Economic Development Update econdev.orem.org OREM ECONOMIC - - PowerPoint PPT Presentation

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Economic Development Update econdev.orem.org OREM ECONOMIC - - PowerPoint PPT Presentation

Sep 20, 2022 378 likes •975 views

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%

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SLIDE 1

OREM ECONOMIC DEVELOPMENT

Economic Development Update econdev.orem.org

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SLIDE 2

2016 POPULATION (U.S. Census Bureau Estimates) Largest Population Increase from 2015 to 2016 1) Herriman 4,548 14.75% 2) Orem 3,166 3.36% 3) Lehi 2,702 4.62% 4) South Jordan 2,521 3.79% 5) SLC 2,306 1.20% 6) St. George 2,189 2.73%

Utah's Largest Cities, 2016 1) Salt Lake 193,744 2) West Valley 136,574 3) Provo 116,868 4) West Jordan 113,699 5) Orem 97,499 6) Sandy 95,836 7) Ogden 86,701 8)

  • St. George

82,318 9) Layton 75,655 10) South Jordan 69,034

2010 to 2016: Orem 10.4% or 9,171 Utah County 14.6%

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SLIDE 3

RESIDENTIAL BUILDING PERMITS

Year Single Family Residential Value Condo or Townhome Units Value Multifamily 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

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COMMERICAL BUILDING PERMITS

Year Commercial / Industrial Value Commercial Addition

  • r 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

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SLIDE 5

BUSINESS STATISTICS (Post Recession) 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

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SLIDE 6

OREM REVOLVING LOAN FUND 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
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SLIDE 7

BUSINESS LOANS OF UTAH (BLU) 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
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SLIDE 8

UVU BUSINESS RESOURCE CENTER – 815 West 1250 South

  • Business Incubator

 Below Market Rent  Counseling  Classes  Collaboration

  • Free Business Assistance

 Counseling  Classes  Advice  Available to Anyone

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SLIDE 9

BUSINESS RESOURCE CENTER INCUBATOR pura scents Parrot Teleprompter PerkNow

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SLIDE 10

CITY OF OREM

RECENTLY COMPLETED

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OREM BUSINESS PARK FLEX WAREHOUSE

  • Two Buildings
  • 33,000 SF each
  • 1471 West 1250 South
  • For Lease Units
  • 3,000 to 6,000 SF Units
  • Only Six of 20 units available
  • rembusinesspark.com
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SLIDE 12

SUN CANYON VILLAS – 464 S State Street

  • Mixed Use
  • Four Commercial Units
  • 2,200 SF each
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SLIDE 13

MEDICAL OFFICE BUILDING – 155 S Orem Blvd

  • 9,600 SF
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SLIDE 14

EL POLLO LOCO – 64 East University Parkway

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SLIDE 15

TIMP CREEK CROSSING – 130 S State Street

  • ??
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SLIDE 16

IDRIVE – 1920 North State Street

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SLIDE 17

KELLER WILLIAMS REALTY – 1002 N 1200 W

  • 21,500 SF
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UPS FACILITY EXPANSION – 573 North 1500 West

  • 90% of pick-up and delivery

volume is out-of-state

  • Only Utah County facility
  • 19,000 SF addition
  • Projected to add 150 Jobs in 5 years
  • $7.1 million capital investment
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SLIDE 19

WW CLYDE HEADQUARTERS – 869 North 1500 West

  • Headquarters
  • 26,300 SF
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SLIDE 20

CITY OF OREM

PROPOSED PROJECTS

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SLIDE 21

TRAFALGA PROPERTY – 168 South 1200 West

  • 3-Story
  • 61,000 SF
  • I-15 frontage
  • Building plans underway
  • Summer 2018 groundbreaking
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SLIDE 22

DOWNEAST HOME & CLOTHING – CAFÉ RIO – 40 W Center Street

  • Former Chuck E. Cheese’s
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SLIDE 23

THE HUB – 1420 West 800 South

  • 269 Units
  • 1,060 Beds
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SLIDE 24

UNIVERSITY DOWNS – 1240 W University Parkway

  • Proposed

student housing project

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SLIDE 25

PALOS VERDE – 960 South 500 West

  • 450 Units
  • 1,605 Beds
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SLIDE 26

PALOS VERDE – 960 South 500 West

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SLIDE 27

PALOS VERDE – 960 South 500 West

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SEQUOIAS EVENT CENTER – 1886 S Geneva Road

  • Corporate Events
  • Destination Weddings
  • Almost 30,000 SF
  • 20 Acres
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SEQUOIAS EVENT CENTER – 1886 South Geneva Road

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MEADOW GOLD CAMPUS – 841 S State Street

  • Owner: Southern Foods Groups
  • 4.17 Acres
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SLIDE 31

CITY OF OREM

UNDER CONSTRUCTION

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SLIDE 32

BRENT BROWN TOYOTA – 1400 S Sandhill Road

  • 9 new service bays
  • Additional Parking
  • 10 new jobs

Expansion Parcel

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BRENT BROWN TOYOTA

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SLIDE 34

BRENT BROWN TOYOTA

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GARFF HONDA – 195 E University Parkway

  • Convert VW to Honda
  • New
  • Showroom
  • Service Reception
  • Service Bays
  • Quick Lube
  • Vehicle Delivery Center
  • 23 new jobs by 2019
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SLIDE 36

GARFF VW – 115 E University Parkway

  • Convert Honda to VW
  • Remodel
  • Showroom
  • Service Reception
  • Shop
  • 16 new jobs by 2018
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SLIDE 37

ZAOS ASIAN & BLAZE PIZZA – 1352 S State Street

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SLIDE 38

QUICK QUACK CAR WASH – 1588 N State Street

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SLIDE 39

STEWARTS LAWN TREES PESTS – 391 S Vineyard Road

  • 1.62 Acres
  • 13,000 SF

Building Pad

  • 2-Story Office

and Warehouse

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SLIDE 40

SIMTEK FENCE EXPANSION – 1330 West 400 North

  • 38,000 SF
  • 30’ Height
  • Over 100,000 SF after expansion
  • Two new manufacturing lines
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SLIDE 41

CASCADE OFFICE PARK – 800 North 1000 East

  • Two Buildings
  • 23,000 SF each
  • Site is under construction
  • Five of seven suites in

building one preleased

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SLIDE 42

NORD ORTHODONTICS – 809 S State Street

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SLIDE 43

SUPERIOR STORAGE – 1030 N State Street

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UVU ARTS BUILDING

  • 130,000 SF
  • $54 Million
  • Concert Hall
  • Proscenium Theater
  • Dance Hall
  • Choral Ensemble Venue
  • Practice Rooms
  • Admin. Offices
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SLIDE 45

MIDTOWN 360 – 360 S State Street

Pancake and Steakhouse Asado Argentinian Grill & Café Expansion

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MIDTOWN 360

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SLIDE 47

MIDTOWN 360 WEST BUILDINGS

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SLIDE 48

CITY OF OREM

UNIVERSITY PLACE

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UNIVERSITY PLACE – PARKING GARAGE

  • Phase 1 – 676 parking stalls
  • Phase 2 – 434 parking stalls and

extends to the west

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SLIDE 50

RESIDENCES @ PARKSIDE

  • Exterior of

Parking Garage

  • 70 Units with

42 Garages

  • Retail on the

main level

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SLIDE 51

UNIVERSITY PLACE RETAIL

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SLIDE 52

UNIVERSITY PLACE RETAIL

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SLIDE 53

UNIVERSITY PLACE OFFICE

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SLIDE 54

THE ASTON NORTH

  • East of Costco
  • 129 Units
  • Three Retail Units
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SLIDE 55

UNIVERSITY PLACE

  • Now Open
  • Office

building is fully leased

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SLIDE 56

UNIVERSITY PLACE CONCEPT VIDEO

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SLIDE 57

CENTENNIAL CELEBRATION

  • ??
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SLIDE 58

CONTACT INFORMATION

Ryan L. Clark 801-229-7172 rlclark@orem.org econdev.orem.org