The conversion of about 550 acres of what is currently an open farmland is poised to become the largest residential and commercial development in Riverton.
Riverton City Council has already approved the master plan that is expected to bring 3,800 residential units and approximately 3 million square feet of office and retail space, Deseret News has reported.
Dubbed as a "once-in-a-lifetime" opportunity, the development is also hoped to bring jobs and businesses on a large scale, not only in the city but also on south Salt Lake County. The plan includes shopping plazas, tall office towers, public squares, schools, and different types of residential building such as condos and apartments.
But just like any major development in any community, Hamilton Farm's development plan has been met with opposition by some of the longtime residents of Riverton. While city council meetings have been generally positive, some are concerned about the density, traffic and pollution that the changes will bring.
"That property has always been open space. Now it's not going to be. Once it's gone, it's gone," said Langford Lloyd, 52, told Deseret News. "Now there's going to be that many more people and cars and traffic and pollution, all the things that come with high density."
The 543-acre Hamilton Farm in currently owned by Suburban Land Reserve, a real estate arm of The Church of Jesus Christ of Latter-day Saints. Construction is slated to begin in spring.
Elsewhere, Times of San Diego earlier reported there is a positive outlook for the commercial real estate in California, with growth forecasted to continue through 2018. According a survey by UCLA economists, the three-year positive outlook is driven by the growing confidence among the developers which will bring additional supply and new investment opportunities. The news come despite interest rates increasing and economic growth slowing.
