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Construction crews are currently at work paving some roadways and finishing up general infrastructure on the site. Office and retail pads have been finished and are being marketed to potential tenants, and Compass Development is working with potential partners to get the residential portion of the site up and moving.
Though progress on the development will likely stretch out over the next several years, the movement is seen as a positive sign by those in charge of the project.
“We’re realistic about the market, and are taking it one step at a time,” said Ben Lowe, a principal at Compass Development. “But we’re excited to be moving forward.”
Planning stages for the project underwent several delays due to traffic and stability concerns by the city council that were addressed by Compass. Groundbreaking for the development occurred in early December 2007, but a weak housing market slowed the project down until the recession seemed to halt it completely.
Both Compass and North Salt Lake officials insisted that the project wasn’t dead, however, and the city began to work on a Community Development Agreement (CDA) that would give the developers a little more cash to funnel back into the project. Those who approved the CDA would allow 35 percent of any property taxes created by the increase of value on the Eaglewood property to stay with the developers.
This spring, the Davis School District became the final county agency to agree to the CDA. According to Lowe, the timing worked well, with some small improvements in the economy.
“We’re lucky to be in a position where we have been able to afford to be patient while we’ve waited for the credit markets to thaw,” he said. “The city and county have been very supportive, and we’ve been able to work with them to find creative ways to move the project forward.”
Original plans for Eaglewood Village, which were approved in 2007, feature a large, mixed-use development with restaurant, living, retail and office spaces. At the moment, however, the timing for each of those portions will be dependent on the economy.
“The market will determine the phasing,” said Lowe.
Both the office and retail pads are being actively marketed (by NAI Utah and Rocky Mountain Retail, respectively), but Lowe is once again taking the long view.
“We’re starting to see some interest from some commercial users, but the commercial market remains challenging,” he said. “It’s difficult to say when the first tenants will sign contracts.”
jwardell@davisclipper.com
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