Mark Steel Property
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for sale - mark steel property 15 acres zoned high density multifamily near downtown salt lake city offering memorandum table of contents A. Executive Summary B. Property Overview C. Call For Offers D. Opportunity Zone E. Location Overview F. Market Overview PROPERTY ADDRESS 1230 WEST 200 SOUTH | SALT LAKE CITY, UT 84104 Table of Contents Mark steel Property executive summary Opportunities like this one don’t come along every day, especial- ly in the booming climate of Salt Lake County. The Mark Steel THE OFFERING Property is poised to be the next large multifamily development in Salt Lake City. THE MARK STEEL PROPERTY IS A RARE REDEVELOP- MENT OPPORTUNITY CONVENIENTLY LOCATED DIRECTLY BETWEEN SALT LAKE CITY AND THE SALT LAKE INTER- NATIONAL AIRPORT. IN ADDITION, A NEW PEDESTRIAN BRIDGE CONNECTS THIS PARCEL TO A LIGHT RAIL STOP IN FRONT OF THE UTAH STATE FAIR PARK. NOT OFTEN DO YOU FIND A PARCEL OF THIS SIZE ALREADY ZONED HIGH DENSITY MULTIFAMILY DEVELOPMENT. executive summary mark steel property Property overview SHERWOOD PARK ZONING DESCRIPTION: Total acres: 15.4 URBAN NEIGHBORHOOD STATION Parcels: 15-02-104-001 (2.45 acres) URBAN NEIGHBORHOOD STATION (TSA-UN): 15-03-233-017 (0.32 acres) AN EVOLVING AND FLEXIBLE DEVELOPMENT 15-02-103-001 (12.27 acres) PATTERN DEFINES AN URBAN NEIGHBORHOOD 15-02-151-002 (0.16 acres) STATION AREA. URBAN NEIGHBORHOODS 15-02-151-003 (0.16 acres) CONSIST OF MULTILEVEL BUILDINGS THAT ARE GENERALLY LOWER SCALE THAN WHAT IS Utilities: To site FOUND IN THE URBAN CENTER STATION AREA. THE DESIRED MIX OF USES WOULD INCLUDE Zoning: TSA-UN-T Urban Neighborhood Station. Permitted uses: GROUND FLOOR COMMERCIAL OR OFFICE USES Mixed-use, Commercial, Multifamily / Apartments WITH THE INTENT OF CREATING A LIVELY, AC- TIVE, AND SAFE STREETSCAPE. Located within Opportunity Zone Census Tract Transit Oriented Development: Pedestrian Bridge to Light Rail Stop PEDESTRIAN BRIDGE on Jordan River Parkway Trail (12 min walk) PROPERTY OVERVIEW MARK STEEL PROPERTY Seller to demolish existing buildings on site SLC AIRPORT call for offers The property is being offered through a controlled bid process. Call for offer date soon to be announced. Buyer should outline the terms for the purchase within a Letter of Intent format. Upon selection of a Buyer, a draft PSA will be negotiated between parties. Please provide a company bio highlighting similar developments to be attached with the LOI. Offers can be delivered in person, by mail or emailed electronically. Call for offers mark steel property Preferred Offering Guidelines a. Bulk Purchase b. Purchase Price c. Earnest Money Deposit MARK d. Municipal Approval Time-frame STEEL e. Closing Time-frame PROPERTY Following the submission of the Proposals, the Seller and CBRE may (or may not) elect to negotiate with any prospective purchaser(s) whose agreement(s) are judged to be most attractive to the Seller, based on Seller’s sole and absolute discretion. At any time prior to entering into a Sale and Purchase Agreement, the Seller may request additional information from interested parties relevant to the transaction. PROPOSALS SHOULD BE SENT TO THE FOLLOWING ADDRESS: CBRE ATTN: PATRICK JUHLIN 222 SOUTH MAIN STREET, 4TH FLOOR SALT LAKE CITY, UT 84101 T: 801 869 8005 [email protected] PROPERTY OVERVIEW MARK STEEL PROPERTY public utilities NAVAJO ST 200 NORTH 200 Located within Opportunity zone 3 TAX INCENTIVE BENEFITS TEMPORARY DEFERRAL OF (CAPITAL) GAIN - Applies to any (capital) gain from the sale or The Opportunity Zone is a federal tax incentive program exchange of any property to an unrelated person that drives re-development in designated census tracts. SITE - $6 Trillion of potential eligible capital The Mark Steel Property is located within a designated area that qualifies for Opportunity Zone funds. Opportunity PARTIAL REDUCTION OF DEFERRED GAIN Zones are a new community development program estab- - Income Tax is still paid on a large portion of lished by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban the Deferred Gain and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest CENTRAL FORGIVENESS OF ADDITIONAL GAIN their unrealized capital gains into Opportunity Funds that - Applies to the appreciation in the investment are dedicated to investing into Opportunity Zones desig- BUSINESS nated. DISTRICT Property Overview Mark Steel Property deferral, partial reduction, and forgiveness of additional gains Opportunity zone highlights *Deferred gain Basis is equal Example recognized on to Fair Market Dec. 31, 2026 Value • Investor sells property for $30M ($20M of long term capital gain) on July 1, 2018 (1031 Exchange) Forgiveness of gains on • Investor invests $20M in an interest in an Opportunity Fund on sale appreciation of September 1, 2018. investment - Does not need to invest the entire $30M Basis increased Basis increased by 10% of the by 5% of the • December 31, 2026: deferred gain deferred gain - Investor’s tax basis in the O-Fund was increased by $3M investment (15% of $20M) Up to 90% taxed Up to 85% taxed *$2M on September 1, 2023, and $1M on September 1, 2025 HOW DO TAXPAYERS BENEFIT? - Investor has to pay tax on $17M long-term capital gain TAXPAYERS CAN DEFER AND PO- • September 2, 2028: TENTIALLY REDUCE TAXATION - Investment in the O-Fund has appreciated from $20M to $60M ON (CAPITAL) GAINS BY MAKING ($40M in potential gain) TIMELY INVESTMENTS IN OPPOR- held for 5 years held for 7 years held for 10 years - If the investment in the O-Fund is sold, then there is no taxable TUNITY FUNDS WHICH INVEST IN gain on the $40M of appreciation OPPORTUNITY ZONE PROPERTY. 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 PROPERTY OVERVIEW MARK STEEL PROPERTY The Mark Steel Property will offer future residents restaurants, entertainment venues, shopping and the convenience of being minutes to several major access to Vivint Smarthome Arena, the Gateway, freeways, amenities, workplaces and all that Utah City Creek and Main Street. FAIRPARK STATION has to offer. A major draw to all who call Utah home is the TRAX FAIRPARK STATION IS The Salt Lake International Airport is only minutes abundance of outdoor activities and the ease in EASILY ACCESSIBLE FROM away, serving more than 23 million passengers which they are accessed. Hiking, skiing, camping, THE JORDAN RIVER PARK- annually and is ranked the 24th largest airport in biking, fishing, boating and the majestic mountain WAY TRAIL, JUST NORTH OF the country. Currently under renovation, Phase I ranges of the Wasatch Front are within a 20 to 30 THE PROPERTY ON NORTH will open in 2020. min drive. TEMPLE MAKING THE DAILY COMMUTE OR NIGHT ON THE Location overview Mark steel property Downtown Salt Lake, which is a popular lifestyle TOWN A SIMPLE 12 MINUTE destination, offers a wide variety of acclaimed WALK ALONG THE RIVER. Pleasant View Ogden Ogden LEGEND Roy TRAX Blue Line 701 Multi-Day Parking TRAX Red Line 703 Day Parking Clearfield TRAX Green Line 704 Free Fare Zone S-Line Streetcar 720 FrontRunner 750 Layton 801-743-3882 (RIDE-UTA) rideuta.com rideuta Farmington Woods Cross Arena Temple Square overview location Airport Power Fairpark University Planetarium City Center Salt Lake City Medical Center Jackson/Euclid North Temple Bridge 1940 W. North Temple Old GreekTown Gallivan Plaza Salt Lake Central Fort Douglas Library Trolley 900 East Stadium South CampusUniversity Courthouse West Valley City 900 South Ballpark River Trail Central Pointe South Salt Lake City300 East 500 East 700 East Sugarmont Fairmont Redwood Junction Millcreek Decker Lake West Valley Central Meadowbrook South Salt Lake Murray North Murray Murray Central Fashion Place West Bingham Junction Midvale Fort Union Historic Gardner Midvale Center West Jordan West Jordan City Center Midvale Sugar Factory Rd. Historic Sandy Jordan Valley Sandy Expo Sandy 4800 W. Old Bingham Hwy. 5600 W. Old Bingham Hwy. Sandy Civic Center South Jordan Pkwy. South Jordan Crescent View Daybreak Pkwy. South Jordan Draper Kimballs Lane Lehi Draper Town Center Draper American Fork Orem Central Provo Central Provo 600 NORTH Salt Lake International Airport CAPITOL J perfectly positioned o rd a BUILDING n R ive r & Jo rdan Ri ve r P ar kw UTAH STATE ay T FAIRPARK r a il NORTH TEMPLE TRAX TRAX POWER FAIRPARK TEMPLE STATION STATION SQUARE SALT CITY THE REDWOOD RD REDWOOD PALACE CREEK GATEWAY AADT 154,000 SITE WEST 1000 AADT 71,000 300 WEST 300 STATE STREET STATE AADT 22,000 AADT CENTRAL BUSINESS 400 SOUTH DISTRICT TRAX GREEN LINE AADT 95,000 AADT 239,000 TRAX BLUE LINE TRAX RED LINE UTA FRONTRUNNER Location overview The Mark Steel Property is in a location that will give its residents access to much of Salt Lake City within a 10 minute drive. Downtown Salt Lake City, Salt Lake International Airport, Sugarhouse, Liberty Park, Trolley Square, the State Capitol, City Creek and Temple Square, Library Square and the University of Utah are all within 10 minutes by car. The Gateway, Salt Palace, International Peace Gardens, Vivant Smart Home Arena, Frontrunner, The Depot and the Farmer’s Market at Pioneer Park are all mark steel property within a 5 minute drive. Within 2 minutes, residents can reach the Jordan River Parkway Trail, Utah State Fairpark, TRAX, Red Iguana 2, and Sherwood Park. location overview location LOCATION OVERVIEW MARK STEEL PROPERTY JORDAN RIVER PARKWAY BRIDGE THE 270 FOOT ARCH BRIDGE SPANS BRIDGE THREE MAINLINE RAILROAD TRACKS, CONNECTING RAMPS AND CONNECT- adjacent to Jordan River parkway ING ASPHALT TRAIL SECTIONS. THE RAMP AND BRIDGE WAS THE FINAL STAGE OF THE JORDAN RIVER TRAIL WHICH HAD BEEN PLANNED SINCE Flowing north from Utah Lake and emptying into The Great Salt Lake, the Jordan River is about 51 miles long.