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AMERICAN FORK STATION TRANSIT ORIENTED DEVELOPMENT 6802 WEST 7750 NORTH | AMERICAN FORK, UT 84003
MIXED USE: High Density Multifamily, Class A Office, Retail & More 11.55 ACRES ADJACENT WEST OF AMERICAN FORK
JAMES WADSWORTH ANDREW WADSWORTH 801-368-9630 801-922-0662 [email protected] [email protected] TABLE OF CONTENTS FINANCIAL ANALYSIS AMERICAN FORK STATION
THE OPPORTUNITY 2-4
PROPERTY INFO Summary / Ratings 5 Neighborhood / Nearby Jobs 6 PROPERTY INFO
MAPS Parcel Map 7 Neighborhood Map 8 Area Map 9 Job Density Map 10
PHOTOS MAPS Aerial Photos 11-12
CITY’S CODE 13-17
MARKET INFO Market Trends 18 PHOTOS New Construction 19-21 Largest Employers 22-23 COMPARABLE RENTS MARKET INFO
The information contained herein is believed to be reasonably accurate; however, errors and mistakes may occur. Therefore, Wadsworth Commercial Real Estate makes no warranty or representation concerning the accuracy of this information.
1 THE OPPORTUNITY FINANCIAL ANALYSIS
• Transit Oriented Development at American Fork Station • UTA’s FrontRunner is a commuter rail with 88 miles running from North Ogden, through the Salt Lake Valley, as far south as Provo. • The American Fork FrontRunner Station is the UTA’s busiest Front- Runner station.
• The Census Bureau estimates that American Fork City’s population PROPERTY INFO grew by 22.5% since 2010. • Utah Governor’s Office of Management and Budget projects that American Fork City’ population will grow by an additional 21.7% by the year 2030. • Kem C. Gardner Policy Institute projects that Utah County will add another one million residents over the next 50 years, effectively matching Salt Lake County in population.
• Utah continually ranks among the top states in in the US for busi- MAPS ness and has one of the most diverse economies in the nation. Northern Utah County is the epicenter for the state’s employment and population growth. • Utah is the fastest growing state in the nation. Its population has grown by 14.4% (over 400,000 new residents) since 2010.
• Utah’s labor force is young and highly educated. Saratoga Springs’s PHOTOS median age is 27 years old. • 92.7% of American Fork City residents have earned a high school degree or higher. • 37.4% of American Fork City residents have earned bachelor’s de- gree or higher. COMPARABLE RENTS • Average rents in Utah County have increased 6.4% year over year as of Q2 2019 on a property by property basis. • Average vacancy in Utah County is 3.8%. • Tens of thousands of high paying jobs are within a 5 mile radius of the Northshore development site. • Unemployment in Utah County has fallen to 2.6%. This is not sur- prising based on employment growth of 4.6%, which is more than two and a half times the national average of 1.8%. MARKET INFO • In Utah County, wages have struggled to keep pace with rising home prices. According to the DWS, wages increased 6.3% in Utah County year over year. Zillow reports that the median home value in Utah County increased 13.7% during the same period, pricing many would be homeowners out of the market.
2 AMERICAN FORK STATION: THE OPPORTUNITY FINANCIAL ANALYSIS PROPERTY INFO MAPS
TRANSIT ORIENTED DEVELOPMENT high density housing, retail, and Class A office The American Fork Station land (11.55 acres) suites. PHOTOS is a rare site in the heart of Utah County. The site sits adjacent east of the UTA American DEVELOPMENT UNDERWAY Fork FrontRunner Station, one of the commut- Development is already underway in the TOD er rail’s busiest stops. FrontRunner’s 88 miles zone, transforming the already busy station of track transports riders from North Ogden, into a central hub for Utah County and the Sil- through the Salt Lake Valley, as far south as icon Slopes. American Fork City has secured COMPARABLE RENTS Provo. The American Fork Transit Oriented De- funding for the expansion of 200 South, the velopment is the last undeveloped major TOD main arterial road leading to the station. site in the state. The redevelopment of 200 South will add MASTER PLANNED COMMUNITY additional traffic lanes, wide sidewalks, bike paths, walking trails and greenery, opening up American Fork City recently implemented a the area to businesses and residents. The road visionary transit-oriented development plan. is now in the final phases of engineering and The plan has been in the works for many years construction is expected to commence sum- and outlines a vibrant mixed-use community mer of 2019. around the FrontRunner station, promoting a MARKET INFO walkable, bikeable, and sustainable lifestyle, American Fork City also plans to build a fly- with easy access to commuter rail and bus ser- over bridge, crossing the FrontRunner tracks vices. The area will soon blossom into a mix of and connecting 700 West to pioneer crossing. A future expansion will continue further north,
3 AMERICAN FORK STATION ANALYSIS FINANCIAL ANALYSIS crossing I-15 to connect directly to the Mead- state. Utah County is the epicenter of growth ows shopping center. for Utah. A full third of the expected 3 million new residents will live in Utah County. Utah ACCESS TO I-15 County could surpass Salt Lake County in total The subject property is near the intersection population by 2065. The American Fork Tran- of I-15 and Highway 145 (Pioneer Crossing), sit Oriented Development is located at the granting motorists easy access to the greater center of this astonishing growth.
Wasatch Front. Utah’s Department of Trans- PROPERTY INFO portation also plans to construct the Vineyard Connector within the next few years, a freeway connecting the American Fork area to the high growth city of Vineyard a few miles south.
HIGH GROWTH REGION Year after year, Utah ranks among the fastest growing states in the nation. For the foresee- able future, growth and change will be con-
stant companions in Utah. Economic oppor- MAPS tunity, quality of life, and an educated work force will continue to attract people to the PHOTOS COMPARABLE RENTS MARKET INFO
4 AMERICAN FORK STATION FINANCIAL ANALYSIS PROPERTY INFO
S MAPS PHOTOS
Office Core Mixed Use General Mixed Use COMPARABLE RENTS Neighborhood Edge
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PROPERTY SUMMARY RATINGS
Acreage Approximately 11.55 Acres Location A MARKET INFO Density 30-65 Units per Acre Marketing Window A
Parcel No. 130410055; 130410054 Access to Services A
Zoning Mixed Use, TOD *Ratings based on the completed development
5 AMERICAN FORK STATION FINANCIAL ANALYSIS
NEARBY JOBS
Adobe Adobe’s Lehi campus employs over 1,000 and is undergoing a $90 million expansion, adding an additional 1,000 employees. The expansion is projected to contribute $2.3 billion in new wages. PROPERTY INFO Entrata Cloud-based property manage- ment software company based in Lehi, Utah. They provide mar- keting, leasing, and accounting solutions for property owners NEIGHBORHOOD and managers. They employ 1,400. North • Mixed Use Vacant Land • FrontRunner doTterra A world leader in essential oils • Pioneer Crossing based in Pleasant Grove. The com- pany’s annual sales exceed $1 bil-
East • UTA American Fork lion and upon completion of their MAPS • FrontRunner Station expanded headquarters in 2019, the company will have more than South 200 South 2950 employees in the valley.
West Agricultural land (TOD) Vivint Smart home services provid- er and the second largest solar Shopping The Meadows Shopping Center: residential solar company in the • Target United States. In 2018, their rev-
• Walamrt enue totaled $1.05 billion. The PHOTOS • Costco company employs over 5,000.
Schools • Greenwood Elementary Domo A cloud-based software compa- • Ameriacn Fork Jr High ny in American Fork. They pro- • American Fork High vide business intelligence tools and real-time data visualization. College • Mountainland Technical In 2018, their revenue exceeded COMPARABLE RENTS College: Lehi Campus $40 million. They employ 500- • Utah Valley University 999 people. • Brigham Young University Alpine School Alpine School District is the pri- Hospitals • American Fork Hosptial District mary school district in northern • Mountain Point Medical Utah County and the largest • Timpanogos Regional school district in the state, serv- ing 79,000 students. county- Recreation • The Meadows Shopping wide. They employ over 7,000 • Thanksgiving Point individuals. • Evermore Park Valley Grove A brand new, $250 million MARKET INFO Transportation • UTA FrontRunner mixed-use development featur- • UTA 809 Bus ing over one million square feet • Easy Access to I-15 of class A office, retail, restau- rants, and a hotel.
6 PARCEL MAP FINANCIAL ANALYSIS PROPERTY INFO MAPS
S PHOTOS COMPARABLE RENTS MARKET INFO
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7 NEIGHBORHOOD MAP FINANCIAL ANALYSIS PROPERTY INFO MAPS PHOTOS
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8 AREA MAP FINANCIAL ANALYSIS PROPERTY INFO MAPS PHOTOS
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Legend MARKET INFO I-15 Future Road
750 FrontRunner
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9 JOB DENSITY MAP FINANCIAL ANALYSIS PROPERTY INFO
Main Street MAPS The Meadows
City Center
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Utah Lake COMPARABLE RENTS
Legend 5 - 749 Jobs/Sq.Mile 1 - 10 Jobs Analysis Section MARKET INFO 750 - 2,999 Jobs/Sq.Mile 11 - 249 Jobs 5 Mile Radius 3,000 - 7,499 Jobs/Sq.Mile 250 - 999Jobs 7,500 - 12,999 Jobs/Sq.Mile 1,000 - 2,999 Jobs S Subject Property 13,000 - 19,000 Jobs/Sq.Mile 3,000 - 6,000 Jobs
10 AERIAL PHOTOS FINANCIAL ANALYSIS
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11 LOCAL POINTS OF INTEREST FINANCIAL ANALYSIS
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S Subject Property PHOTOS COMPARABLE RENTS MARKET INFO S
12 ROAD DEVELOPMENT FINANCIAL ANALYSIS PROPERTY INFO MAPS
SOUTH SIDE NORTH SIDE PHOTOS
SOUTH SIDE NORTH SIDE
COMPARABLE RENTS
TRAIL ISLANDS ROADS MARKET INFO
13 EXPLANATION OF CITY CODE FINANCIAL ANALYSIS
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Business District Transit Core West Neighborhood Garden District East Neighborhood
S Subject Property MAPS
American Fork City’s TOD codes outline a true GARDEN DISTRICT 21st-Century community—one that features a The fourth, further out, is the garden district, permeable street network that is friendly and and is similar in use to the neighborhood dis- accessible to pedestrians as well as available trict. transit modes. EAST NEIGHBORHOOD DISTRICT
BUSINESS DISTRICT PHOTOS The final is the east neighborhood district, a The first is the business district situated clos- low intensity, primarily residential settlement est to the American Fork FrontRunner station. pattern. This area has minimal mixed-use and This will be a high intensity, non-residential is a small area that preserves the existing regional mixed-use settlement pattern, sup- homes and structures east of 700 West. porting office, retail and potentially civic op- erations. Within each district, developers can mod- COMPARABLE RENTS el their developments after six block types TRANSIT CORE appropriate for the district — ranging from The second is the transit core district, also a high-intensity urban designs to low-intensity high intensity, regional mixed-use settlement designs that include single-family homes. pattern near the transit station. This walkable The TOD plans include a trail system running village-like area will include residential, office, through the area, encouraging people to bike entertainment, hospitality and retail uses. to and from transit options. The city recently received a grant to enhance the city’s trail sys- WEST NEIGHBORHOOD DISTRICT tem, and will be able to use those funds to cre- MARKET INFO The third is the west neighborhood district, ate this system. It will run from Center Street situated a bit further from the transit station. across 200 South, running right by the Front- This is a moderate to low intensity mixed-use Runner and connecting to Mill Pond Road. settlement pattern, focused primarily on resi- Construction on this will start next year. dential and mixed-use residential.
14 BLOCK TYPE FINANCIAL ANALYSIS
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Block Type 2 Block Type 3 Block Type 4 Block Type 5 MAPS Block Type 6
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BT-1 (Block Type 1): a low intensity block con- BT-4 (Block Type 4): a mixed-use block char- sisting of largely rural properties and homes acterized mainly by mid to high density multi- on large lots with some home occupation. unit residential, small shops and professional PHOTOS offices, and mixed-uses. BT-2 (Block Type 2): a mixed intensity block characterized mainly by low-density residen- BT-5 (Block Type 5): a highly intensive mixed- tial development with some multi-family hous- use block that supports principally shops, of- ing and work-at-home elements. fices and supportive services along with some
high-density multi-unit residential. COMPARABLE RENTS BT-3 (Block Type 3): a mixed intensity block characterized mainly by mid-density residen- BT-6 (Block Type 6): a high intensity mixed-use tial with some multi-unit residential, mixed- block that supports principally shops, offices use, businesses and work-at-home elements. and supportive services along with high-den- sity multi-unit residential. MARKET INFO
15 PERMITTED USES FINANCIAL ANALYSIS
NEIGHBORHOOD GENERAL MIXED PERMITTED USES OFFICE CORE MIXED USE EDGE USE
Residential
Mixed Use X X
Multi-Family X X
Single Family: Attached X X X
Single Family: Detached X PROPERTY INFO
Senior Housing X X X
Work/Live Unit X X
Accessory Dwelling Unit X X
Dormitory X X
Lodging
Hotel (no room limit) X X
Inn (up to 12 rooms) X X MAPS Bed & Breakfast (up to 5 rooms) X
Business
Office Building X X
Home Occupation X X
Residential
Open Market X X PHOTOS Neighborhood Retail X X X
Display Gallery X X
Restaurant X X X
Food Truck X X X X
Drive-through X X COMPARABLE RENTS
Kiosk X X X
Push Cart X X X
Automotive
Gas Station X Automobile Service
Drive-through X MARKET INFO