Tuesday, August 01, 2006

City Centre

Well, it's August, and the weather still knows how to rain. One of my chief indicators of the real estate market has turned positive, namely I am once again receiving more erectile dysfunction spam than distressed real estate spam. Do I think the national picture is actually improving, though? Nah. ED is probably just getting worse.

Anyway, Price Prowswood sold City Centre (aka the Chamber of Commerce building) to Wasatch Commercial Management for a cool $50 million. That price tag better include the whole half-block. That project has been sideways from Day One. It was supposed to expand across the whole half-block but had the poor timing to run up against Adnan Khashoggi's Triad Center and the 10-year train wreck that was the Utah economy from the closing of Geneva and Kennecott until the Clinton administration (Remember broad-based, economic growth? Hate to burst the bubbles of all the FM 97.5 listeners, but it was all under Clinton, not Reagan, Bush I, or Bush II.). Dell Loy Hansen of Wasatch (which also owns the Wells Fargo Building [Is that the First Interstate Building? Hells Cargo has its name on so many buildings, it's hard to keep it straight. Beginning to look like Seattle.], the Ken Garff Building [aka First Security], and the Chase Tower) says they're dedicated to creating a vibrant, downtown core. More power to them. Hope they're remembering a residential element in their plans, otherwise, they might as well pile their money in the parking lot and light it on fire.


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