economic development update - microsoft...2018/02/02  · residential building permits year single...

OREM ECONOMIC DEVELOPMENT

Economic Development Update

econdev.orem.org

OUTLINE

1. The City2. Business Resources3. Completed Projects4. Under Construction5. Proposed Projects6. University Place

CENTENNIAL CELEBRATION

2017 CITY OF OREM RANKINGS

#1 The Best Places to Live in Utah Time Money

#1 Top 10 Cities for Working Parents Smartasset

#2 Top 10 Places to Trick or Treat Smartasset

#14 The Best Places to Live in America Time Money

#15 Best College Towns & Cities in America WalletHub

#19 The 30 Safest Cities to Raise a Child Safewise

#47 Most Livable: America’s 50 Best Cities to Live 24/7 Wall Street

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 193,7442) West Valley 136,5743) Provo 116,8684) West Jordan 113,6995) Orem 97,4996) Sandy 95,8367) Ogden 86,7018) St. George 82,3189) Layton 75,65510) South Jordan 69,034

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

RESIDENTIAL BUILDING PERMITS

YearSingle 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 

COMMERICAL BUILDING PERMITS

Year Commercial / Industrial ValueCommercial Addition 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 

BUSINESS STATISTICS (Post Recession)

Commercial Business Licenses

2013 2,505 Low Point2017 2,826 +321

Number of Employees Reported

2010 26,951 Low Point2017 30,311 +3,360

CITY OF OREM

BUSINESS RESOURCES

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

BUSINESS LOANS OF UTAH (BLU)

Loans for Small Businesses Unable to Acquire Financing from Traditional Financial Institutions

• 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

UVU BUSINESS RESOURCE CENTER – 815 W 1250 S

• Business Incubator Below Market Rent Counseling Classes Collaboration

• Free Business Assistance Counseling Classes Advice Available to Anyonewww.uvu.edu/brc

BUSINESS RESOURCE CENTER INCUBATOR

purascents

ParrotTeleprompter

PerkNow

CITY OF OREM

COMPLETED PROJECTS

OREM BUSINESS PARK FLEX WAREHOUSE

• Two Buildings• 33,000 SF Each• 1471 W 1250 S

• For Lease Units• 3,000 to 6,000 SF Units• Only Six of 20 Units Available• orembusinesspark.com

SUN CANYON VILLAS – 464 S State Street

• Mixed Use• Four Commercial Units• 2,200 SF Each

MEDICAL OFFICE BUILDING – 155 S Orem Blvd

EL POLLO LOCO – 64 E University Parkway

TIMP CREEK CROSSING – 130 S State Street

• ??

IDRIVE – 1920 N State Street

KELLER WILLIAMS REALTY – 1002 N 1200 W

• 21,500 SF• 250 agents

UPS FACILITY EXPANSION – 573 N 1500 W

• 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

WW CLYDE & CO. – 869 N 1500 W

• Headquarters• 26,300 SF

CITY OF OREM

UNDER CONSTRUCTION

BRENT BROWN TOYOTA – 1400 S Sandhill Road

• 9 New Service Bays• Additional Parking• 10 New JobsExpansion

Parcel

BRENT BROWN TOYOTA

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

GARFF VW – 115 E University Parkway

• Convert Honda to VW• Remodel

• Showroom• Service Reception• Shop

• 16 New Jobs by 2018

ZAOS ASIAN & BLAZE PIZZA – 1352 S State Street

QUICK QUACK CAR WASH – 1588 N State Street

STEWARTS LAWN TREES PESTS – 391 S Vineyard Road

• 1.62 Acres• 13,000 SF

Building Pad• Two-Story Office

and Warehouse

SIMTEK FENCE EXPANSION – 1330 W 400 N

• 38,000 SF• 30’ Height

• Over 100,000 SF After Expansion• Two New Manufacturing Lines

CASCADE OFFICE PARK – 800 N 1000 E

• Two Buildings• 23,000 SF Each

• Site is Under Construction• Five of Seven Suites in

Building One Preleased

NORD ORTHODONTICS – 809 S State Street

SUPERIOR STORAGE – 1030 N State Street

UVU ARTS BUILDING

• 130,000 SF• $54 Million• Concert Hall• Proscenium Theater• Dance Hall• Choral Ensemble Venue• Practice Rooms• Administration Offices

MIDTOWN 360 – 360 S State Street

Pancake and Steakhouse

Asado Argentinian Grill & Café Expansion

MIDTOWN 360 WEST BUILDINGS

• 248 Units• Underground Parking

MIDTOWN 360 WEST BUILDINGS

CITY OF OREM

PROPOSED PROJECTS

TRAFALGA PROPERTY – 168 S 1200 W

• 3-Story• 61,000 SF• I-15 frontage

• Building plans underway• Summer 2018 groundbreaking

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

• Former Chuck E. Cheese’s

THE HUB – 1420 W 800 S

• 269 Units• 1,060 Beds

UNIVERSITY DOWNS – 1240 W University Parkway

• Proposed student housing project

PALOS VERDE – 960 S 500 W

• 450 Units• 1,605 Beds

PALOS VERDE – 960 S 500 W

PALOS VERDE – 960 S 500 W

SEQUOIAS EVENT CENTER – 1886 S Geneva Road

• Corporate Events• Destination Weddings

• Almost 30,000 SF• 20 Acres

SEQUOIAS EVENT CENTER – 1886 S Geneva Road

MEADOW GOLD CAMPUS – 841 S State Street

• Owner: Southern Foods Groups• 4.17 Acres

CITY OF OREM

UNIVERSITY PLACE

UNIVERSITY PLACE – PARKING GARAGE

• Phase 1 – 676 Parking Stalls• Phase 2 – 434 Parking Stalls and

Extends to the West

RESIDENCES @ PARKSIDE

• Exterior of Parking Garage

• 70 Units with 42 Garages

• Retail on the Main Level

UNIVERSITY PLACE RETAIL

UNIVERSITY PLACE RETAIL

UNIVERSITY PLACE OFFICE

THE ASTON NORTH

• 129 Units• Three

Retail Units

UNIVERSITY PLACE

• Now Open

• Office Building is Fully Leased

UNIVERSITY PLACE CONCEPT VIDEO

CONTACT INFORMATION

Ryan L. Clark801-229-7172

rlclark@orem.org

econdev.orem.org