Cross Creek Land Development Mixed Use Development Opportunity
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CROSS CREEK LAND DEVELOPMENT MIXED USE DEVELOPMENT OPPORTUNITY OFFERING MEMORANDUM 100 S - 200 S 1350 E | LEHI, UTAH CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM the OPPORTUNITY Mixed Use Land Development Asset in Utah County With Immediate Access to the Thriving Silicon Slopes’ Boundless Economic Opportunities Marcus & Millichap is pleased to present the opportunity to acquire the Cross Creek Land Development located in Lehi, Utah. Lehi is located 30 miles south of Salt Lake City, along the Wasatch Front and was the 11th fastest growing city in the United States in 2015. The city has grown 28% since 2010 according to the U.S. Census Bureau. The development site is located between Interstate 15 and Highway 89 with freeway visibility. Traffic counts show that about 187,000 cars pass this location daily. Currently, the property is zoned C (Commercial) but can be changed to TOD (Transit Oriented Development) zoning on a case by case basis with Lehi city. (All zoning regulations must be verified by buyer). Because of the population growth in Lehi and the surrounding areas, many new employers and businesses continue to relocate to the area and have created a immense demand for commercial and multifamily development. With a prime location in the heart of Utah’s fastest growing region, direct access to Interstate 15, and the many major employers that surround the area, this land site presents a developer with an exceptional infill development opportunity in a premier location. THE The property is located in a Transit Oriented Development Zone located in Lehi, UT, allowing for a much larger and denser projects. The current renderings represent PRICE Market a mixed use project of 400 multifamily units and TERMS OFFERING All Cash 200 hospitality rooms. Pricing is based off of OWNERSHIP Fee Simple maximizing the density of the project. Zoning Commercial TOD Parcel Number 13-001-0058, 13-002-0141 Lot Size ± 13.56 Acres Lot Size (SF) ±590,674 2 33 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM LEHI, UTAH Cross Creek Land Development Positioned in the Heart of one of Utah’s Most Dynamic Growth Markets As Utah’s sixth oldest city, Lehi is rich in pioneer and old west history. It was incorporated as Lehi City in 1852. The Overland Stagecoach Route, the Pony Express Trail, and the Transcontinental Telegraph all passed through or near Lehi during the peak of their use. Today, according to the U.S. Census Bureau, Lehi is OGDEN the fifth fastest-growing city in the country. The City has more than doubled in size since 2000, with population estimates approaching 60,000 residents. Lehi is quickly becoming a premier technology and commercial center along the Wasatch Front. Several landmark companies call Lehi home, including Adobe, I.M. Flash, Xactware, Microsoft, Vivint, Oracle, and Xango. Lehi is also home to a wide variety of retail stores and restaurants. Thanksgiving Point, a unique destination offering museums, botanical gardens, shopping, restaurants, and other entertainment options highlights all that Lehi has to offer. Lehi is a beautiful place to live and work. Utah Lake is located just to the south, with the 215 picturesque Jordan River running through the City. Lehi is surrounded by the Wasatch DOWNTOWN Mountains on the East and the White Mountains and Oquirrh Mountains on the West. SALT LAKE CITY Lehi’s beautiful natural surroundings provide easy access to hiking, mountain biking, 4 201 fishing, camping, skiing, hunting, and many other outdoor activities. 215 Cross Creek is located in the heart of Lehi with close proximity to dozens of restaurants, outdoor recreation, and large employment hubs. This will allow future residents the perfect work + play + live combination. Cross Creek Land Development LEHI 4 55 PROVO U TA H LAKE CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM OUTLETS AT SILICON SLOPES TRAVERSE MOUNTAIN ±1,000,000 EMPLOYEES DISTANCE FROM CROSS CREEK LAND DEVELOPMENT: 5.3 MILES AVERAGE SINGLE Total Businesses: ±66,700 FAMILY HOME PRICE Total Office: ±119.4M SF ±$395,000 Encompassed Within aerial oblique MEADOW SHOPPING NORTH CENTER Cross Creek Land Development 7 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM SALT LAKE + UTAH COUNTY INDUSTRY BREAKDOWN Silicon OFFICE INDUSTRIAL ±119.4M SF ±163.5M SF HEALTH CARE AND RETAIL EDUCATION PROFESSIONAL, MANUFACTURING SLOPES Average Occupancy Average Occupancy Utah’s Rapid Ascension into SOCIAL ASSISTANCE SERVICES SCIENTIFIC, & ±92.2% ±96.1% TECHNICAL SERVICES High-Tech National Notoriety Growth 2015-2019 Growth 2015-2019 Salt Lake + Utah Counties present Cross Creek Land ±15.7% ±11.8% Development immediate access to a coveted collection of high- profile businesses and talented professionals that span two EMPLOYEES ±114,500 ±106,700 ±102,400 ±82,800 ±78,100 thriving regions on the rise. Collectively, the counties present FLEX CLASS ‘A’ OFFICE a mix of newly minted start-up companies as well as a diverse ±22.9M ±30.5M profile of established industries and national brands underscored by a growing high-technology culture. Since 2015, the Slopes Average Occupancy Average Occupancy ±92.8% ±92.5% have integrated more than ±100,000 jobs across a dynamic range BUSINESSES ±6,800 ±6,400 ±1,800 ±12,300 ±2,800 of industries and notable high tech employers such as Amazon, Growth 2015-2019 Growth 2015-2019 Adobe, Dell Inc., and eBay as well as an influx of infrastructure ±4.1% ±35.8% growth featuring more than ±22.8 million square feet of currently under construction or proposed office, industrial, and flex space. SALT LAKE COUNTY UTAH COUNTY Employees ±738,200 Employees ±266,800 SOURCE: UTAH DEPARTMENT OF WORKFORCE SEVICES, 2020 GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT, 2020 Businesses ±48,700 Businesses ±18,000 COSTAR, 2020 8 9 OGDEN CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM SOURCE: UTAH DEPARTMENT OF WORKFORCE SEVICES, 2020 GOVERNOR’S OFFICE OF ECONOMIC DEVELOPMENT, 2020 DOWNTOWN SALT LAKE ALLIANCE, 2020 215 UNIVERSITY OF UTAH, 2020 COMMERCIAL LANDSCAPE COSTAR, 2020 DOWNTOWN SALT LAKE CITY UTAH 4 COUNTY 201 215 PROFESSIONAL OFFICE INDUSTRIAL BREAKDOWN CITY OF LEHI ±45.4M SF ±32.3M SF The Gateway to Utah County’s Avg Occupancy Avg Occupancy TOP COUNTY EMPLOYERS ±91.5% Fortune 500 Companies & ±96.6% Established High-Tech Professionals Growth 2015-2019 Growth 2015-2019 LEHI ±26.3% ±15.7% 20,000 FORTUNE 500 COMPANIES: FLEX CLASS ‘A’ OFFICE ±3.5M SF UTAH COUNTY PROVO ±8.2M SF 16,000 U TA H Avg Occupancy Avg Occupancy Commerce Connection LAKE ±89.5% ±92.5% The Established High-Tech Hotspot of the Silicon Slopes Growth 2015-2019 Growth 2015-2019 Utah County maintains a robust technological and entrepreneurial roster ±15.0% ±73.8% prominently composed of more nationally recognized companies than its northern counterpart, and as a result 12,000 EMPLOYEES has attracted national attention LARGEST TECH RELATED JOB ANNOUNCEMENTS marking the region as the nation’s ±266,800 next high-tech hotspot. Utah EST. FULL NUMBER County is characterized by world- BUILD-OUT OF JOBS BUSINESSES class infrastructure and endless 8,000 professional talent highlighting 2029 ±2,245 ±18,000 a workforce of more than ±266,500 employees. Impressive area companies, 2037 ±1,260 including Fortune 500 employers; Microsoft, Oracle, and 4,000 Adobe are housed within the county’s ±81 million square 2029 ±997 feet of office, industrial, retail, and flex space. Lending Club 2028 ±860 0 2028 ±506 CROSS CREEK LAND DEVELOPMENT OFFERING MEMORANDUM Planes, Trains & INTERSTATE-15 AUTOMOBILES directional Extensive Transportation Infrastructure Surrounding Cross Avg. Daily Traffic: ±123,000 NORTHEAST Lehi Main Street On Ramp: 0.3 Miles Creek Land Development Strengthens Future Resident Connectivity Throughout Salt Lake and Utah Counties Cross Creek Land Development benefits from an advantageous by October 2020. At completion, the project will provide one of the position immediately east of the Interstate 15 (I-15), offering fastest growing metro areas with of a state-of-the-art airport serving outstanding drive-by visibility to ±123,000 east- and westbound nine airlines and more than ±23 million travelers annually. Lastly, vehicles per day. In addition to the property’s immediate accessibility Cross Creek Land offers excellent transportation alternatives through to the I-15, future residents are also presented with connectivity to Utah’s TRAX light rail boasting the Lehi station within a five miles, Salt Lake City a bevy of additional transportation arteries including Highway 89 providing a direct line to Downtown Salt Lake City as well as Orem (State Street) and Interstate 215, providing access to all areas of Lehi and Provo through the FrontRunner commuter rail system. as well as Salt Lake City, Ogden and Provo. Moreover, Salt Lake City Millcreek International Airport is located less than forty five minutes northwest of Cross Creek Land Development and is currently undergoing a ±$3.6 West Valley City Taylorsville billion reconstruction with the first phase estimated to be completed S LC Cottonwood Heights INTERNATIONAL West Jordan Sandy AIRPORT Daily Arrivals & Departures ±925 Draper Airlines Served ±10 Buffdale Lehi SLC Airport Redevelopment: ±297-Acre Redevelopment U TA Cross Creek Land Development Two New Concourse Buildings, Parking TRAX Garage, & Rental Car Service Facilities Rail Line System Milage: ±43 Miles Two Phase Construction: Stations: ±50 Phase I Est. Completion Oct 2020 2019 Est. Ridership: ±642,700 Phase II Est. Completion 2024 Closest Stations: Total Est. Economic Impact: $5.5B Lehi Station 5.3 Miles Distance