Utah Retail Property Book
Salt Lake County
Cities In Salt Lake County Alta Bluffdale Cottonwood Heights Draper Herriman Holladay Kearns Magna Midvale
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Murray Riverton Salt Lake City Sandy South Jordan South Salt Lake Taylorsville West Jordan West Valley
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Retail Centers Salt Lake County has many of the major retail companies such as Nordstroms, Dillard’s, Meier & Frank, Eddie Bauer, Gap, IKEA, Mervyn’s, Ross Dress for Less, Burlington Coat Factory, Sears, Borders, Best Buy, Wal-Mart, Costco, Sam’s Club, Target, Barnes & Noble, Lowe’s, Home Depot, Old Navy, Office Max, Staples, Kmart, JC Penney, Blockbuster, Hollywood Video, many national restaurant chains, and much more. Major Retail Owners/Developers You will also find these top national retail owners and developers in Salt Lake County. Scanlon, Kemper, Bard - #1 in the U.S. with over 190,000,000 SF throughout the nation. Owns Trolley Square in Salt Lake City. General Growth Properties, Inc. - Ranked #2 with over 121,000,000 SF in the U.S. Owns Cottonwood Mall in Holladay. Developers Diversified Realty - #8; 54,100,000 SF. Owns the Family Center at Fort Union in Midvale and three other properties in Salt Lake County. The Macerich Company - #9; 42,000,000 SF. Owns South Towne Mall in Sandy. The Rouse Company - #11; 39,800,000 SF. Owns Fashion Place Mall in Murray. Weingarten Realty Investors - #12; 38,000,000 SF. Owns a center in Taylorsville and the West Jordan Town Center.
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Contact Information Dale Carpenter Director of Business and Economic Development 2001 South State Street, Room N1001 Salt Lake City, Utah 84190 (801) 468-2161 dcarpenter@slco.org www.slco.org
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Salt Lake County Demographics
Population Households Average Household Size Age (2005) 0-4 5-14 15-19 20-24 25-34 35-44 45-54 55-64 65-74 75-84 85+ Median Age Household Income (2005) Less than $15,000 $15,000-$24,999 $25,000-$34,999 $35,000-$49,999 $50,000-$74,999 $75,000-$99,999 $100,000-$149,999 Greater than $150,000 Median Household Income Average Household Income Household by Type (2005) Owner Occupied Housing Renter Occupied Housing Vacant
2005 Estimate 930,006 307,569 3.53 Number 87,054 151,867 70,068 75,958 153,776 125,337 114,243 74,258 41,014 25,941 10,490 30.0 Number 27,646 29,998 32,665 53,424 68,994 42,671 35,316 16,955
2010 Projection 959,978 321,256 3.53 Percent 9.4% 16.3% 7.5% 8.2% 16.5% 13.5% 12.3% 8.0% 4.4% 2.8% 1.1%
Percent 9.0% 9.7% 10.6% 17.4% 22.4% 13.9% 11.5% 5.5% $69,328 $52,915
Number 229,802 77,857 28,041
Percent 68.5% 23.2% 8.3%
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Utah Retail Property Book
Salt Lake County
Oquirrh Hills Plaza At Flangas Crossing 8400 West 2700 South Magna, Utah 84044 Oquirrh Hills Plaza at Flangas Crossing is a proposed 20 acre mixed-used development of retail, commercial, housing and public space. The site has a quarter mile of frontage on Highway 111. The average daily traffic count on Highway 111 is 13,000 vehicles. The site is the Gateway to Magna’s Main Street, which borders the north-end of the site. Oquirrh Hills Plaza will benefit from its close proximity to Magna Elementary, Brockbank Junior High School and Cyprus High School. Brockbank Junior High and Magna Elementary are adjacent to the site. The current enrollment at the three schools is: Magna Elementary 790 students, Brockbank Junior High School 987 students and Cyprus High School 1,172 students. Phase I has received zoning approval from Salt Lake County. Phase I will have approximately 115,000 square feet of retail space. Market Area Demographic and Economic Profile of Market Area
Category Population Households Average Income Total Household Income (million $) Employment (Magna) Number of Business Establishments Total Retail Square Footage 1990 32,499 8,728 $32,326 $282.1 3,172 116 NA 2000 43,410 12,044 $51,558 $620.9 3,200 199 561,906 2004 47,013 13,547 $53,852 $729.5 4,365 244 1,186,000 2009 51,086 15,303 $56,171 $859.6 NA NA NA
Source: SRC and Economic Development Corporation of Utah.
Retail Potential The market area has 13,500 households with $730 million in income. These households spend $200 million on retail purchases including $80 million on groceries, $37 million on apparel and $36 million on food away from home. Each year 350 new households move into the market area. These household add $5 million in potential retail spending, which will support an additional 30,000 square feet of retail space. There are 7,000 people within one-half mile of Oquirrh Hills Plaza. The recent closure of Albertson’s leaves only one grocery store in the immediate area—Smith’s, a 55,000 square foot store built about five years ago. There is sufficient expenditures on groceries in the immediate area to support and an additional grocery store and furthermore the residential development and growth between 2700 South and 3500 South and 7200 West to 5600 West will provide support for an additional grocery store. The Magna Market Analysis (2002) by Wikstrom Economic & Planning Consultants, Inc. concluded that Magna residents spend their consumer dollars outside the Magna Area. This retail leakage benefits West Valley City, which captures 79% of building and garden purchases, 70% of general merchandise. 59% of clothing, 57% of office supplies and 46% of restaurant purchases of Magna residents. This retail leakage represents retail potential for Oquirrh Hills Plaza. The Magna Market Analysis identified grocery, family restaurants, book store and toy/game stores as high potential retail opportunities for Magna.
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Office Potential The growing population of the market area generates demand for all types of office space particularly office space related to support services. The number of business establishments in the market area has grown significantly in the past decade. In 1990 there were 116 business establishments in Magna and by 2002 the number had grown to 244 establishments. Sixty-five of these business establishments are in the financial, real estate, insurance, health/dental care and business services sectors. Oquirrh Hills Plaza offers the potential of the only concentration of office space in the market area. There has been no development of new office space of 5,000 square feet or more in the market area in the past 15 years. Existing office space is not only scattered but is also old, inconvenient and often of poor quality. There is a need for new high quality office space at a central, convenient location. The site of Oquirrh Hills Plaza, as the last large undeveloped parcel on the heavily traveled 8400 West and located at the east-end or Gateway to Main Street is the ideal site for office space development in the Magna area. Lodging and Meeting Space Potential There are no hotels/motels or convention/meeting facilities in the market area. As the employment base of the market area expands the demand for meeting space also grows. Total employment in the market area has grown from 3,100 in 1990 to 4,400 in 2002. Adding to demand is the growing market of civic and community functions that need meeting space. Complementary Developments for Oquirrh Hills Plaza The vision for a future Magna, as developed by the Salt Lake County Redevelopment Agency, focuses on three major components: economic development, housing and community revitalization. As a large mixed-use project Oquirrh Hills Plaza at Flangas Crossing will play a significant role in Magna’s future. Development strategies for Magna have been developed by a wide spectrum of community and government organizations including: the Magna Area Council, Salt Lake County, Kennecott Land, Envision Utah and the Utah Department of Transportation. Salt Lake County’s Planning Office is rewriting the General Plan for the Magna area and will designate the 8400 West 2700 South intersection as a transit oriented development area. In the future this intersection will be the transportation node or transit stop for bus rapid transit, rail or trolley systems that will serve the transportation needs of the Magna area. The General Plan will encourage high-density housing and walkable neighborhoods around the 8400 West 2700 South intersection. RDA activities and new developments on Magna’s Main Street include: Several thousand dollars in infrastructure development by RDA on Main Street. Likely extension of RDA to include Oquirrh Hills Plaza. Refurbishment of the Empress Theater on Main Street. Construction of 41 affordable rental units on the Webster School site. Completion of 88-unit Coppertree Apartments on Main Street. Development of 65 new single-family homes on Main Street. Kennecott Land, which owns 93,000 acres in Salt Lake County, is the largest single owner of property and water rights in the county. As the owner of several thousand acres in west and north Magna, Kennecott Land will be the most important private force in the long-term transformation of Magna into a major residential and commercial area. Kennecott Land has a long-term development plan for their land to include residential subdivisions, office/industrial parks, an urban center and transit system.
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By 2010 Kennecott Land expects to be underway on Phase I, which includes the development of 3,600 homes on 600 residential acres in Little Valley. Little Valley is directly west one mile from the Oquirrh Hills Plaza site. Later phases will include development to the north on Kennecott’s current tailings sites where over 7,000 homes will be developed and further north the Salt Lake Urban Center (7200 West and Highway 201), which will have several hundred thousand square feet of office, industrial and retail space.
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