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TO: |
Select a meeting body. |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
David Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Paul Drake, Director of Real Estate and TOC |
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Sean Murphy, Facility Development Manager |
TITLE:
title
Salt Lake Central Station Redevelopment
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
No formal action. Information only.
BACKGROUND:
In 2019, the UTA Board of Trustees adopted a Station Area Plan for Salt Lake Central Station. The plan envisioned the district as a vibrant community center, anchored by the historic Rio Grande Building to the east and a new, mixed-use office tower on the west, positioned between the light- and commuter-rail platforms. The new development and building would potentially accommodate long-term administrative workspace for UTA and a welcoming transit entry to the city.
Since then, additional planning and assessments have occurred. The city refined its plans for redevelopment of the district, and UTA assessed the condition of several of its facilities, including FLHQ. The assessment identified significant deficiencies in UTA’s current headquarters building. Many of the systems within the building have reached, or are approaching, obsolescence. Considerable development efforts are underway or proposed in the area, indicating appropriate timing of redevelopment. UTA has begun to explore how to leverage a facility investment to realize redevelopment at and around the Salt Lake Central Station, with the hope of improving the transit rider experience and adding vitality to a distressed part of downtown.
DISCUSSION:
UTA’s Facility Development team and consultants have explored the feasibility of developing a building at Salt Lake Central Station. Conceptual plans for the building and surrounding improvements have been completed. Plans include an improved indoor/outdoor transit rider environment with accommodations for restaurants, retail frontage, Amtrak services, and other amenities. The building massing and orientation will be a fitting bookend to the Rio Grande Building on the opposite end of 300 South, which is intended to become a mixed-use, pedestrian-focused festival street. The building is conceived to include considerable private office space to optimize the transit-rich location and offset construction and operational costs. The development team is currently refining its financial strategy, identifying lending mechanisms and additional sources of funding for the proposed improvements.
UTA recognizes that this strategy would meet a specific facility need, but that other of its facilities also require attention. UTA’s Facility Development team continues to identify, prioritize, and address agency demands throughout the system. Some facility needs will require more conventional solutions. As this is a unique situation, UTA is exploring a unique program and financing approach that would not be available for its other facilities.
ALTERNATIVES:
Not Applicable (Information only)
FISCAL IMPACT:
Current efforts are included in approved budget.
ATTACHMENTS:
None