Salt Lake City decreased by 170 basis points to 17.1% in 2013;
demand was most concentrated among Class B properties, which accounted for the majority
of this improvement. The average asking lease rate for the downtown market increased by
$0.23 to $21.34 per sq. ft.—with the largest increases occurring in Class A and B properties.
Table 6: Downtown Of ce Market Characteristics (2013)
Central Business District Base Square Feet Lease Rate (FSG) Number of Buildings
Class A 3,672,881 $27.11 15
Class B 2,656,598 $21.56 36
Class C 1,498,562 $16.96 59
Total Leasable 7,096,041 $22.11 110
*Buildings over 20,000 SF in downtown.
Source: CBRE.

Table 7: Historical Downtown Of ce Vacancy
A generational shift,
availability of space,
amenities and access
to transportation will
influence growth and
activity in the area.
25%
20%
15%
10%
2009
5%
0%
1
4
.
6
%
1
8
.
2
%
1
0
.
7
%
1
1
.
3
%
1
1
.
7
%
1
0
.
9
%
1
7
.
5
%
1
4
.
6
%1
6
.
6
%
2
3
.
2
%
1
9
.
6
%
1
9
.
6
%
1
9
.
0
%
1
8
.
2
%2
0
.
6
%
2
2
.
0
%
2
0
.
6
%
2
0
.
1
%
1
7
.
0
%
1
6
.
8
%
1
5
.
7
%
1
8
.
8
%
1
7
.
1
%
1
6
.
7
%
2010 2011 2012 2013 2014 (YTD)
Source: CBRE.
Class A - Class B -
Class C - All Classes -
DOWNTOWN OFFICE MARKET 17
Residential
TRAX Light-Rail
TRAX Stations
GREENbike
Bike Share Stations
Future Residential
Residential
TRAX Light-Rail
TRAX Stations
GREENbike
Bike Share Stations
Future Residential
Residential
TRAX Light-Rail
TRAX Stations
GREENbike
Bike Share Stations
Future Residential
Downtown Of ce Buildings
DOWNTOWN OFFICE MARKET 18
Utah’s business friendly environment, ability to
accommodate growth, and low costs will continue to
attract businesses and support growth for existing
firms. As evidenced by the latest average asking rates
for downtown of ce markets in the region, Salt Lake
remains competitive from a cost perspective.
In the coming years, downtown Salt Lake City will
benefit from a generational shift. According to Nielsen
research, Salt Lake City’s concentration of “Millennials”
(those born between 1977 and 1995) is second in the
nation. This generation, also commonly referred to as
“Gen Y,” is becoming more important to employers
as they make up a larger share of the workforce. The
same research shows that almost two-thirds of this
group prefers to live in mixed-use communities in
close proximity to amenities—the type of environment
a downtown ofers. In fact, 40% of this group indicates
they would like to live in an urban environment in
the future. Quantitative regional research from the
Downtown Alliance indicates that 41% of Utahns
between the ages of 18 and 24 want to live downtown.
Utah’s concentration of Millennials bodes well for
the future of downtown Salt Lake City. Locally, some
employers, particularly in the tech sector, are utilizing
the downtown environment as way of broadening
their appeal and attracting the best and brightest to
their firms.
As growth occurs, availability of of ce space remains
healthy. Recently completed projects have created
ample vacancies for new, large tenant leasing in
the near term. This, in addition to new and planned
construction, is ensuring the availability of space for
larger of ce users. Downtown’s appeal to younger
workers, superior transportation infrastructure and
ability to accommodate growth with available real
estate give reason for continued optimism for the
area’s future.
$
2
9
.
4
4
$
2
1
.
5
8
$
1
4
.
7
5
$
2
1
.
5
6
$
1
9
.
5
4
$
2
7
.
8
6

$
2
1
.
2
5

$
1
5
.
6
4

$
2
0
.
5
3

$
1
9
.
1
2
$
2
7
.
3
6
$
2
1
.
0
7
$
1
6
.
2
0
$
2
1
.
1
1
$
1
9
.
7
0
$
2
7
.
9
1
$
2
1
.
4
6
$
1
6
.
3
7
$
2
1
.
3
4
$
2
0
.
0
9
$
2
7
.
5
2
$
2
1
.
4
7
$
1
6
.
2
8
$
2
1
.
2
8
$
2
0
.
0
5
$32.50
D
o
w
n
t
o
w
n

A
s
k
i
n
g

L
e
a
s
e

R
a
t
e
s
$22.50
$30.00
$20.00
$25.00
$15.00
$10.00
Class A Class B Class C Downtown Avg. County Avg.
$27.50
$17.50
$12.50
- 2010 - 2011 - 2012 - 2013 - 2014 (YTD)
Source: CBRE.
Source: CBRE.
$35.00
$
3
1
.
0
7
$
3
0
.
1
7
$
2
3
.
8
6
$
2
1
.
2
8
$
2
1
.
0
6
Denver Portland Salt Lake City Phoenix
$15.00
$30.00
$10.00
$20.00
$0.00
$25.00
$5.00
Seattle
DOWNTOWN OFFICE MARKET 19
Table 8: Historical Of ce Lease Rates for Downtown and Salt Lake County
Table 9: Regional Downtown Lease Rates
RESIDENTIAL
The number of downtown residential properties has increased
significantly over the past decade, with open lofts, luxury
condos and afordable single-family housing units coming
online in several sections of the district. This is part of a
nationwide trend, with most urban metro areas growing at a
faster rate than their surrounding suburbs. Driving the urban
living resurgence are young adults (18-29 year olds) interested
in living, working and playing in dense metropolitan areas.
New residential housing growth remains consistent in
downtown Salt Lake City with a total of 460 units having
opened or broken ground in 2013. There has also been a
substantial amount of residential investments just outside
of downtown. However, a significant increase in impact
fees threatens to undermine additional needed housing
investments. Impact fees are designed to compensate a
community for the cost of extending infrastructure as required
to support new development. Impact fees are assessed to new
developments as a condition of development approval and are
calculated to cover a proportionate share of the capital costs
needed to serve the proposed development.
In 2012, Parks impact fees for multi-family dwellings
increased from $681 per unit to $3,999 in Salt Lake City, a
391% increase. After pushback from the local development
community, the Salt Lake City Council voted to set the Parks
fee at $2,875 per unit for two years with the fee returning to
$3,999 at the end of the two year period if a new plan has not
been adopted by spring 2014.
Table 10: Inventory of Condominium Units in Downtown Since 1990
Name Address Units Year Built
Belvedere* 29 South State 131 1978
American Towers 46 West 300 South 370 1983
Eagle Gate 115 East South Temple 66 1983
Warehouse Condominiums** 317 West 200 South 25 1997
Dakota Lofts** 380 West 200 South 39 1997
The Club 150 South 300 East 47 1999
Broadway Lofts** 159 West Broadway 58 1999
Pierpont Lofts** 346 West Pierpont 42 1999
Tire Town** 300 South 300 West 3 2000
Karrick Building** 236 South Main 9 2001
The Plaza 300 South State Street 5 2001
Ufens Market Place 336 West 300 South 45 2003
Library Square 226 East 500 South 29 2004
Parc at The Gateway 14 South 400 West 152 2004
Brooklyn Condominiums 700 North 300 West 36 2005
Westgate (Phase I) 200 South 238 West 73 2006
Metro Condos 350 South 200 East 117 2006
Sampson Altadena* 276 East Broadway 18 2006
35 West 300 South* 80 South 300 West 8 2007
Broadway Tower* 300 South 230 East 96 2007
Patrick Lofts 163 West 200 South 40 2008
Promontory 99 Wes South Temple 185 2011
Richards Court 45 East South Temple 90 2011
The Regent 45 East 100 South 149 2011
Liberty at Gateway 500 West South Temple 160 2014
Broadway Park Lofts 300 South 350 West 82 2014
Edison Quarter 237 South State 180 2014
Westgate Business Center 300 West 180 South 38 2015
The Cascade 90 West 100 South 115 TBD
* Converted for apartment use
Source: Downtown Alliance.
New residential growth remains
consistent in downtown. Driving the
urban living resurgence are young adults
interested in living, working, and playing
in dense metropolitan areas.
RESIDENTIAL 21
Downtown Residential Buildings
RESIDENTIAL 22
Plan as Adopted by the Council in 2012
• Parks Impact fee $3,999 per unit
• Roadway fee collected citywide
• Roadway fee used for road construction
and other modes of transportation
• Fees take efect January 2013
Salt Lake City Administration’s Recommendation January 2014
• Parks fee decreased to $1,752
• $562 increase per year for five years reaching $3,999
• Collect Roadway fees in NW quadrant and west side
industrial areas
• Refund diference in Parks fee collected in 2013
• Refund Roadway fees collected outside NW quadrant and
west side industrial areas
Final Salt Lake City Council Approval 2014
• Reopen the Impact Fee Facilities Plan
• Reassess the City’s priorities for projects
• Evaluate level of service required for City growth
• Create service areas based on growth
• Collect fees for roadway construction growth areas
• Create separate bike and pedestrian fees
• Charge Parks fees based on bedrooms or sq. ft. rather than per door
• Assess fees based on geography
• Parks fee decreased to $2,875 per residential unit
While the reduction in fees to $2,875 per
residential unit will help developers in the
short term, the return to the original amount
of $3,999 by 2015 could significantly impact
future development projects. Low interest
rates combined with growing demand
have allowed developers to continue to
invest in residential apartments. If either
dynamic changes significantly or impact fees
increase, the margins will not exist to allow
development to continue. City policy should
focus on long-term fee structures combined
with incentives for sustainable building to
foster a more stable residential development
environment in the urban center.
IMPACT FEES AT A GLANCE
2012
2013
2014
2015
RESIDENTIAL 23
HOSPITALITY,
TOURISM AND
CONVENTIONS
Annual Statewide Visitors
18,617,769
Salt Lake International Airport
7,135,076
National Park Recreation Visits
4,923,727
State Park Recreation Visits
Source: Utah Of ce of Tourism.
$930
AVERAGE CONVENTION
DELEGATE SPENDING
PER DAY
930 930
$930
AVERAGE CONVENTION
DELEGATE SPENDING
PER
25
CITYWIDE
CONVENTIONS
25 25
25
CITYW
CON
198K
TOTAL CONVENTION
DELEGATES
198 00198
198K
TOTAL CONVENTION
DELE
Utah’s world-class outdoor recreation and tourism opportunities fuel the state’s economy and create a
great quality of life for its residents. More than 18 million passengers arrived at Salt Lake International
Airport in 2013. Visitors included 7.1 million recreational visits to Utah’s five national parks and another
4.9 million visits to Utah’s 43 State Parks. Utah’s 14 ski resorts hosted 4.1 million skier days, a 4%
increase over the previous year.
Just 10 minutes from an international airport, downtown Salt Lake City is a central terminus for Utah’s
tourism destinations. It’s also conveniently located at the base of a magnificent part of the Rocky
Mountain Range known as the Wasatch Front. Downtown is less than 45 minutes from seven world-class
ski resorts and a day’s drive from 48 state and 5 national parks. In addition to being a gateway to Utah’s
outdoor recreation opportunities, downtown is the convention tourism destination for the entire state
and a regional leader in the convention business.
The Salt Palace Convention Center is the main driving force for Salt Lake City’s convention industry.
However, surrounding convention district hotels also attract a convention business of their own. The
conventions held in hotel meeting spaces are smaller than citywide conventions but still contribute
important revenue to downtown’s economy.
In 2014, the Utah State Legislature approved legislation that established a tax credit process for a private owner of a new “qualified convention
hotel” in Salt Lake City. Criteria for a developer and hotel to qualify for the tax credit are as follows:
• Hotel must include at least 85 sq. ft. of convention meeting space per guest room.
• Hotel must be a full-service operation built after July 1, 2014.
• Hotel will be located within 1,000 feet of a convention center.
• Total project investment includes a minimum of $200 million in private money.
• The incentive may only be used for the construction of convention, exhibit or meeting space within the qualified hotel, and the acquisition or
construction of related amenities, fixtures or other improvements.
$1.8M
TOTAL SPENDING
BY CONVENTION
DELEGATES
1.8 881.8
$1.8M
TOTAL SPENDING
BY CONVENTION
DELEGATES
2013 Citywide Conventions
Source: Visit Salt Lake.
HOSPITALITY, TOURISM AND CONVENTIONS 25
Downtown Existing Hotels and Convention Center Boundary
HOSPITALITY, TOURISM AND CONVENTIONS 26
Table 11: Estimated Spending Impacts of a 1,000 Room
Convention Hotel in Salt Lake City
Type of Spending Construction Operations (annual)
Direct Hotel $335.2 million $83.7 million
Direct Convention
Delegates
- $13.9 million
Indirect and Induced $266.6 million $72.8 million
Total $601.8 million $170.4 million
Source: Strategic Advisory Group (SAG).
According to a study by Strategic Advisory Group,
moving forward with the convention hotel will net
the State and local governments approximately $500
million in additional tax resources. An approximate
$99.5 million investment compared to the $600 million
tax stream over the same time period equates to a
14.6% return on investment over a payback period of 7.5
years.
A convention center headquarter hotel will fully
leverage significant investments in the Salt Palace
Convention Center and increase citywide economic
impacts. The hotel will also serve as a symbol of the
city, county and state’s organized plan for establishing
Salt Lake City as one of the country’s premier
convention and tourist destinations.
Table 12: 2013 Monthly Average Occupancy Rates, ADR*, and RevPAR** for
Salt Lake County Hotels
Month Occupancy% ADR ($) RevPAR ($)
January 61.5 104.37 64.18
February 68.5 99.97 68.49
March 69.7 97.91 68.20
April 70.5 94.92 66.89
May 63.6 90.19 57.32
June 73.8 93.72 69.16
July 71.1 97.67 69.43
August 73.3 97.60 71.58
September 68.4 93.99 64.31
October 68.5 101.63 69.59
November 52.0 89.45 45.54
December 51.0 87.99 44.85
12 Month Average 65.9 95.78 63.29
* ADR = Average daily rate
** RevPAR = Revenue per available room
Source: Visit Salt Lake, STR.
Table 13: 2013 Monthly Average Occupancy Rates, ADR, and RevPAR* for
Convention District Hotels
Month Occupancy% ADR ($) RevPAR ($)
January 58.2 126.29 73.55
February 67.2 121.23 81.51
March 65.8 119.48 78.61
April 70.2 119.42 83.88
May 60.5 111.43 67.43
June 73.6 115.34 84.89
July 68.1 119.71 81.55
August 70.2 118.32 83.11
September 69.5 115.32 80.16
October 72.1 131.05 94.54
November 51.4 109.49 56.29
December 49.8 103.37 51.45
12 Month Average 64.7 117.54 76.41
* ADR = Average daily rate
** RevPAR = Revenue per available room
Source: Visit Salt Lake, STR.
HOSPITALITY, TOURISM AND CONVENTIONS 27
RETAIL AND
RESTAURANTS
Retail sales in downtown totaled $800.3 million in 2013, an all-time high in inflation adjusted dollars. The previous record, set the prior year, was
$793.3 million. City Creek Center continues to play a large role in retail sales, acting as a driving force for the surge in sales with its 700,000 sq.
ft. of retail space. While retail sales downtown have recovered from the recession, that is not the case countywide. Salt Lake County’s selected
retail sales activity is still down 20% from the peak of 2007. The downtown and county comparison includes only those categories relevant to
downtown retail. For instance, retail sales of automobiles, gasoline, building and garden were not included. These retail categories have limited
activity downtown. The broad retail categories used for comparison were: clothing, furniture, restaurants (including fast food and drinking
establishments), department stores, general merchandise and specialty retail (books, stationary, gifts, luggage, sporting goods, hobbies, etc.). In
2013, downtown captured 10.8% of sales in the county, the highest share in recent years. Due in part to City Creek Center, downtown has drawn
an increased number of retail shoppers from the suburbs.
Table 14: Selected Retail Sales in Salt Lake County and Downtown (Zip Codes 84101 and 84111: 2013 Dollars)
Year County (000) Downtown (000) Share of County
2005 $8,395,801 $675,578 8.0%
2006 $9,056,024 $727,061 8.0%
2007 $9,351,220 $791,460 8.5%
2008 $7,313,282 $685,626 9.4%
2009 $6,835,099 $698,745 10.2%
2010 $6,223,258 $643,788 10.3%
2011 $7,097,341 $580,503 8.2%
2012 $7,534,448 $793,376 10.5%
2013 $7,438,307 $800,304 10.8%
Source: Utah State Tax Commission.
Clothing and shoes sales totaled $157.5 million in 2013. This is a decrease from the record year in 2012, where total clothing and shoes sales
totaled $168.1 million. This decrease can be attributed to declining sales at one of downtown’s major malls, The Gateway. Eating and drinking
remains the top-ranked retail activity in downtown with $308 million in sales (accounting for nearly 40% of retail activity). In recent years this
sector’s share has been as high as 55% of retail sales. Twenty years ago, clothing and shoes accounted for as much as 45% of retail activity.
Table 15: Selected Retail Sales by Category in Downtown Salt Lake City (2013)
Retail Sales % Share
Eating and Drinking $308,971,424 38.6%
Clothing and Shoes Sales $157,572,116 19.7%
Department Store Sales $99,439,027 12.4%
Other Retail Sales $234,321,633 29.3%
Total $800,304,200 100.0%
Source: Utah State Tax Commission.
RETAIL AND RESTAURANTS 29
CULTURE AND
ENTERTAINMENT
Home to museums, performing arts and music theaters, a professional sports arena and large community spaces, downtown Salt Lake City is the
cultural and entertainment center of the region and a premier destination in the Intermountain West.
While physical brick–and-mortar developments are important to downtown, signature events and festivals define what it means to be a great
city and create emotional connections between a community’s population and their urban center. These events showcase a city’s physical
and cultural identity, creating a sense of ownership and pride for residents and visitors alike. Some of the biggest signature events include the
Twilight Concert Series, Downtown Farmers Market, Dine O’ Round, EVE, Holiday Lights, Utah Arts Festival, Greek Festival, Living Traditions
Festival, Pride Festival, Tastemakers, Gallery Stroll, Days of ‘47 Parade and Rodeo, Urban Arts Fest, and Urban Flea Market.
Table 16: Arts and Cultural Venues in Downtown Salt Lake City
Location Capacity 2013 Attendance # of Events Type of Facility
Abravanel Hall 2,768 142,450 122 Performing Arts
Capitol Theatre 1,876 81,964 142 Performing Arts
Jeanne Wagner Theatre 501 70,594 237 Performing Arts
Leona Wagner Black Box 200 15,129 123 Performing Arts
Studio Theatre 75 3,040 76 Performing Arts
Of Broadway Theatre 250 N/A N/A Comedy/Performing Arts
The Depot 1,200 N/A N/A Live Music
The Complex-The Grand 850 80,000 28 Live Music
The Complex- Rockwell 2,500 80,000 15 Live Music
The Complex- Vertigo 425 80,000 52 Live Music
The Complex- The Vibe 200 80,000 52 Live Music
In the Venue 1,300 N/A N/A Live Music
Discovery Gateway 1,500 229,666 N/A Children’s Museum
The Leonardo 1,000 34,195 N/A Science Museum
Utah Museum of Contemporary Art 500 47,966 103 Contemporary Art Museum
Hope Gallery and Museum of Fine Art 300 N/A N/A Art Gallery
Clark Planetarium 900 304,180 7,060 Science Museum
Energy Solutions Arena 19,911 1.7 million 151 Sports Arena
Totals 36,256 2.9 million 8,161
Source: Salt Lake County for the Arts, Clark Planetarium, Larry Miller Sports Properties, United Concerts, Discovery Gateway, Downtown Alliance.
* Many facilities also have event space for special events.
** All of Complex facilities totaled 80,000. Facility specific numbers N/A.
CULTURE AND ENTERTAINMENT 31
TRANSPORTATION
Downtown Salt Lake City’s transportation infrastructure provides unparalleled access from all parts
of the Wasatch Front. At the core of this infrastructure are well-maintained roads, bicycle lanes and
sidewalks along with the nation’s fastest growing public transit networks.
Downtown is easily accessible from two of the state’s busiest highways, I-15 and I-80. I-15’s main
entrance and exit points into downtown are located at 400 South, 500 South and 600 South, which
see an average of 94,000 vehicles per day. Other significant roads serving downtown are Beck Street
and State Street.
Downtown is also home to the intermodal hub (250 South 600 West), which acts as a multi-modal
nexus for UTA’s TRAX light rail system, FrontRunner, UTA local bus service, Amtrak, Greyhound, U Car
Share and SLC GREENbike.
Multiple transportation options play a role in attracting more businesses, residents and visitors
into downtown Salt Lake City. While the automobile still prevails as the most common mode of
transportation in and out of downtown , public transit, biking and walking are all growing in popularity.
UTA TRAX boardings at the 10 downtown stops averaged a total weekday ridership of 21,555. In
April 2013, GREENbike launched its inaugural season with a network of 10 fully automated bike
share stations and 65 bicycles. Immediately, the system garnered widespread usage necessitating
an expansion in July 2013. This included the addition of two new stations and the expansion of five
existing stations. The bike share network of 12 stations and 75 bikes has proven to be useful for both
residents and visitors. GREENbike’s 2013 season produced 26,000 bike trips, eliminated more than
52,000 vehicle miles traveled (VMT) and 12,000 vehicle cold starts. In 2014, GREENbike plans to
expand existing stations and add seven new stations (19 total stations), resulting in an estimated
45,000 trips, curtailing more than 93,000 total VMT, and more than 21,000 cold starts. Additionally,
GREENbike estimates its users eliminated more than 66,000 pounds of CO2 and burned more than 2.7
million calories in 2013.
Average Weekday Downtown
UTA TRAX Boardings
1,185
500 West and North Temple
2,627
Arena Station
3,529
City Center Station
6,388
Court House Station
2,061
Gallivan Plaza Station
665
Old Greek Town Station
1,564
Library Station
1,032
Planetarium Station
1,683
Salt Lake Central Station
1,153
Temple Square Station
21,555
GRAND TOTAL
Source: Utah Transit Authority.
TRANSPORTATION 33
Downtown Surface and Structure Parking
TRANSPORTATION 34
Table 17: Downtown Transportation Survey - Transportation Within Downtown
Purpose Percentage (%) Mode Percentage (%)
Home-Based Other 9.7% Auto - 2 Occupants 7.5%
Home-Based Personal Business 5.6% Auto - 3 Occupants 6.4%
Home-Based Shopping 7.7% Auto - Single Occupant 25.9%
Home-based Work 6.6% Bike 5.5%
Non-Home-Based Non-Work 29.0% Other 0.8%
Non-Home-Based Work 41.4% Transit 6.0%
Walk 48.1%
Source: 2012 Household Travel Survey, Salt Lake City Transportation Department.
Table 18: Downtown Transportation Survey - Transportation Into Downtown
Purpose Percentage (%) Mode Percentage (%)
Home-Based Other 18.5% Auto - 2 Occupants 16.3%
Home-Based Personal Business 3.8% Auto - 3 Occupants 11.4%
Home-Based School 1.8% Auto - Single Occupant 52.7%
Home-Based Shopping 5.0% Bike 3.3%
Home-Based Work 37.9% Other 0.6%
Non-Home-Based Non-Work 15.5% Transit 11.4%
Non-Home-Based Work 17.5% Walk 4.3%
Source: 2012 Household Travel Survey, Salt Lake City Transportation Department.
Table 19: Downtown Transportation Survey - Transportation Out of Downtown
Purpose Percentage (%) Mode Percentage (%)
Home-Based Other 18.8% Auto - 2 Occupants 16.8%
Home-Based Personal Business 4.0% Auto - 3 Occupants 12.4%
Home-Based School 1.5% Auto - Single Occupant 51.6%
Home-Based Shopping 6.5% Bike 2.5%
Home-Based Work 30.7% Other 0.8%
Non-Home-Based Non-Work 16.9% Transit 10.8%
Non-Home-Based Work 21.7% Walk 5.0%
Source: 2012 Household Travel Survey, Salt Lake City Transportation Department.
Several additional planned transportation
projects will enhance downtown’s place as a
regional multi-modal hub. These include:
Separated Bike Lanes Downtown
Starting summer of 2014, 300 South and 200
West will undergo substantial infrastructure
changes to improve walkability and bicycle
access. Curbside parking will be shifted toward
the center of the streets and physical barriers
will separate auto traf c and parking from a
curbside, separated bike lane.
UTA TRAX University to Downtown
UTA is working to reintroduce the direct
University of Utah to downtown TRAX line,
which will provide transportation to all major
downtown stops for university students and
faculty as well as neighborhoods east of
downtown.
Downtown Salt Lake City Streetcar
Streetcars enhance and accelerate walkable,
transit-oriented redevelopment in urban
centers. In 2013, Envision Utah, Salt Lake City
and Utah Transit Authority began a federally
mandated alternatives analysis to catalogue
potential routes along 200 South and 300
South, stretching from downtown to the
University of Utah. This project will continue to
gain momentum in 2014 as the city determines
additional funding mechanisms.
TRANSPORTATION 35
QUALITY OF LIFE
Cities ofer unmatched possibility. They are centers for science and technology, for culture and
innovation, for individuality and collective creativity, and for proximity and ef ciency.
Anchored by an educated millennial generation, cities across the United States are growing
at unprecedented rates. In more than two-thirds of the nation’s 51 largest cities, the young,
college-educated population grew twice as fast within three miles of urban centers as in the
rest of the metropolitan area in the past decade.
With a median age of less than 30, Utah has the youngest median age of any state in the
country. It is also one of the most educated. 90% of Utah citizens have at least a high school
education and more than 55% have attended some college, with more than 28% having earned
a Bachelor’s degree. This is good news for employers. With an abundance of highly educated,
young individuals who are motivated to work and eager to succeed, and a state that is pro-
business development, business sectors are diverse and rapidly growing. Utah is a national
leader in aerospace and defense, energy, financial services, life sciences, outdoor product and
recreation, software development and information technology industries.
The capital city, Salt Lake City, is a burgeoning metropolis and the regional center for culture,
commerce and entertainment. Whether it is business, innovative policy, arts, culture or
nightlife, the “what’s there” question ofers limitless answers. The proximity of natural beauty
and recreation, complimented by a dynamically built work and social environment, make
Downtown Salt Lake City the ideal place for young professionals to work and play.
Salt Lake City Notable Accolades
Salt Lake City is a
burgeoning metropolis
and the regional center
for culture, commerce
and entertainment.
[ [
[ [
[ [
[ [
[ [
[ [
[ [
[ [
BEST
LEAST STRESSED
CITY
(CNN MONEY, 2014)
6
TH
AMERICA’S 25 BEST
PERFORMING CITIES
(FORBES, 2012)
8
TH
12 CITIES LEADING THE
WAY IN SUSTAINABILITY
(MOYERS AND COMPANY, 2013)
5
TH
CITIES WITH THE
HAPPIEST EMPLOYEES
(GLASSDOOR, 2014)
7
TH
TOP 10 CITIES STEALING
JOBS FROM WALL ST.
(FORBES, 2014)
7
TH
19 BEST CITIES FOR
MILLENIALS
(BUSINESS INSIDER, 2014)
6
TH
10 BEST CITIES FOR
PUBLIC TRANSPORTATION
(US NEWS, 2012)
12
TH
BEST PLACES FOR
BUSINESS AND CAREERS
(FORBES, 2013)
QUALITY OF LIFE 37
Research, Writing and Compilation
• Jesse Dean, Director of Urban Development
Downtown Alliance
• Darin Mellott, Senior Research Analyst
CBRE
• Kami Taylor, Research, Marketing and Enterprise Manager
CBRE
• James Wood, Director, Bureau of Economic and Business Research
University of Utah
Design
• Chris Bennett, Senior Graphic Designer
CBRE
• Derrick Cox, Graphic Designer (Maps)
Salt Lake Chamber
Photography
Austen Diamond, David Newkirk, Brent Rowland, Margie Richlen,
Jason Mathis, Jesse Dean, Doug Barnes, SLC Photo Collective
Credits
• Boyer Company
• Bureau of Economic and
Business Research at the
University of Utah
• Business Insider
• Downtown Alliance
• CBRE
• Clark Planetarium
• Clearwater Homes
• The Complex
• Cowboy Partners
• CNN Money
• Discovery Gateway
• Forbes Magazine
• GOED
• Glassdoor
• GREENbike SLC
• Hamilton Partners
• HKS Architects
• La Porte Group
• Larry Miller Sports Properties
• Moyers and Company
• Salt Lake Arts Council
• Salt Lake City CED
• Salt Lake City Transportation
• Salt Lake County Center For
The Arts
• Select Health
• Smith Travel Research
• Strategic Advisory Group
• US News
• United Concerts
• Utah Department of
Workforce Services
• Utah Of ce of Tourism
• Utah State Tax Commission
• Utah Transit Authority
• Visit Salt Lake
• Wasatch Partners
©Copyright 2014, CBRE and the Downtown Alliance. The property set for this report is unique and not
equal to quarterly updates provided by CBRE. Data reflects properties located within the submarkets
known as the Central Business District (CBD) and CBD/Periphery. Downtown Alliance boundaries are: 700
West to 300 East and North Temple to 400 South. This report also contains information from third party
sources we presume to be reliable.