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  • Some facts about the City Creek Development in Salt Lake City

    Posted on August 20th, 2010 admin No comments
    1. Ownership of condominiums or (presumably) commercial sites will be made subject to a Land Lease.  That is, the buyer will not actually own the land under the building but will instead have a 99 year lease from the developer.  This is very unusual for Salt Lake, but common in some other areas such as Hawaii.  Normally when you purchase a condominium you own an undivided specific percentage of the land and common areas.
    2. The project covers almost 20 acres in the center of Salt Lake City and should be completed by 2012.
    3. Site work began in 2006 with the complete demolition of Crossroads Mall, ZCMI Mall, the Inn At Temple Square and the original 20 story Key Bank Tower at 50 S. Main.
    4. When finished there will be over 700 new apartment and condominium units, 6 acres of green space with streams and fountains, 775,000 square feet of retail space, a Harmons grocery store, and 1,600,000 square feet of office space (most of which already exist in on-site high rise buildings).
    5. All parking will be underground with 5000 spaces.

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