Kirton McConkie lawyers help client bring Midtown 360 to fruition
Kirton McConkie client, The Ritchie Group, L.C., and Evergreen Properties, a conglomerate of real estate investment specialists based in Salt Lake City, took a big step forward to bring Midtown 360 to fruition. The project, formerly known as Midtown Village, stalled in 2008 as Orem residents and Utah citizens alike watched rust and cobwebs form on the large multi-faceted development for the better part of 7 years.
Kirton McConkie real estate attorneys encouraged the support and revitalization of the Midtown 360 project by meeting with neighborhood representatives and Orem City officials, modifying the original development plan, assisting in changing the zoning, coordinating with the City to pay off the special improvement district assessments and obtaining the City’s interest in the underground parking.
As the project progressed, Kirton McConkie attorneys led the negotiation, preparation and closing of the loans to finance the acquisition, construction, completion and stabilization of the project.
The Kirton McConkie legal team was led by Willis Orton and was comprised of real estate attorneys Loyal Hulme, Rob Walker and Eric Robinson as well as tax lawyer Ken Birrell.
The project is backed by PCCP, LLC, a $6 billion dollar real estate finance and investment management firm focused on commercial real estate debt and equity investments.
Once complete, Midtown360 will have over 550 Class A multi-family apartment units. The South Tower is ready immediately for retail and residential tenants immediately. The North Tower of Phase one is set to be completed in 18 months adding 157 residential units and another 30,000 square feet of retail. Construction of the West tower is anticipated to begin in 12 to 18 months and will have 250 residential units.
Kirton McConkie lawyers have assisted The Ritchie Group with other sizeable projects like Midtown 360 since 2003. Koloa Landing at Poipu Beach, for instance, was a massive development on the Island of Kauai’s south-shore now known as Koloa Landing at Poipu Beach. R. Willis Orton led the Kirton McConkie attorney team, comprised of real estate lawyers Robert Hyde and Loyal Hulme and corporate attorney Antonio Mejia and tax attorney Ken Birrell.
Kirton McConkie worked through significant entitlement, environmental and development issues.
Koloa Landing at Poipu Beach is a 323-unit luxury condominium resort on the Island of Kauai featuring a variety of residential units from one-bedroom to four-bedroom penthouses. This project, on Kauai’s south shore, has become one of Hawaii’s most significant destination resorts through the client’s partnership with the Wyndham hotel chain.