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Show ewiw6BM6gaiaMff Page ifmr'iiTtfBwa, I .t 18b The Utah Enterprise Review , March 2, 1977 Real Estate Firm Announces Plan tor Combination Plaza Wallace Associates, a Salt Lake based real estate investment firm, has two commercial projects pending. Fred Healy, vice presi- Investment Summary dent, announced to the Chuck Akerlow Review this week their plans for a combination shopping centermedical plaza to be Water and Growth - The Issue of 1977 One of the amusing aspects of the hundreds of column inches in this newspaper is the brave talk about Utahs bullish economy. The Enterprise serves many as a P.R. sheet for their new projects, only some of which will so-call-ed materialize. I And there is always the guest columnist who sees unprecedented growth ahead for the State. For example, Dell Nichols two issues ago, reviewed the state of the warehouse development industry and concluded Merrill Lynch isnt the only bullish fellow around. Nichols recited the fact that more than three million suqare feet of warehouse space stands empty on the market while the absorption rate is about two million square feet a year. Hardly a hot market! Nichols seemed to overlook the fact several large, prominent projects have stood empty on the market for almost two years as monuments to the zeal of developers who didnt correctly assess the market. Well, no hoopla and fanfare from this comer. As I have always said, Utah has been enjoying a moderately paced growth which results from some new industry as well as from significant internal growth of present industries. The recent Construction Report from the University BEBR notes that 1976 was a good year in residential construction when compared to the poorer years of 1974 and 1975. Business construction, however, lanquished. As we face 1977 a month ago, it appeared the growth would stabilize and continue. Then came the water problem. The Salt Lake City Water Department supplies water to of Salt Lake County. When Charlie more than Wilson says, as he has already, no more building permits that will have more than a ripple effect on the building industry - expect a tidal wave. To be certain, many of the new subdivisions are outside the area served by the Salt Lake Water Department but officials in other areas are nervously counting acre feet and builders, sensing this, are scrambling to get building permits now for everything they hope to develop. Expect a tight year in the construction industry d of particularly in new homes. Water is the is when and faucet turned residential development, the off, will a come halt. to the growth screeching two-thir- located at 10400 Redwood Road. The 150,000 square foot project, named Commercial Properties, will devote 125,000 square feet to the shopping center to be developed in three phases, and approximately 25,000 square feet to a professional medical complex, which, according to Healy, is still several years away. four-acr- The first stage of the project, with ap e proximately 45,000 square feet, will unfold with national chain drug and grocery store facilities. The second phase accommodate another square feet with regional retail outlets and spectator entertainment facilities, such as a four-pi- p The third movie theatre. will develop the rephase maining 25,000 square feet into specialty and boutique shops. Construction on the shopping plaza is scheduled to begin this year. Financing is still being arranged. The second project Wallace Associates is launching is the next phase of the Atherton Office Plaza located at 4700 S 11th West. Healy stated the project will have will 40-50,0- 00 29,000 square feet in office floor space and 7,000 square feet for banking facilities. The $1.2 million development will have an overhead span design which allows a prospective tenant to lease any amount of space re- f if J s f t quired. The leasee is not bound by physical design of the building, the modular system provides maximum flexibility in arranging interior walls, Healy explained. As in the first phase, Wallace Associates will complete the shell to suit the tenants needs. Construction is scheduled to begin in May with completion anticipated by December. TOP TEN MORTGAGE LENDERS IN SALT LAKE COUNTY January, 1977 1. Prudential Federal Savings 2. First Security Bank 3. Tracy Mortgage 4. Zions First National Bank 5. Western Mortgage I 6. 7. 8. 9. American Savings & Loan Valley Bank & Trust Walker Bank & Trust 1 Commercial Security Bank 10. First Federal Savings & Loan t I I ds I t Source: Security Title Co. MORTGAGE RATES -- 'i life-bloo- FI1A Lender I t Loan Volume All Salt Lake Banks (S Million) Week ending Feb. 9, 1977 8.0 Vt VA 8.0 FHAYA points conventional rate J Advance Mortgage Corp. American Equity Corp. American Home Mortgage AMFAC Mortgage American S & L Bettilyon Mortgage Loan Co. i "'I .. 4 i f t CDM Mortgage Citizens National Bank Colwell Company Commercial Security Bank Deseret Federal S & L Federal Building & Loan First Federal S & L .1 i f s ' I First Security Bank First Security State First Western Mortgage Source: Federal Reserve Bank of San Francisco. f t I Real Estate Sales Down I I Real estate sales of S3. 7 million reached a yearly low last week, registering a net sold for $82,500. Residential properties listed a total of $3,166,125 with 74 actual All real properties sold. Multiple units (apartments and dup- lexes) were down 24 percent; nine units sold for $412,900. Also sold last week were four vacant lots for a total of loss of 38 percent. estate categories showed I I i I 4 Glenn Justice Mortgage Graham Mortgage Corp. Home Benefit S & L Lomas & Nettleton Co. Lombard Mortgage & Thrift i 4 y Mason - McDuffie Miller & Viele Mortgage i t tr substantial declines for the week ending Feb. 25. in Included the $3,745,275 total, were two commercial properties that Mortgage Ins. Corp. Prudential Federal S & L State S & L Tracy Mortgage United S & L Utah Mortgage Loan Valley Mortgage Corp. Walker Bank & Trust Western Mortgage Loan Corp. Western Pacific Financial Western S & L Zions First National -Zions Mortgage These rates' were ohtained by telephone conversation with the above institutions "correctto the best of our knowledge Jjuttheir accuracy cannot be 'guaranteed. The rates are $137,750. nr- - |