The Utah Transit Authority thinks it might have discovered an ideal tenant for a part of a proposed 12-story workplace tower that it envisions for a brand new “transit-oriented growth” at its Salt Lake Metropolis Central Station at 340 S. 600 West.
Whereas its 54-year-old headquarters close by at 669 W. 200 South rode out final week’s 5.7 magnitude earthquake with out structural injury, UTA just lately accomplished a research that claims the constructing wants important seismic upgrades to stop loss in a serious quake and guarantee continued operations.
The UTA Board heard a report Wednesday that these upgrades would value about $11 million. Solely changing the present constructing the place it now stands would value about $17 million, officers stated. Each choices would trigger issues with momentary relocation of workers whereas building occurred.
A 3rd choice proposed by UTA executives is to maneuver the headquarters into the deliberate new transit-oriented growth on the close by FrontRunner/TRAX station, particularly into three tales of a proposed 12-story workplace tower there.
“UTA’s portion would value between $15.7 million and $20 million,” stated Paul Drake, UTA director of actual property and transit-oriented developments.
UTA might personal that portion of the constructing as form of a condominium, and kind a partnership that would enable it a share of leases paid by different tenants, he stated.
That would supply UTA with 100,000 sq. toes of house on three flooring, in comparison with the 80,000 it has within the present constructing, to permit for future development wants.
Transit-oriented developments, or TODs, are retail, residential and workplace initiatives adjoining to transit stations that designed to extend ridership — and UTA has entered into a number of such partnerships beforehand by offering unused land it owns for a share of income. However the company landed in a sequence of scandals with them that have been criticized by state audits, primarily involving sweetheart offers with builders and conflicts of pursuits with previous board members.
UTA stated it and the Salt Lake Metropolis Redevelopment Company had labored collectively on a plan to assist revitalize the neighborhood across the Salt Lake Metropolis Central Station, which is now a rundown industrial space. Plans embrace a proposal for a TOD with a number of buildings and a big parking storage that may very well be developed collectively, and it consists of that envisioned 12-story tower.
The UTA Board likes the concept sufficient that in its Wednesday assembly members appeared able to discard the opposite choices for renovation or changing the present headquarters in place.
With that, UTA executives stated they’d proceed to work with the town’s redevelopment company and presumably quickly put out a request for proposals from builders within the TOD. Drake stated the constructing might even be accomplished in about three years — with about 18 months wanted for planning and different work, and 18 months for building.
Executives stated they’d return to the board once more for a inexperienced mild earlier than continuing with the request for proposals.
UTA Board Chairman Carlton Christensen stated he has a number of questions he needs addressed. He says he’s hesitant to rent a developer to construct a constructing that UTA itself would use, and desires extra details about how partial possession would work. He additionally questions how a lot that might prohibit UTA’s use and management of its personal headquarters.