Live, Work, and Enjoy Life - Mixed Use Development in UT
Our latest interview with Jared Westhoff of EGI Financial in Leeds, Utah gave us great insight into a
company that plans to remain profitable even though we are in the middle of an economic downturn. Located in the southern part of the State while working on projects from St. George to the greater Salt Lake City area, EGI focused mainly on land development and distressed properties and mortgages in the early 2000’s. In 2006 EGI began planning along with DAI, Utah’s foremost land developer, for a 2700+ acre master planned community named Pole Canyon. This community has been designed as a place where people can live, work, and enjoy life. The crux of this plan is to combine the benefits of light industrial, commercial and residential building into one well thought-out community with upwards of nineteen different neighborhoods. This take on the “mixed use” concept seeks to appeal to those looking for a short work commute with everything necessary for an elevated standard of living.
The project is complete with 38 acres of pedestrian, equestrian, and ATV with access at several points to thousands of acres of federal lands. It will have a rodeo arena, a central park linked by trails to other neighborhood parks. This community desires to appeal to those already living in Utah and those desiring to leave more expensive states, such as California. With energy costs 30% lower and a state income tax 4% lower than California, this community will hold major appeal to many families looking for a more affordable lifestyle while boosting their quality of life.
While an ample short-term water system already exists with millions of gallons per day in excess capacity, securing a long-term option is currently in the works. On the industrial side, there are 100’s of acres available to companies looking to breakground in the near future. In the past six months there have been four fortunes 500 companies which have put Pole Canyon on their short list of sites to expand to. EGI sees the opportunity to provide an environment where companies can locate in a pro-business city, county and state where their employees can enhance their quality of life while they dramatically increase their bottom line. As members of the Economic Development Corporation of Utah, EGI have been very impressed with the representation gained through this quasi-government entity. Coupled with the state and local incentives to attract businesses to their area, they hope to attract not only local businesses, but those who see the financial benefit of moving or expanding operations into the mountain west region
“Land-PIE has been an integral part of the planning process for this large project. It has helped us focus in on the financial details of the development – details that have been the downfall of others. Performing “what-if” analysis using Land-PIE, while testing many alternatives, has made us much more productive and cost-effective with the small staff that we have,” said Westhoff.
On the other side of their business, purchasing distressed properties, they have found great benefits while using Land-PIE. “It’s extremely helpful in getting the owners to understand ‘why’ their property is worth the current, often depreciated, value,” explains Jared. They have seen Land-PIE as an excellent tool to determine a fair market value for the prospective properties. After agreeing upon the assumptions with property owners, they run the model and let the numbers speak for themselves.
While their activities have been limited during the present financial crisis, they are a company that has been able to remain focused and whole with a vision for the future.