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11/15/23
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A 2.32-acre site in downtown Salt Lake City was acquired by Dart Interest LLC for approximately $19.66 mil. Comprising two parcels, the site incorporates a parking lot that totals roughly 1.03 acres and a vacant data center consisting of 305k sf on approximately 1.29 acres.
The site’s D1 zoning does not include a maximum density restriction, allowing groups to maximize design and building efficiencies. Additionally, D1 zoning allows for buildings no less than 100’ in height and no more than 375’ in height as of right, making it the most flexible zoning ordinance regarding maximum heights limits.
The property sits at a “main and main” location in the core of Salt Lake City’s central business district, providing superior walkability to anywhere in the core of downtown Salt Lake City within 15 minutes. The property features easy access to Utah’s freeway infrastructure with access to I-15 and I-215 within 1.5 miles of the property, providing a quick 10-minute commute to the Salt Lake City International Airport. Additionally, the property features is close to Utah’s public transportation with the Library TRAX Station just two blocks of the site.
This site’s location also provides exceptional connectivity and walkability to an abundance of amenities including the City Creek indoor and outdoor mall on Main Street, which features local favorite boutiques and national name brand retailers. This site also boasts direct proximity to downtown’s nightlife districts which feature a growing selection of bars, breweries, and restaurants, providing residents with the activated and connected lifestyle amenities they desire. Additionally, it is walkable to Salt Lake City’s best event venues including Vivint Arena (home to the Utah Jazz), Eccles Theater, and the Salt Palace Convention Center.
Cushman & Wakefield’s Kip Paul, Michael King and JT Redd represented the seller in the transaction. According to Paul, the environmental remediation will take one year at which point the building will be demolished. The buyer plans to develop two high-rise apartment projects on the site.
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