Residential construction complete at City Creek

Published: Wednesday, Sept. 21 2011 8:09 p.m. MDT

A Promontory model unit for show at the City Creek in Salt Lake City Wednesday, Sept. 21, 2011.

Jeffrey D. Allred, Deseret News

SALT LAKE CITY — All residential construction at City Creek is now complete, marking another milestone in the LDS Church's massive makeover of two downtown city blocks.

The Regent at City Creek officially opens Oct. 1, though it will welcome its first tenants as soon as this week, said Dale Bills, spokesman for City Creek Reserve Inc., a real estate development arm of The Church of Jesus Christ of Latter-day Saints.

The modern-style, 20-floor building on the north side of 100 South is the final residential building planned for the project's opening to be complete. Another residential building is planned along 100 South when the market allows for it.

In all, 536 condominiums or apartments are ready to be lived in at City Creek, with about 30 percent of those already rented or sold.

Bills said City Creek officials are "satisfied" with the level of occupancy, saying sales have been steady despite an unstable economy.

Roughly 25 percent of The Regent's 150 condominiums have been sold, Bills said. About one-third of the units have been sold at the development's other two for-sale condo properties — Promontory on South Temple and Richards Court.

Condos at City Creek Center range in cost between $150,000 to more than $1 million, depending on their location and size. On average, buyers can expect to spend $600 per square foot to live along South Temple and $500 per square foot on 100 South.

Last month, construction was completed on the City Creek Landing Apartments, located right in the middle of City Creek Center on the north and south sides of the development's still-under-construction retail galleria.

"What's striking about City Creek Landing is its very urban integration with Main Street," Bills said. "It's just steps away from a TRAX (light-rail) station, and it will be just steps away from City Creek shopping."

City Creek Landing's studio, one- and two-bedroom apartments rent for between $860 and $1,899 per month. Roughly half of the 111 units have been rented, Bills said.

"We are very encouraged by the response (at City Creek Landing)," he said.

The retail portion of City Creek Center is scheduled to open March 22, 2012. Project partner Taubman Centers already has announced 20 stores unique to the market that will be among the 80-plus opening at the center.

"(This year) has been the year of residential for City Creek," Bills said. "We're all excited about March 2012. We can think of 2012 as the year of retail."

E-mail: jpage@desnews.com

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