Utah's on the Verge of Recovery

Real Estate News Utah

 

Utah is coming out of the recession as one of the economic leaders in the country with several development projects in the pipeline, according to panelists at the April Commercial Real Estate Women Utah meeting.

 

“We are in the longest, deepest, broadest recession that any of us has ever felt and experienced up close,” said Natalie Gochnour, chief operating officer of the Salt Lake Chamber of Commerce. “Utah is out of the recession. We are officially out of the recession ... Things are getting better. We are in expansion mode.”

 

Gochnour along with three other panelists praised Utah for its economic standing and direction during the event sponsored by Holme Roberts & Owen.

“There are a lot of reasons to be optimistic about Utah,” Gochnour said.

 

Utah Transit Authority is working on several transit-oriented developments within the state, including a mixed-use development in Sandy, mid-Jordan and Clearfield and an apartment complex in Midvale. These developments, according to Steve Hansen, director of real estate at UTA, are key components to the progression of Utah’s economy. These projects are also essential to the sustainability of public transportation by enhancing ridership and generating revenue, he said.

 

“This is something that really is integrated into the fabric of the economy in Utah, specifically along the Wasatch Front where UTA provides its transportation services,” Hansen said. “We believe that if we can bring a concentration of people living and/or working and/or shopping close to our transit stations that that promotes ridership. Then we generate revenue by leasing our land to the developer.”

 

UTA is working with an interagency council that includes Housing and Urban Development, the Department of Transportation and the Environmental Protection Agency to promote the Livable Communities Act that was established by Congress, Hansen said. The Livable Communities Act encourages concentrated development of living, working and shopping areas. Collectively, these types of development will drive public transportation, he said.

 

“UTA is very interested in doing our part in providing and encouraging livable communities which we believe is very integral to the economic development along the Wasatch Front,” Hansen said.

 

The transit-oriented development in Sandy is just one of several projects planned for the area, according to Aisza Wilde, VP of marketing and public relations for the Sandy Area Chamber of Commerce. Wilde said there are at least five areas in the master planning and feasibility stages of development. These areas include land near the Real stadium, the area formerly recognized as the Proscenium, and acreage along State Street and 100^th  South and 114^th South.

 

Provo, Orem and Ogden are also areas showing signs of recovery, Derek Miller, managing director of Corporate Recruitment and Incentives for the Utah Governor’s Office of Economic Development. The progress in these communities can be credited to the local leaders who enhanced the positive features of their cities, he said. Besides progress in these Utah cities, Miller said the state will see a number of businesses expanding in and relocating to Utah.

 

“Success begets success,” he said.