October 13, 2008
Two New Neighborhood Mixed-Use Projects Planned in Sugar House
By Rattle, Barbara
Salt Lake City real estate developer Rinaldo Hunt has two new projects planned in the Sugar House area, both of them neighborhood mixed-use developments.Ground should be broken in approximately two weeks at 1709 E. 1300 S. for The Market on 13th on the site of a former gas station that has been demolished. The lot, which measures approximately 20,000 square feet, will soon become home to a two-story, 17,200 square foot building with underground parking, Hunt said. Retail, restaurant and possibly medical office uses are slated for the ground level, with office space above. Hunt said he has already secured three tenants that will occupy approximately 65 percent of the building; he declined to divulge their identities other than to say they are all local businesses.
"That's the idea of the neighborhood retail mixed-use project," he said. "You want your neighborhood to support local businesses. In that area, local businesses generally thrive."
On the remaining three corners of the project site intersection are Emigration Market, Jolley's Pharmacy and Eggs in the City, all locally owned.
Dutson Builders is the general contractor on the project, designed by KP2 Architects.
A second project planned by Hunt is located west of the building he developed and leased to the Blue Boutique store at 1383 E. 2100 S. Hunt said he plans to break ground in late spring or early summer of next year at 1325 E. 2100 S., currently home to some aging single- level apartments.
Hunt said he plans to replace the apartments with a 22,800 square foot building with residential condos above ground and retail/ restaurant space for sale on the ground level. Entitlements still must be obtained; Hunt said he is working with the Salt Lake City Planning Commission and probably will make a presentation to the Sugar House Community Council in October or November.
All of his projects are Energy Star rated, and he is pursuing LEED certifications on others, Hunt said.
"Neighborhood mixed-use high density infill is my specialty," said Hunt, a resident of the 15th and 15th neighborhood of Sugar House. "I think I can honestly say that I'm the only developer on the east side, east of 1300 East, doing any type of green urban infill. I think they're trying to achieve some LEED certification at some of those other projects in downtown Sugar House, but those are on a larger scale and they're not community-minded. Even though they add to the community and give people an option, most of the tenants are national chains. So it supports commerce insomuch as it increases the property values and employs local people, but in regard to actually having locally owned tenants, I just make sure that we fit local businesses into neighborhoods and keep that aspect going because a big part of those east side neighborhoods is the local commerce.
"If I can give east side residents an opportunity to retail, office or eat close to their home, then they're going to drive less and, in doing so, it's going to lower everyone's carbon footprint. That's why I really like to develop urban density or urban infill because it allows people to use automobiles less, walk more and get more involved in their communities."
Hunt said he is trying to reach a total asset value of between $80 million and $90 million, in terms of investment dollars, on the east side of the valley.
Copyright Enterprise Business Newspaper Inc. Sep 22, 2008
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