Future of Downtown SLC is Bright
The future of downtown Salt Lake City is looking bright, according to the Downtown Alliance’s annual economic report.
The report shows that downtown Salt Lake City is in the midst of a residential housing boom due mostly to years of unsatisfied demand.
“People want to live downtown area," says Jason Mathis. "That’s really across all economic levels. Poorer people, middle income people and wealthier people all are interested in living downtown.”
Mathis is the executive director of the Downtown Alliance.
“It’s driven really by the retail environment, the entertainment environment in downtown, and by the opportunities for employment.”
Retail sales in downtown totaled more than $800 million in 2014. That broke the previous record high set just last year. Restaurants and bars provided more than 40% of that amount.
Corey Johnson is vice president of the Wasatch Residential group. He says demand for housing in downtown has been really high, but as for the future, “We’re nervous. We’re cautiously optimistic. So, we’re trying to be smart, but there is a lot of supply coming.”
The report also highlighted several current and future commercial developments, such as 111 Main and the redevelopment of Regent Street, that Mathis says are vital to the continued success of downtown.