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John Daley ReportingThe skyline in Utah's capitol city will soon have a noteworthy addition; developers today announced plans for a brand new office tower.
The name is the same as the address, 222 South Main. The long-planned skyscraper will be a 21-story tower housing 450-thousand square feet of Class-A office space. The cost to build it will be over 100 million dollars.
The big announcement came today. Hamilton Partners is joining with Wasatch Real Estate Partners on the project. The building was planned for a few years ago, but then Albertson's pulled its headquarters out of what was the American Stores building, leaving a lot of downtown office space empty.
But in the last three years, demand reached an all-time high for the most valuable office space, Class A office space. The builders say they expect the building will fill up quickly.
Bruce Bingham, Hamilton Partners: "We were three years ago 15% vacant when it comes to class A office space. We're now under 5%. That's practically nothing."
Rocky Anderson, Salt Lake City Mayor: "There have never been in the history of Salt Lake City so many offices filled in downtown, so many housing units filled, or so many housing units under construction or about to be under construction."
Ground breaking is set for September with completion expected in about two years, 2008. Meantime, we're on the verge of a lot of downtown construction with this new project and the major rebuilding of the downtown malls.
