Cushman & Wakefield Commerce announced an agreement to purchase the parcel of land formerly occupied by the old Eat-A-Burger restaurant at 45 E. 200 South. Plans are under way to construct a 20-plus story, mixed-use building that will include a boutique hotel and residential condominiums on the upper floors.
The nearly $100 million Regent Street Hotel is scheduled to be completed in spring 2018. The site is located at the east corner of 200 South and Regent Street, directly north of the Gallivan Center.
The project will include 190 guest rooms, along with up to 48 condos, according to Brent Hall, principal with the Pelorus Group.
“We’re now going through the heavy lifting with the architects and designers,” he explained. “It’s about a 12-month process.”
Construction on the project is slated to begin next fall, he said. When completed, the new hotel will include a transparent, ground-level lobby and restaurant on the main floor, while the second and third floors will house meeting rooms along with a limited access gym and spa.
Guestrooms will be located on floors 4 through 12, while private condos will occupy the remaining upper level residential floors, with a rooftop pavilion covering the hotel’s bar, patio and swimming pool on the top two stories and an 18.5-foot penthouse on the highest floor.
“Condominium units will be 800 to 900 square feet up to 2,700 to 2,800 square feet,” Hall noted.
Negotiations for the project were facilitated by the commercial real estate firm Cushman & Wakefield Commerce, which represented Regent 200 LLC — a partnership between investor-developers Form Development and the Pelorus Group.
“When completed, this will be the seventh tallest building in Salt Lake,” said Phillip Eilers, international business and industrial specialist with Cushman & Wakefield Commerce. “It will have an unusually thin profile, similar to the attractive precedent at the Monaco Hotel.”
Eilers added that the project will also offer first of its kind features in Salt Lake City, including the mixed use retail space as well as the roof-top bar, patio and pool.
In September, the Salt Lake City planning commission permitted the hotel design and height variances, giving developers the final approval to move ahead with the purchase and next phase of planning.
To accommodate some design and construction elements, the project also received approvals from the city’s Redevelopment Agency board of directors to purchase of three RDA owned parcels directly adjacent to the north boundary of the project site.
Hall said the target audience of the project will be “everybody and anybody,” including locals wanting to spend a weekend downtown to conventioneers and tourists.
“We hope that having a good hotel like this, it can be an attraction in itself,” he said, adding that downtown is missing a place where locals would want to choose to stay for a weekend getaway.