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Show V SC , s THE NATIONAL 'S "C s . . 6 . Busgiess news and commentary .i: .V . (4r si- " .f-- sTV- Downtown complex could run aground The proposed $38 million, hotelshoppingoffice Salt Lake complex downtown, approved by City commissioners in May, may be sitting on unstable foundations if the city also approves the proposed Crossroads Shopping Plaza. Co., through its attorney Edward Developer W. Clyde, has asked the city Redevelopment Agency for permission to make two material modifications in the contract it signed in May. Under that contract, the city sold almost half a square block fronting on West Temple, between 2nd and 3rd So. The developer put $250,000 down as earnest money, and promised to pay the remaining $2,250,000 14-sto- ry Todd-Ligne- ll Todd-Ligne- ll September 12. Annexation, a hot issue by Milt Policzer Enterprise Staff Writer Although its sometimes difficult to figure out who's arguing with whom about what, it is clear a serious debate is going on over deand possible velopment annexation to Salt Lake City of all or part of Emigration Canyon. '- - . '"f . Ifr i. ' W': September , you soy? Mel Ingersoll , who is investing $1 million to renovate the Lucky Lager Brewery , 200 So. 1100 IK, expects this livery stable to open as an Italian restaurant sometime in September , as part of the first turn-of-the-centu- ry phase of the Brewery Mall. The exterior of the stable will remain virtually as it is, Ingersoll explains. But the musty interior will undergo extensive remodeling before the Roman couple who have leased the old building from Ingersoll open the restaurant . Vacancies up, construction down While the rest of the nation is experiencing a 47 percent boost in multi-famil- y dwelling construction this year, compared to last year, Utahs apartment builders seem to be dragging their feet, waiting for a riper market. According to figures compiled by the Bureau of Economic and Business Re- consearch, multiple-famil- y struction, as a share of total residential building, has decreased this year compared to last year. The bureau reports so far this year 34 percent of all new residential units are in mul VOLUME 7 NUMBER 7 tiple family dwellings. Last year that figure was 41 percent. Rents are too low, states Peggy Fitzpatrick, president of the Apartment House Association of Utah. Rents here are lower than they are in the rest of the nation, she continues. In a curious turn of events, according to figures compiled by the bureau, last October the total vacancy rate for apartments in Salt Lake and South Davis counties That reached .7 percent. figure includes a zero percent vacancy in apartments renting for under $100 monthly; .5 percent in the S100-S14- 9 range; .3 percent in the $150-19- 9 range; 1.2 percent in the $200-24- 9 range and 3.1 percent in apartments renting for $250 and over. By April of this year, however, the total vacancy rate had shot up to five percent. up from 3.5 percent the previous April. At the same time, the total number of rental units fell, from 7.822 in October to 7,311 this April. The only explanation is that people are moving from rental units to houses, says (See APARTMENTS, page 14) WEDNESDAY, AUGUST 17, 1977 sent to the agency earlier this month, the company referred to the proposed Crossroads project, saying it could have a substantial impact on our project. In the letters, asked for an option to e construct a office building instead of the originally proposed building. And it requested a In letters Petitions have been circulating this summer both for and against such annexation but almost everyone plans you talk to seems to have a different plan in mind. According to Robert Eaton, president of Citizens of Emigration Canyon (CEC), (which is remaining neutral in the dispute) petitions to annex a portion of the canyon have been distributed by Bowers-Sorenso- n Todd-Lig-nc- ll low'-ris- ry 14-sto- ry extenminimum sion on its commitment to pay (he balance of the purchase six-mon- th price. Need selling job During a meeting last week, the redevelopment di- rectors (Salt Lake Citys mayor and commissioners), expressed reluctance to cede to the requests. ac- Commissioner Jess Agraz said he was a little concerned about any modifications at all, and added it a fast selling would take job to convince him changes were necessary. Construction Co. Commissioner Jennings The Bowers plan, accordPhillips said developers who ing to Eaton, was to annex a had competed with strip of land along the north for the sale had exside of Emigration Canyon pressed concern the agency Road, going approximately has already leaned over too two miles up the canyon and l. far to Accommodate e connection to a parTheyve got a cel south of the road at that selling job to do, he added.. point near Camp Kostopoulos. RUN AGROUND, page 20) Between 350 and 500 living (See units would be built there if annexation bringing city Who is this Todd-Ligne- ll Todd-Lignel- 300-acr- ( services such as sewage drains, water and garbage were approved. collection Huck Hogle, a member of Utah millionaire ? a residents committee actively opposing the annexation attempt, described a similar plan. He said the developers planned 500 condominium units, a gas station and a shopping center on an conapproximately nected to the city by a corridor along the north side of the 400-acr- es (See ANNEXATION, page 16) UTAH EDITION 50 CENTS |