Economic Development Update econdev.orem.org OREM ECONOMIC DEVELOPMENT
Largest Population Increase from 2015 to 2016 Utah's Largest Cities, 2016 1) Salt Lake 193,744 1) Herriman 4,548 14.75% 2) West Valley 136,574 2) Orem 3,166 3.36% 3) Provo 116,868 4) West Jordan 113,699 3) Lehi 2,702 4.62% 5) Orem 97,499 6) Sandy 95,836 4) South Jordan 2,521 3.79% 7) Ogden 86,701 5) SLC 2,306 1.20% 8) St. George 82,318 6) St. George 2,189 2.73% 9) Layton 75,655 10) South Jordan 69,034 2010 to 2016: Orem 10.4% or 9,171 Utah County 14.6% 2016 POPULATION (U.S. Census Bureau Estimates)
Condo or Single Family Townhome Multifamily Year Residential Value Units Value Units Value 2012 62 $ 18,545,881 61 $ 10,709,369 8 $ 1,759,065 2013 59 $ 20,797,236 38 $ 7,501,951 4 $ 913,364 2014 101 $ 32,350,914 126 $ 24,101,308 843 $ 98,144,200 2015 108 $ 34,828,960 14 $ 2,568,136 819 $ 98,002,640 2016 76 $ 29,059,689 38 $ 7,694,766 243 $ 40,124,911 2017 76 $ 30,071,071 126 $ 22,194,686 197 $ 27,530,241 Totals 482 $ 165,653,751 403 $ 74,770,216 2114 $ 266,474,421 RESIDENTIAL BUILDING PERMITS
Commercial Addition Year Commercial / Industrial Value or Remodel Value 2012 7 $ 9,090,436 169 $ 12,735,618 2013 19 $ 29,617,010 188 $ 17,949,396 2014 16 $ 10,429,165 174 $ 16,688,652 2015 15 $ 53,513,319 262 $ 18,883,735 2016 17 $ 24,615,339 171 $ 18,548,631 2017 18 $ 34,457,908 201 $ 17,410,023 Totals 92 $ 161,723,177 1165 $ 102,216,055 COMMERICAL BUILDING PERMITS
Commercial Business Licenses 2013 2,505 Low Point 2017 2,826 +321 Number of Employees Reported 2010 26,951 Low Point 2017 30,311 +3,360 BUSINESS STATISTICS (Post Recession)
Last Resort Business Loans Requires creation of one job for every $35,000 borrowed • Requires 2:1 matching funds • $80,000 maximum amount • Six month to three year repayment • $260,000 available to loan • Current portfolio: $440,000 for nine loans • OREM REVOLVING LOAN FUND
Loans for small businesses unable to acquire financing from traditional financial institutions, but whom BLU determines credit worthy. Participants: Orem, Provo, Spanish Fork, Ogden, Weber County • Managed by the Utah Center for Neighborhood Stabilization (UCNS) • $50,000 to $175,000 loans • Orem has access to $700,000 of lending capacity • First loan is in process • BUSINESS LOANS OF UTAH (BLU)
• Business Incubator Below Market Rent Counseling Classes Collaboration • Free Business Assistance Counseling Classes Advice Available to Anyone UVU BUSINESS RESOURCE CENTER – 815 West 1250 South
pura scents Parrot Teleprompter PerkNow BUSINESS RESOURCE CENTER INCUBATOR
RECENTLY COMPLETED CITY OF OREM
For Lease Units • 3,000 to 6,000 SF Units • Only Six of 20 units available • orembusinesspark.com • Two Buildings • 33,000 SF each • 1471 West 1250 South • OREM BUSINESS PARK FLEX WAREHOUSE
Mixed Use • Four Commercial Units • 2,200 SF each • SUN CANYON VILLAS – 464 S State Street
• 9,600 SF MEDICAL OFFICE BUILDING – 155 S Orem Blvd
EL POLLO LOCO – 64 East University Parkway
• ?? TIMP CREEK CROSSING – 130 S State Street
IDRIVE – 1920 North State Street
• 21,500 SF KELLER WILLIAMS REALTY – 1002 N 1200 W
19,000 SF addition • Projected to add 150 Jobs in 5 years • $7.1 million capital investment • 90% of pick-up and delivery • volume is out-of-state Only Utah County facility • UPS FACILITY EXPANSION – 573 North 1500 West
Headquarters • 26,300 SF • WW CLYDE HEADQUARTERS – 869 North 1500 West
PROPOSED PROJECTS CITY OF OREM
• 3-Story • 61,000 SF • I-15 frontage • Building plans underway • Summer 2018 groundbreaking TRAFALGA PROPERTY – 168 South 1200 West
• Former Chuck E. Cheese’s DOWNEAST HOME & CLOTHING – CAFÉ RIO – 40 W Center Street
• 269 Units • 1,060 Beds THE HUB – 1420 West 800 South
• Proposed student housing project UNIVERSITY DOWNS – 1240 W University Parkway
• 450 Units • 1,605 Beds PALOS VERDE – 960 South 500 West
PALOS VERDE – 960 South 500 West
PALOS VERDE – 960 South 500 West
• Almost 30,000 SF • Corporate Events • 20 Acres • Destination Weddings SEQUOIAS EVENT CENTER – 1886 S Geneva Road
SEQUOIAS EVENT CENTER – 1886 South Geneva Road
• Owner: Southern Foods Groups • 4.17 Acres MEADOW GOLD CAMPUS – 841 S State Street
UNDER CONSTRUCTION CITY OF OREM
• 9 new service bays • Additional Parking • 10 new jobs Expansion Parcel BRENT BROWN TOYOTA – 1400 S Sandhill Road
BRENT BROWN TOYOTA
BRENT BROWN TOYOTA
• Convert VW to Honda • New • Showroom • Service Reception • Service Bays • Quick Lube • Vehicle Delivery Center • 23 new jobs by 2019 GARFF HONDA – 195 E University Parkway
• Convert Honda to VW • Remodel • Showroom • Service Reception • Shop • 16 new jobs by 2018 GARFF VW – 115 E University Parkway
ZAOS ASIAN & BLAZE PIZZA – 1352 S State Street
QUICK QUACK CAR WASH – 1588 N State Street
• 1.62 Acres • 13,000 SF Building Pad • 2-Story Office and Warehouse STEWARTS LAWN TREES PESTS – 391 S Vineyard Road
• 38,000 SF • 30’ Height • Over 100,000 SF after expansion • Two new manufacturing lines SIMTEK FENCE EXPANSION – 1330 West 400 North
• Site is under construction • Five of seven suites in building one preleased • Two Buildings • 23,000 SF each CASCADE OFFICE PARK – 800 North 1000 East
NORD ORTHODONTICS – 809 S State Street
SUPERIOR STORAGE – 1030 N State Street
• 130,000 SF • $54 Million • Concert Hall • Proscenium Theater • Dance Hall • Choral Ensemble Venue • Practice Rooms • Admin. Offices UVU ARTS BUILDING
Asado Argentinian Grill & Café Expansion Pancake and Steakhouse MIDTOWN 360 – 360 S State Street
MIDTOWN 360
MIDTOWN 360 WEST BUILDINGS
UNIVERSITY PLACE CITY OF OREM
Phase 1 – 676 parking stalls • Phase 2 – 434 parking stalls and • extends to the west UNIVERSITY PLACE – PARKING GARAGE
Exterior of • Parking Garage 70 Units with • 42 Garages Retail on the • main level RESIDENCES @ PARKSIDE
UNIVERSITY PLACE RETAIL
UNIVERSITY PLACE RETAIL
UNIVERSITY PLACE OFFICE
• East of Costco • 129 Units • Three Retail Units THE ASTON NORTH
• Office building is • Now Open fully leased UNIVERSITY PLACE
UNIVERSITY PLACE CONCEPT VIDEO
• ?? CENTENNIAL CELEBRATION
Ryan L. Clark 801-229-7172 rlclark@orem.org econdev.orem.org CONTACT INFORMATION
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