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Show The Salt Lake Tribune UTAH Sunday, April27 1997 S.L. Looks To Denver North Temple and 1000 South — for signs of blight. If the area is declared blighted, tax revenue couldbe diverted to help developers rehabilitate existing buildings For Blueprint and build new ones. Thefirst physical task for the city is moving miles of railroad tracks farther west and shortening the freeway exits into down- @ From previous page town — something already Zeppelin credits the recession that nearly destroyed Lodoforits renaissance. “This was going to be the oil capital of the world,” he says. ‘When the bottom fell out, that laid the groundwork. Lododeveiopmentwasthe only gamein town because you could afford to doit. Ttwas a great bonanza for preser- vation that the market was so bad.” Now, Crawford, Zeppelin and Hickenlooper are scrambling along with other developers, international companies and natidnal trusts — even Arnold Schwarzenegger — to buy up the remaining unclaimed buildings in Ledo. Schwarzenegger snapped up.an entire block for a mixed-use developmentof housing, commerdial, retail and office space. During the past decade,thecity loaned $60 million to developers with projects in Lodo. “We have @eated enough interest in that area that public incentives are not needed anymore,” Lysaughtsays. ~Salt Lake City’s Gateway, on the other hand, is in its infancy. Last week, City Council mem- bers acting as the city Redevelopment Agency decidedto assess 40 blocks of property west of dowatown — nearly three-fourths of the total Gateway area between 300 West and Interstate 15 and planned as part of the Interstate 15 reconstruction. A team of consultants has been hired to draft a master plan for the 500 acres in the Gateway. A series of design workshops and public hearings will be heid be- fore the plan is adoptedthis fall. Some Gateway proposals ban- died about include a “museum row,” a science center, a university satellite campus, affordable housing, open space and trans- portation hub forlightrail, buses and commuterrail. Several developers already are snapping up property and con- dents John Porterfield and Tracy Frazier, their mother, Audre Por- signs in Lodo windows. Some of the buildings are covered in graf- the homeless people wouldn't comehere. Now, they're building apartments here. It’s fabulous.” Cook sa GatewayIs Salt Lake’s Golden Goose been acquired for condominium and office development. Lately, building shells have sold for $20 Therestill are a few “for lease” fiti. A few windowsare broken. But for the most part, Lodo has undergone a successful gentrification. It's a neighborhood of Yuppies and retirees, art galleries and street murals. The home of the Colorado Rockies and headquarters of the Colorado Avalanche hockey team are there. Sports bars abound around the Rockies’ stadium. Pedestrians meanderbetween bookstores, coffee shops and restaurants. Parking is at a premium — $10 on game days. Raw buildings that sold for $8 verting paper warehouses, autoparts stores and a stamp-company to $15 a squarefoot 10 years ago nowsell for $80 a square foot — if you can find them. The lofts that Developers, planners and May- velopers are re-creating the old building into upscale condominiums. sold for $100 a square foot in 1989 nowsell for $200. Other de- or Deedee Corradini all point to Lodo as a redevelopment example for Salt Lake City’s Gateway. timber, bare brick and high ceilings of the warehouse lofts with “new-old” buildings. Prices range “It’s hard not to draw comparins,” says Utah community developer Stephen Goldsmith. from $200,000 to $475,000. A “We're kind of on the kindergarten level of where they [Den- ver developers] are,” adds Jim Lewis, president of Lewis, Wol- modern oil baronis buildinga private mansion just a few blocks from Coors Field. Lodo's good fortune nearly has made the neighborhood too chic. cott & Dornbush Real Estate. “They're playing a bigger game. They’re in high school.” Ron Straka, a Denverarchitect Affordable housingis limited and parking is equally scarce. The trendy shops andart galleries are not particularly useful — there is no grocery store within walking participating in Salt Lake City’s distance. master plan, says Salt Lake City leaders need to be patient. The Davis and Weber County adopted resolutions urging U.S. Rep. Jim Hansen, R.-Utah,to oppose any high-level nuclear-waste storagefacilities in the west that would require such waste to be transported through Utah. Leaders of both groups casti- gated Sens. Orrin Hatch and Bob Bennett for supportinglegislation fair share in disposing of the nation’s radioactive wastes with low- that would puta waste repository level storage by Envirocare in Tooele County. And since Utah in Nevada and move nuclear waste across Utah. Todd Taylor, who sponsored the resolution in Davis County said, “Utah has already doneits terfield, and Frazier’s 5-year-old daughter, Audre Frazier, headed to the baseball stadium for a game. “Lodo is the best thing to hap- pen to downtown,” John Porterfield says. “Five years ago, even & Continued from B-1 The jostling for property and the rampant speculation have doubledpricesfor land and build- ings in some blocks of the Gateway area between 300 West and Interstate 15 and North Temple and 1000 South. Two years ago, Karen Wik- strom of Wikstrom Economic & Planning Consultants Inc. studied county tax-assessmentrecords for the area. Now, she says, Gateway propertyvaluesclearly arerising. “The level of speculative activity has been pretty intense over the past two years,” Wikstrom colder. Even now, propertyvalues range from $2 to $60 a square foot, depending on location. Properties in the northeastern corner, near the Triad Center are more expensive. “The demand is, in part, a function of the government development that’s going on in the area,” ‘The trend is clearly upward. Manyof the buildings changing handsin the past two years have to $30 a squarefoot, he says. IF YOU EVER.WANTED:OR NEEDED TO. BUY A-SEWING AGalaliege]e)| forN 1eaeOne aaL CHOOSE FROM A WIDE Bone) gilesele ~ LAYAWAY; 90 DAYS’NO INTEREST E-Z TERMS. eeSOsa USSlenilo)easy le Even the price of Gateway condominiums is going up. Lewis, Wolcott & Dornbush WHAT-WE. SELL asi)Renaeer EaaaeeaLea Real Estate bought the old Salt Lake Stamp Building, at the cor- ner of 200 South and 400 West, for condominiums. All 32 condos sold in four days — before con- struction even started — for $85,000 to $235,000. Four penthouses go onsale after May 1 for prices ranging from $270,000 to $355,000, Lewisalsois selling the Ware- house District Condominiums in the Twirl Town Toys building, io- 15 STITCH FUNCTIONS (, ‘SUILT-IN BUTTONHOLER FREE INSTRUCTION 179% © 17 STITCH FUNCTIONS. ‘© BUILTIN BUTTONHOLER (© FREE ARM FREE INST cated at 327 W. 200 South. Prices there range from $132,500 to $218,000. Andthereal-estate firm recently bought the Carpenter Paper Building, 331 S. 500 West, and the adjacent Seed building to build 57 says. Typically, Gateway property more condominiums. “Industrial lofts and condos are values increase from 10 percent to 15 percent annually, says realestate appraiser Phil Cook. Some pockets are hotter and some are probably the hottest commodity in the county,” Lewis says. “Salt Lake City has a limited supply of older buildings to renovate.” Still, few are complaining. On Wednesday, Boulder resi- Demos Urge Hansen to Oppose Western N-Waste Repository Democratic parties on Saturday BS It’s just a matter of getting the seeds started,” Straka says. “It takes a long time and some encouragement for development to happen. But there’s great opportunity in Salt Lake City’s Gateway. People are taking a new turn that will energize the area.” neither creates nor consumes nu- clear power, we should not have to bear the brunt of cleaning up after those who do.” 69REEWind HONEYVILLE GRAIN INC. BULK FOODS-BREAKFAST CEREALS WHOLESALE TO THE PUBLIC! FROSTED FLAKES, COCOA BURST, GR NOLA’S STORAGE WHEAT, ROLLED OATS, PANCAKE AND OTHER MIXES. if a limited time Glass Act will Waive up to $100 of your Insurance Deductible. Insurance approved pricing. Fast, Free Mobile service to your homeoroffice *Call Nowfor Details FREE. 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