Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-02-10
BUSINESS BLOCK
FOR UPPER MAIN
Additional Details Regarding Lat
est Realty Deal in Salt
Lake City.
TERMS OF THE 50-YEAR LEASE
For so Feet of Frontage Which is val
ued at $500 Per Foot at
Present Time.

The 30 years lease of the so feet OF
frontage. Immediately south of the
Anussen building. No. 81 South Main
street. to Galloway, Hoock &c Francis
from L. s. Hills, president of the Des-
erent National bank, was signed Satur-
day evening. and the tenants are pre-
paring to move out by March l. when
the lessees take possession. rearing
down the old structures will begin on
that date and Architect kletting Is
working on several plans for the new
structure TO be erected on the premises
by next fall According to the terms of
the lease, the firm must put up build
ing TO cost not less than S35,OuU, ana
which probably will cost 5000 more;
the firm must also pay the taxes on the
real estate. and pay ground rental OF
&c. 900 a year, for the first 10 years or
$3.50 per month-something quite dr.
ferent from the $3.50 per month they
have of late been required to pay, to
hold their present premises on the
block. For every 10 years after that, the
rental goes up 5000; 50 that for the sec
ond decade ii VIII be $780, the third
decade, s., 200; the fourth decade, $4,000.
and the fifth decade, $1,000. Mr.. Hills
is very well satisfied with this DISPOSE
tion of his property. The present valu-
alton is a bout 1900 per front foot, the
land being las feet deep, with 20 foot
alley in the rear. thus making the real
death 165 feet.
GOOD LOCATION.
The fact that Galloway, Hook g.
Francis have taken this instead
Of locating elsewhere, is encouraging
to the merchants and owners of prop
al flat and of IatV stF
as the Arm has given various business
sites about the city careful considera-
ton, and finally decided that they could
not choose a more advantageous loca-
ton.
II was feared. when the federal build
ing was located on the lower part OF
the street, that 1t would tend to pull
business down there with it, md upper
Main street would suffer, But such
happily has not proven to be the case.
Upper Main street continues to hold
It's own in valuations, and general COM
mercial attraction; and the followine
incident is an additional indication OF
the truthfulness of this statement
well known jeweler on west Second
South street, was forced to move NOT
long ago from what he considered was
as excellent business site as could
be found In this city. He removed to
Main street between the Pioneer monu-
ment and First South, and found his
business turned out double what NJ
had anticipated, so that he has been re-
marking TO his friends that he was
really glad he had 10 move
A prominent banking official ex-
presses the belief that Cal
laway Hook g. Francis, at the farthest
will not lose l per cent of the business
they are now transacting In the proper
ty. one block further down the street;
and the chances favor their doing fully
as well as they are now doing. There
is no discount on upper Main street, at
present values. and when the new build
ing is completed. there will be no diff
Guilty In filling 1t with tenants on the
upper floors.
The 30 feet south of the Hills proper
~ Is owned by W. ii. Mcintyre, and
line OF the latter's property and the
great bank building, Is owned by w. s.
Mccormick, though now occupied by
Christensen & Arson.
PART OF RICHARDS LOT.
The property Just leased was orig
inallv part Of tho Levi Richards lot
Of 1876 feet aquare. which that plo-
neer drew by lot when the land in
whet is now the center of the city
was divided up. His son Levi w.
inherited his fathers property known
buildings now occupying II We're erert-
ed early In tho '70s. l.. s. Hills and
the u. II. Peery estate became pos
sessed OF 90 feet each OF the north
part Of the lot, 10 years ago, ana the
land was then valued at $500 per front
foot w. II Mcintyre bought out the
Peery interest In 1906, the price Ee-
ing Sl,500 per front foot, since WhlCa
time the valuation has hardly recea-
ed. Notwithstanding The recent strin-
gency
Mr. Hills Is inclined to think ,hat
the valuation OF the property leased
VIII approximate $4,000 per Front
foot az the time OF tho expiration Of
his lease.
MIR. MoINTYREs PLANS.
Mr. VIM. H. Mcintyre. who owns the
I'D feet adjoining MI HINTS property on
the south, said today that he had not
reached decision us get as 10 when he
would build. lle hoped II would be
during the present year. but much de-
pended on financial conditions Per-
sonaily he would regret 20 see any
thlns less than I'VE story building 20
up on the entire property but OF course
hr could not speak dnr Messrs galloway.
Hook q Francis, who had their own
plans. He ana they however. would
doubtless JOIN IN party wall on the
40 foot line. Mr.. Mcintyre said that
the rentals his property was now Yield
ing made II anything but "a paying in !
pestmenti and he would lose no time |
In building when financial conditions |
were settled,
w S, Mccormick stated 10 a News"
representative that he had reached no |
decision as 60 what he would do re-