SALT LAKE CITY – (Realty News Report) – A development venture comprised of Houston-based Patrinely Group and USAA Real Estate has started construction on a downtown Salt Lake City tower anchored by a financial services firm.
EnerBank USA, a national consumer lender company, will occupy 88,900-SF on the top three floors of the 10-story, 322,100-SF building. The tower, called 650 Main, will have 4,600 SF of retail space.
Another adjacent office tower is planned for the second phase of the development.
Designed by the HOK architecture firm, the 650 Main building is scheduled for completion in the first quarter of 2022.
The building will floor-to-ceiling glass and 10- and 11-foot ceiling heights to maximize sunlight, outdoor tenant terraces, and mountain views.
“We have a building that meets the expectations of today’s office users by creating an amenity rich environment with large light-filled floor plates and tall ceiling heights, along with generous parking and unimpeded views,” said Robert Fields, president and CEO of Patrinely Group.
The sustainable project is expected to be certified LEED v4 Gold.
Construction financing is provided by QuadReal Finance Inc. a global real estate investment, operating and development company headquartered in Vancouver, Canada.
In addition to the retail space, the Salt Lake City tower has 238,600 SF of office space available through the landlord’s leasing team of Aaron Jones, Todd McLachlan and Roman Bernardo of Newmark Knight Frank, under the direction of Dennis Tarro of Patrinely Group.
The future second phase adjacent building of 326,000 SF is available at 645 W Temple. A future TRAX light rail station is planned nearby.
The Salt Lake City market has been experiencing growth and home building activity. The Daybreak master planned community in South Jordan, Utah reported 507 new-home sales in the first half of 2020, a 40 percent increase over the 362 new homes sold in Daybreak in the comparable period of 2019, according to a midyear report by RCLCO Real Estate Advisors. The Daybreak project ranked as the number five MPC in the nation in midyear new-home sales.
July 16, 2020 Realty News Report Copyright 2020
File: Salt Lake City Tower