Comments about ‘City Creek is rising on schedule despite the economy’

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Published: Sunday, April 12 2009 12:28 a.m. MDT

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Downtown enthusiast

Downtown Rising indeed! With Trax to the airport, a new federal courts complex, the new high rise on Main Street, a Hyatt Place at Gateway and City Creek Center we will take a giant step toward a more vibrant downtown. Hooray for the whole state.

Ernest T. Bass

Blessings, even rich blessings, are in store for us all when this opens.

SLC

This is going to be really cool, I am sure...but who is going to buy/live in these 700 condos/apartments? Salt Lake City is "booming?" In what way? We all love to talk about this supposed "influx" of people moving here ALL THE TIME. Who are they? Californians aren't exactly swarming over here with all their equity anymore.

We have over a year's worth of inventory in the real estate market here, most of which is priced about 15% - 20% above what the market can bear (in terms of incomes). I'm really concerned about what this extra flood of units is going to do to property values. I hear there is going to be a BYU campus downtown in a few years, so maybe there will be students able to occupy some of those spaces. Surely they'll be priced for student budgets, right? HA.

Either way, props to the Church for putting some cash into our downtown, which has so much potential to be really charming.

TO SLC

I don't think they will have any problem selling out. These condos overlook the SL Temple. If you go to their website you will see many of them are already reserved.

BYU has a campus downtown colocated with the LDS Business college.

I live out of state but plan on retiring to downtown SLC. I grew up downtown when my family had a restraunt on main street. It has been sad to see the decay over the years.

Moracle

Is there any effort being made to insure that residential units go to owners who will actually be living in them -- rather than to wealthy purchasers who only want a place to stay on occassional visits to Utah for skiing, conference, etc.?

If not, the residents living locally could be too few to make the businesses of City Creek thrive and survive.

Clifton

Either own or rent a condo, the outcome is the same. So what if rich people buy just for ski vacations? Seems to me you complainers down there don't have enough to do! Maybe you ought to get a job!

Fredd

I thought the church wasn't going to impose "close on Sunday", "no alcohol in restaurants" rules. Was I mistaken? This is a business venture not a religious project. It would be dumb to impose rules that would make it non-competitive.

re SLC 7:39

Have you been to the City Creek condo site? I just received my first email on the public offering and looks like over half of those condo's are reserved already. AMAZING, considering this market. It's a unique location and a property that will appeal to lots of wealthy especially LDS people because of the location across from the Temple. City Creek will have NO PROBLEM selling out, wish I could buy one in the opening round because they will go up eventually. I'm sure there are some speculators on that list- but I bet a lot are people that want them. I'm sure it's a second home for a lot, and will be home to lots of LDS faithful. Kudos to the company marketing them- the site shows the views and what the condo's will look like, appears as though not one condo has the same floor plan, I love them already!

Dixon - part 1

Warren Buffet (Berkshire Hathaway Inc) regarding Sunday closings:
Excerpt from 1999 Chairmans letter
Here's a remarkable story from last year: It's about R. C. Willey, Utah's dominant home furnishing business, which Berkshire purchased from Bill Child and his family in 1995. Bill and most of his managers are Mormons, and for this reason R. C. Willey's stores have never operated on Sunday. This is a difficult way to do business: Sunday is the favorite shopping day for many customers. Bill, nonetheless, stuck to his principles -- and while doing so built his business from $250,000 of annual sales in 1954, when he took over, to $342 million in 1999.
Bill felt that R. C. Willey could operate successfully in markets outside of Utah and in 1997 suggested that we open a store in Boise. I was highly skeptical about taking a no-Sunday policy into a new territory where we would be up against entrenched rivals open seven days a week. Nevertheless, this was Bill's business to run. So, despite my reservations, I told him to follow both his business judgment and his religious convictions.

Dixon - part 2

Bill then insisted on a truly extraordinary proposition: He would personally buy the land and build the store -- for about $9 million as it turned out -- and would sell it to us at his cost if it proved to be successful. On the other hand, if sales fell short of his expectations, we could exit the business without paying Bill a cent. This outcome, of course, would leave him with a huge investment in an empty building. I told him that I appreciated his offer but felt that if Berkshire was going to get the upside it should also take the downside. Bill said nothing doing: If there was to be failure because of his religious beliefs, he wanted to take the blow personally.
The store opened last August and immediately became a huge success. Bill thereupon turned the property over to us -- including some extra land that had appreciated significantly -- and we wrote him a check for his cost. And get this: Bill refused to take a dime of interest on the capital he had tied up over the two years.

Dixon - part 3

Excerpt from 2001 Chairmans letter
heres a postscript to a story I told you two years ago about R.C. Willeys move to Boise. As you may remember, Bill Child, R.C. Willeys chairman, wanted to extend his home-furnishings operation beyond Utah, a state in which his company does more than $300 million of business (up, it should be noted, from $250,000 when Bill took over 48 years ago). The company achieved this dominant position, moreover, with a "closed on Sunday" policy that defied conventional retailing wisdom. I was skeptical that this policy could succeed in Boise or, for that matter, anyplace outside of Utah. After all, Sunday is the day many consumers most like to shop.
the store immediately became a huge success  and it has since grown.
Shortly after the Boise opening, Bill suggested we try Las Vegas, and this time I was even more skeptical. How could we do business in a metropolis of that size and be closed on Sundays, a day that all of our competitors would be exploiting? Buoyed by the Boise experience, however, we proceeded to locate in Henderson, a mushrooming city adjacent to Las Vegas.

Dixon - part 4 (end)

The result: This store outsells all others in the R.C. Willey chain, doing a volume of business that far exceeds the volume of any competitor and that is twice what I had anticipated. I cut the ribbon at the grand opening in October  this was after a "soft" opening and a few weeks of exceptional sales

Fredd

Interesting. I note the stores were still in the "Mormon Corrider". But my real point was I thought they church said they weren't going to impose closed Sundays and no alcohol in the venues. Back to RC Willeys; I would shop based on price especially for big ticket items like furniture, its not exactly an impulse buy so I would see Sunday being okay to be closed. But if you have people living in City Creek and the pull is the mixed use, then you would make it unattractive to non-LDS if you put LDS restrictions in.

Anonymous

I'm sure RC Willey is being blessed by god!

LOL!

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