Commercial Developers Finding Value In Mixed Use

A tax-increment financed mixed-use mall redevelopment is showing signs of success in suburban Salt Lake City, Utah, raising nearby property values and indicating a trend amongst commercial developers who are finding profit by mixing uses.

"The $552 million redevelopment of Cottonwood Mall in Holladay, Utah..., is rapidly moving forward. The project represents a shift towards mixed-use development by General Growth Properties (GGP), the nation's second largest mall owner."

"GGP is negotiating to set up a tax-increment financing (TIF) district to pay for an estimated $65 million in infrastructure for the project and $10 million in off-site improvements, according to Spencer Angerbauer, developer with GGP. The difference between that amount and what the development would be paying - the 'increment' - could then be applied to pay off the infrastructure bonds, he explained. In the meantime, the city benefits from sales tax and the "halo effect" of rising property values in the area, he says. Talk of the site's redevelopment already caused nearby property values to rise, according to a recent article in The Salt Lake Tribune."

Thanks to The Intrepid Staff

Full Story: General Growth moves ahead on Utah urban center

Comments

Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
AICP CTP Storefont Display

The first online AICP* CTP exam prep class

Are you ready to take the AICP* Certified Transportation Planner exam?
Priced at $245 for May exam!
Book cover of Contemporary Debates in Urban Planning

Contemporary Debates in Urban Planning

Featuring thought-provoking commentary and insights from some of the leading thinkers and practitioners in the field.
$18.95
Book cover of Unsprawl

Unsprawl: Remixing Spaces as Places

Explore visionary, controversial and ultimately successful strategies for building people-centered places.
Starting at $12.95