Mar. 21, 2007

  

A Publication of the Economic Development Corporation of Utah
CEO Jeff Edwards

PRESIDENT'S

MESSAGE

'Downtown Rising'
a Far Reaching Plan

This is an important moment in our history. As a community, we face many complex challenges including that of extraordinary growth. The long-term economic viability of Utah’s economy depends on the kind of far reaching thought that is expressed in the Downtown Rising plan, including transportation, employment, and quality of life.

Today’s feature article discusses the long-anticipated launch of the Downtown Rising plan. As the Chair of the Downtown Rising Business Incentive Committee, I believe we have created a plan that will develop a stimulating environment that accurately reflects our individual and community values and truly showcases Utah’s capital city, Salt Lake.

In addition, this issue of the Economic Review includes links to many of the ED-related news stories from the past week. If you have comments, suggestions or topics you’d like to see in the Economic Review, please contact us by clicking the “Comments” link on the bottom of this page.

Enjoy!

Jeff Edwards
Jeff Edwards
President and CEO

The "Park Avenue" view of the Salt Lake City skyline.
Illustration: Paul Brown
 

FEATURE

Downtown Rising: It’s Bold.
It’s Exciting. It’s Launched!


“Downtown Rising,” a bold, lofty, long-range plan for the future of downtown Salt Lake City took center stage this morning as more than 200 business and community leaders gathered in the City Center Marriott Hotel to celebrate the initiative’s official launch.

“It’s not very often in any community when the governor, the mayor, and the county mayor come together to discuss the future of the capital city,” says Natalie Gochnour, vice president of policy and communications for the Salt Lake Chamber of Commerce.

The Downtown Rising launch is certainly timely—thanks to a very strong economy, attractive business fundamentals and visionary business leaders. More than $2 billion will be invested in a ten-block area downtown during the next five years, transforming the city’s skyline and shaping its future for decades to come. See the project list here.

A Guide for Future Development

And that’s just the start. “We know commercial development and revitalization projects will continue,” says Gochnour. “The Downtown Rising initiative will guide how government and business leaders focus and invest money in future development projects within the capital city for the next 40 to 50 years.”

The Downtown Rising initiative envisions a capital city with six distinct character districts, a permanent open pavilion market, a flagship metropolitan fitness center and public gymnasium, a world trade center, a conflict resolution center, an international institute, a “range to river” network of paths, parks, and trails that loop downtown, and “street character.”

Regarding the street character, the Downtown Rising vision states:

10 Aspirations

Such possibilities are all part of 10 aspirations to be considered as government and business leaders plan developments within the city. Those aspirations include:

A Statewide Vision

Gochnour emphasizes that Downtown Rising is a statewide vision, not a Salt Lake City vision. “It’s important that we recognize the importance of the capital city and its connection to all of the communities in the state. All Utahns have a stake in the future of Salt Lake City and the region will thrive best with a healthy capital and healthy suburbs,” she says.

The Downtown Rising vision was 10 months in the making, with significant involvement from business, civic, and government leaders, public announcements, drafts, surveys and outreach at every step. Gochnour says the Downtown Rising website has received more than 3 million hits since it went online.

As the Downtown Rising vision states: “We have a remarkable capital city, born as a master-planned community, located in a stunning natural setting, and endowed with prime economic and cultural assets. Salt Lake City is on the rise and has the potential for greatness. With spirited commitment and entrepreneurial energy, we commit our collective efforts to make the Downtown Rising vision a reality and invite others to join us.”

Downtown Rising website
Who’s Involved
 

International Luxury Brand Opens Flagship Boutique in Salt Lake City


After 30 years serving the international luxury corners of the world, Korloff has selected Salt Lake City for the location of its first exclusive Korloff boutique in the United States. The flagship U.S. boutique opened in the Utah capital in early February. At 2,000 square feet the boutique is presently the largest in the world and is anticipated to serve as the U.S. headquarters and training facility for all future U.S.-based Korloff boutiques.

Salt Lake City became the city of choice for Korloff after research revealed that the city holds a strong and dynamic luxury market, which is often overshadowed by an ultraconservative perception of the city and state. Furthermore, when comparing Salt Lake City to the typical luxury cities in the U.S., its economics were by far the most compelling.

“We anticipate that Salt Lake City will become recognized as one of the strongest economies in the U.S., and that Korloff's early entrance into the city will allow us to establish ourselves within the community before other luxury brands take notice,” says Chris Meek, Vice President of Business Development. "In addition, Korloff's chairman fell in love with the city during his visit over the 2002 Olympic Winter Games held in Salt Lake City. He fell in love with the warmth of the people and character of the city."

CALENDAR

Mar. 22:

Governor's Economic Summit, Grand America Hotel.

April 12-13:

Utah League of Cities and Towns Conference (St. George)

April 11:

EDCUTAH Ribbon Cutting Ceremony and Open House

April 29-May 2:

CoreNet (Denver)

May 6-9:

BIO 2007, Boston

June 6-8:

The New West Summit, in Big Sky, Montana will bring together business leaders, entrepreneurs, politicians, journalists, academicians, and engaged citizens to talk about the future of the Rocky Mountain West.

June 20:

EDCUTAH Golf Tournament

IN THE NEWS

Economic Development Headlines

Economist Puts Utah 5th on Pro-Business List

- Utah ranked fifth in a poll of "pro-business" states conducted by economist and corporate relocation expert Ronald R. Pollina. The “Pollina Corporate Top Ten Pro-Business States 2007: Keeping Jobs In America," a state-by-state evaluation of the job creation and retention efforts, ranked Virginia first. California was last. (Morning News)

Downtown Rising: Vision of What S.L. Might Become is Unveiled

- Six community districts, eight "signature projects" and one big vision. The Salt Lake Chamber and Downtown Alliance unveiled their vision for Utah's capital city Tuesday, a blueprint connecting mountains and metropolis, communities and cultures, residents and guests.
(Morning News) (SL Tribune) Related stories (Morning News) (SL Tribune)

Jobless Rate the Lowest Since '53

- Utah's economy continued to outpace the nation's last month, resulting in a 2.3 percent unemployment rate that ties a record low for February set more than a half-century ago. (SL Tribune)

Governor's Signature Creates WSU/USU Engineering Partnership

- Sporting a St. Patrick's Day green tie, Gov. Jon Huntsman sat at a table flagged with "Wildcat" purple and used the power of his pen to transform nine more bills into law. The ceremonial signing took place before a crowd of about 150 community business leaders at the Weber State University-Davis campus in Layton. (Standard-Examiner)

Utah Entrepreneur To Win $100k Business Investment

- One lucky entrepreneur from Utah is about to win a 100 thousand dollar investment in his or her company. A funding competition is being held as part of the Governor's inaugural Utah Economic Summit. Five finalists have been selected from more than sixty hopefuls to publicly present their business models to a panel of Angel investors. Those investors will award a $100,000 equity investment to the winner's company. (KCPW)

Trust-lands Agency Creates Controversy in Utah's Dixie

- Utah's trust-lands managers got into the development game here a little over a decade ago, intent on creating a new, cutting-edge avenue to enhance revenues on behalf of the state's schoolchildren. For the School & Institutional Trust Lands Administration, though, the line between "cutting-edge" and "controversial" has been razor thin in Washington County. (SL Tribune)

Editorial: A Resurgent Ogden

- Seven years ago, in April 2000, Ogden's new mayor, Matthew Godfrey, signed on to the idea that the Weber River near the city's Fort Buenaventura could be the site of a great little kayak park. A month or so later, Godfrey went public with his desire to resurrect the proposal to build a tram up the side of Mount Ogden. Public scorn followed -- as it had greeted every suggestion of a tram or gondola by several of the new mayor's predecessors; still, Godfrey never backed down. (Standard-Examiner)

Development Chief Hails Economic Gains

- David Simmons joined the Board of Business and Economic Development 14 years ago at a time when the state's economy "was in reasonably good shape." But Friday, in his final meeting as a member of what is now the Governor's Office of Economic Development Board, he marveled at the economy's growth during the past decade-plus. (Morning News)

Financial Services Company Moves HQ from California to Utah

- Following the acquisition of Salt Lake City-based Pacific Financial Lending Inc. by Lodi, Calif.-based Pacific Financial Solutions Inc., (PFUO), the company has moved its corporate headquarters from California to Midvale.  (SL Enterprise)  

Call Center Moves, Expands Will Hire 100 More Employees

- The U.S. call center for Edutrades, an investor education company dedicated to leveling the playing field between the market pros and the individual investor, has relocated from Draper to Murray, more than doubling in size.  (SL Enterprise)   

"Life Elevated" Campaign Focusing on Warm Spots in Utah

- A tourism study a couple of years ago found most travelers don't know icons like Delicate Arch are located in Utah. So, the Office of Tourism hopes its marketing campaign will increase national awareness over Utah's hot spots. The greatest snow on earth is a definite tourist attraction for Utah, but a new ad campaign is focusing on Utah's warm-weather options. (KSL) (SL Tribune)

Resort Plans Rile Beaver Residents

- Margaret Wellman loves the laid-back pace. She loves her neighbors' down-home values. She loves trekking up the canyon and hiking or dirt-biking on trails that lead to luscious lakes and forest streams. In short, she loves Beaver County. (SL Tribune)

Big Changes in Store for Downtown Provo

- The changes coming to Historic Downtown Provo aren't cosmetic touch-ups. (Morning News)

PG's Gateway Now "The Grove"

- Pleasant Grove, to avoid confusion with other cities' gateway developments -- Salt Lake City and Saratoga Springs -- changed the name to The Grove. Pleasant Grove City Council members approved an overhaul of the Gateway Zoning District earlier this month. The first change was the name of the area. (Daily Herald)

New Davis Chamber CEO Hits the Ground Running

-The Davis Chamber of Commerce's new CEO may have found his ideal job. John Pitt is running around on a full schedule, networking, training, soliciting memberships, coordinating activities and producing Davis Cable Channel 17. (Morning News)

Real Investor Goldman Sachs Pulls Out

- Big-time investment firm Goldman Sachs has pulled out as an investor in Real Salt Lake and its soccer stadium. The global financier's real-estate arm, Whitehall, was going to own a 50 percent share of the team with Real owner Dave Checketts' company Sports Capital Partners. (Morning News) (SL Tribune)

Councilors Finalize Port 15 Deal

- Cedar City councilors, acting as the Redevelopment Agency, unanimously approved the final agreement for the Port 15 Economic Development Area during their meeting Wednesday. (The Spectrum) 

North Park to Boost Sp. Fork Finances

- When the new stores and restaurants at North Park open their doors, they will represent more than shopping and dining opportunities for Spanish Fork residents. It will be a financial windfall for the city as well.  (Daily Herald)

Venture-Capital Funding in Utah Plunges 31%

- Venture capital funding in Utah fell 31 percent in 2006 compared to the previous year, according to a new report by the MountainWest Capital Network. (Morning News)

Convention Sales Rose 16% in '06

- It was a year of record numbers, an expanded facility and unprecedented returns. But there's still work to do. The Salt Lake Convention & Visitors Bureau reported Thursday that its sales topped $330 million in 2006, and that it set records in the number of conventions and meeting delegates in Salt Lake last year. (Morning News) (SL Tribune)

Utah Rolling Out Ads

- Utah tourism officials are primed to strut the state's stuff to potential spring and summer tourists from out of state. Television, print and online ads are the linchpins of a $3.4 million campaign that begins Monday and highlights Utah's natural beauty and myriad activities available for folks spending time and money in the state.  (Morning News here and here)  

Delays for NSL Gravel Pit Development

- The city’s proposed Village Center will have to wait a little longer before it looks like anything but an old gravel pit. Preliminary site plans for the proposed development, which include engineering and sewer plans, are now expected to be complete March 31 instead of the originally stated date of March 15. (Clipper Today)

Falls Tram May Rise Again

- Nearly 12 years have passed since the Bridal Veil Falls tram was so popular that people waited in two-hour long lines for a trip on the "world's steepest tram." But if the nostalgic ride, which stopped functioning in 1996, is resurrected in 2008, its attendance could reach higher numbers than ever with almost twice as many visitors as before, according to a recent feasibility study by Lewis, Young, Robertson and Burningham, a Salt Lake City-based investment banking firm. (Morning News) (SL Tribune)

Gov. Huntsman to Address Event

- Gov. Huntsman was the keynote speaker for the Northern Utah Business & Economic Summit, Friday, March 16. The Davis Chamber of Commerce sponsored the event. (Clipper Today)

Utah's Gas Prices Rising; Remain Lower Than Rest of Country

- As the temperatures rise, gas prices are not far behind, reports AAA Utah, which tracks fuel costs as a service to consumers.  (Utah Business Magazine)

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