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11/09/23
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Demolition has begun at The Yardstick property in downtown Salt Lake City, UT. The site, covering 0.6 acres at 50-52 East 300 South, in the heart of the city’s central business district, is being offered as a new 60-year ground lease or potential build-to-suit opportunity.
Offering prime, irreplaceable frontage along 300 South Frontage and ample space for parking, the property is currently D-1 zoning, and will allow for multi-use, high density development. While no official plans have been announced as to what the site may become, it is envisioned to likely be some type of mixed-use project and that will meet the property’s current zoning requirements, whether retail, restaurant, entertainment, office, medical, residential, or a combination thereof.
The property is conveniently within walking distance to many nearby downtown amenities, including Gallivan Plaza, restaurants, shopping, hotels, nightlife, and more. It is also steps from a TRAX train station providing easy regional access for both employees and guests.
“Ownership is primarily offering the site as a 60-year ground lease—a more flexible option for a user—at an incredible rate of just $175k per year, which is a small fraction compared to the value of the property. This rate is truly unheard of in the Salt Lake City CBD, and for the property itself. The owner will also consider build-to-suit options,” said Cushman & Wakefield’s Tyson Fowler, who is leading the marketing efforts along with C&W colleague Charlie Davis. “The property is also situated in an Opportunity Zone providing additional tax and economic incentives.”
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