SALT LAKE CITY — There has been a major change in the development of downtown Salt Lake City’s newest proposed office tower.
City Creek Reserve — a real estate arm of The Church of Jesus Christ of Latter-day Saints — has taken over as developer of the 111 Main Street project.
Initially under development by Hamilton Partners, the 111 Main Office Tower — designed by Skidmore Owings & Merrill — will be directly adjacent to the new Utah Performing Arts Center in the downtown central business district.
“111 Main LLC, an affiliate of City Creek Reserve Inc., has acquired the interests of Hamilton Partners in the 111 Main office tower, a building to be constructed at the intersection of 100 South and Main,” City Creek Reserve spokesman Dale Bills said in a prepared statement. “111 Main LLC is pleased to be a part of growth and progress in downtown Salt Lake City.”
Since both companies are privately held, terms of the transaction were not disclosed.
Hamilton, the commercial real estate firm based in Itasca, Ill., had developed 222 Main — the 22-story, $125 million office building located just a block away on the west side of the street. The change for the new building comes just months after the project was announced last September.
Site preparation work, including demolition of existing buildings, is currently underway. Few other details about the transaction were released, but the project is expected to continue on a similar construction schedule as originally announced several months ago with completion in September 2016.
The ground floor of the project will feature retail space, while the upper floors will offer 440,000 rentable square feet of office area with the average floor size consisting of 21,000-square-foot customizable sections, column-free design, floor-to-ceiling glass, with 9-foot ceilings and 16-inch raised floors throughout.
Preliminary designs include seismic engineering standards and increased energy conservation measures, along with numerous technological considerations such as redundant data and electric feeds from independent substations, voice and data lines with fiber optic capabilities and a location for tenant generators. The building will also offer state-of-the-art and customizable security systems with turnstiles and 24-hour manned security.
Both Hamilton Partners and new developer 111 Main LLC declined to offer any additional comments.
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