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OREM, UT-A Salt Lake City-based limited liability company is offering Midtown Village, a 1.4-million-square-foot, partially completed, mixed-use condominium project here for sale. The price is open bid.
“This is a great opportunity for an investor to purchase a marquee property in Utah County,” says Daniel Shin, a senior associate in Marcus & Millichap’s Salt Lake City office, which is representing the seller. Shin adds that the Midtown Village project is located on a 10.3-acre site approximately 1.4 miles from University Mall, a 1.5-million-square-foot regional shopping center, and that the completed project will consist of four buildings featuring a mix of condominium, office and retail space. “In one building—the South Tower—37 condominium units have been completed and seven have been sold.”
Shin tells GlobeSt.com that the seller, MVP Management LLC, has owned the property for two months. He adds that the price is undisclosed, but "we are getting a lot of interest from national and local investors that are eager to finish this project."
The four buildings of Midtown Village include:
- Icon Office Building, the fully completed asset in front of the property consisting of 4,493 square feet of leasable office space.
- South Tower, a seven-story tower slated to include 79 residential units, 27,863 square feet of retail space and 39,943 square feet of office space. Seven Twelve Pizzeria has occupied 1,600 square feet on the ground level of this tower since 2008, and Equinox IT Services occupies 3,523 square feet on the second level; two levels of underground parking are available.
- North Tower, a second seven-story mixed-use tower whose exterior shell has been completed. The North Tower will include 77 residential units, 29,009 square feet of retail space and 38,101 square feet of office space and will also offer two levels of underground parking.
- West Tower, a 2.61-acre site that has been partially excavated and which is in the last phase of construction. Once completed, the West Tower will consist of 171 residential units, 38,279 square feet of retail space, 38,279 square feet of office space and nearly 8,000 square feet of space for an indoor pool area.
The development is located at 320 South State St., a major north-south corridor that runs from downtown American Fork into Provo. University Parkway, which is lined with street-level retail, is a few blocks from the property. I-15, the main freeway running along the Wasatch Front through Utah County and into Southern Utah, is approximately two miles away. Wasatch Front is a metropolitan area along the Wasatch Range that includes Salt Lake City, Provo, Ogden and approximately 80% of Utah’s population.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
