FARMINGTON — Longstanding plans to develop the expanse northwest of Station Park took a notable step forward Tuesday with the opening of a key roadway.
The opening of Innovator Drive, north of Burke Lane, in Farmington, signals the completion of some $30 million in infrastructure improvements, gradually paving the way to what city officials estimate could be as much as $3 billion in commercial and residential development over the long haul.
“It’s about as big as it gets for Farmington — single largest infrastructure project that we’ve ever done,” Farmington Mayor Brett Anderson said at Tuesday’s opening ceremony. The plans, he said, have been in the works for around 20 years.
The 350-acre North Farmington Station area, largely undeveloped, sits northwest of the Farmington Station and the popular Station Park shopping area, which are largely developed. It represents the next big development initiative in the Davis County city. City leaders, employees and others gathered for Tuesday’s ribbon-cutting across Innovator Drive, representing the opening of the roadway to traffic.
Anderson said the new development is the “natural twin sibling” to the extensive retail development of Station Park. I-15 abuts the east side of the development area, which also sits near the West Davis Corridor just to the west.
Parallel to the opening of Innovator Drive, Farmington City Manager Brigham Mellor said the infrastructure serving the zone — water and sewer lines, fiber, natural gas lines and electrical conduits — is complete, portending development. Developers interested in office construction are eying the area, he said, but he can’t reveal any names at this stage because of nondisclosure agreements.
Still, relatively high interest rates are probably holding some development back. “Money was cheap years ago but the roads weren’t in. Now, money is more expensive and roads are in. We just need interest rates to come down,” Mellor said.
In all, officials envision development of some 2 million square feet of commercial space in buildings measuring up to six stories in the North Farmington Station area. The businesses occupying that space, Mellor estimates, could create 12,000 jobs. On top of that, planners envision 4,000 new residential units — a mix of apartment buildings and townhomes. Apartment buildings are already taking shape at the southern end of the property.
“Right up against the freeway will primarily be commercial office,” Mellor said. Going west, development will be less dense, with townhomes of no more than two stories abutting the Denver and Rio Grande Western Rail Trail on the west side of the development area.
Buildout is expected to take 10-15 years with the $3 billion estimated development cost coming from the private sector. The city plans to build a new fire department and park in the area, Mellor said, while Weber State is planning to build a satellite campus in the zone.
The area has been turned into a Housing and Transit Reinvestment Zone, meaning city leaders can tap tax-increment financing — property tax revenue generated by the increased value of the zone brought on by development — for infrastructure improvements. Mellor estimates the area will generate some $300 million in such financing over 25 years.