There are some phases of the project that haven't even been started yet, and some, like the BYU branch campus downtown, and some other school (LDS Business College?) moving right downtown, that are a long way from starting. If the final downtown rebuild is going to cost $6 billion, I assume it would include these other phases.
And, having looked at a lot of condos downtown, including City Creek, the City Creek condos are indeed very nicely done. I don't think they are worth the price, but they are by no means schlock.
I was looking at 2 bedroom units in Promontory Tower. The Regent building (more modern looking than Promontory) was somewhat more expensive.
As I recall, the 2 bedroom units started in the mid 300s. The model was on the 15th floor, and was in the high 400s iirc. Great views, great materials, but out of my pay grade. Claims that the prices were cut in half, were, like Mark Twain's death, greatly exaggerated. There were some studio units that were under 200, but they were pretty spartan. I've lived on a sailboat, so I know how to deal with spartan, but those studio units were a little cozy, even for me.
I was told by a City creek worker that word going around the site was two wealthy brothers bought two of the most expensive condos on the top floors and are spending big bucks to finish them to order. I asked what the brothers did for a living and he said they sold some kind of new fangled food storage program/freeze dried crap! They are from bountiful.
I haven't seen downtown SLC, so I don't know how it is, but if it looks like four Burj's then the cost should be about right. That's not considering difference in cost of constructing something in Dubai vs. Salt Lake City, of course.
Does anyone have any square footage figures available? Most high rise residential condo construction in California runs around $250 per square foot gross, and around $350 per square foot rentable. Parking garages would be between $80-$100 per SF, but UG below the water table would of course run higher, but not by magnitudes of 10. Retail spaces are much cheaper to build, but we could still use $250 just for kicks.
For $3 billion or $6billion, I would expect to see something on the order of the Burj Dubai.
We have no idea how much it costs. "Mighty Builder" said it was at around $4 billion in a post last year. Maybe the Mormon Church is keeping it under wraps out of modesty, because they don't want anyone to know what a tight ship they run. ;)
THE REGENT $295,000 854-909 SQ FT ONE BEDROOM $456,000 1,138-1,514 SQ FT TWO BEDROOM $1,258,000 1,455-2,157 SQ FT TWO BEDROOM /DEN --------------------------------
RICHARDS COURT
$477,000 904-1,131 SQ FT ONE BEDROOM $665,000 1,187-2,126 SQ FT TWO BEDROOM $2,362,000 2,568 SQ FT THREE BEDROOM
many (if not most) Construction permits list the cost estimates of construction projects; this is used as Part of the Equation for determining tax assessments...
in some jurisdictions, Valuation of property under constructionis changed (increased) as construction continues...
(assuming that City Creek isn't claimed by ChurchCo as Exempt)
these figures should be open to public inspection & disclosure!
It could be as easy as a visit to city hall (permitting authority there? or to the county offices....
Will someone who lives in the Moridor... with a little time on hands... PLEASE do this?
We Need More DETAILS!
Edited 2 time(s). Last edit at 06/09/2011 04:55PM by guynoirprivateeye.