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Show - f s SPECIAL THE NATIONAL V ' COLLECTIONS V. Business news and commentary Historical war raging on Avenues Developers miss Realtors doubt value deadline of homes will rise Although backers of a proposed historic district in Salt Lake Citys Avenues area say the proposal will increase property values, local realtors are expressing mixed feelings as to whether the idea is a good one and whether it will happen at all. The district proposal would require developers to consult with the City Historical Committee on construction or demolition and could lead to delays in building plans if planning commission approval is not received. "Its not going to make one bit of difference one way or another." upi.d ;cvjmt Sehroeder ot Ht aiibiui Real- "The Avenues are resurging on their own," he said, ty. Governor Spry's mansion is one of three homes scheduled for demolition. Strangl and Committee exchange fire on demo referring to statistics from Compraisal Corp., a computer appraising service, which show' home values increased 23 percent there in 1976 and 17 percent in the first six months of this voar. Could go down If the area is also down-zone- d. as some district backers want, property value s kmv even go down, Schu cor beclaims, because it come much more difficult to improve them. -- wv-.il- byShertPoe Enterprise Staff Writer Strangl Construction Co. and the Salt Lake City Historic Landmarks Committee are locked in dispute over priorities. The disagreement is costing the construction firm money and giving the committee a chance to flex its authoritative muscle. What a little status can do Strangl is intent on replacing three historic homes on First Avenue with a multistory medical office building, but the committee has initiated two Avenue moratoriums to block the project, com- mittee member Stephanie Churchill claims. The committee opposes demolition of the homes and Continued on page six down- graded the significance of statistics on property value increases attributed to the creation of historic districts in other cities. He points to the Salt Lake Capitol Hill, which became a historic district several years ago. as an example the Avenues district The proposed historic district for the Avenues, if approved, would mean scrutiny of all proposed construction or demolition by the city's Historical Landmarks Committee and the Planning Commission. The committee would make recommcnda turns on each proposal to the commission, and, if it frowned on a particular project, could impose a moratorium of up to five months. During that period the committee, the Avenues Community Council, and the Utah Heritage Foundation would try to find a compromise to make everyone happy. If they werent satisfied by the time the moratorium ended, the owmer could proceed with the original plans. gy'Jjf VOLUME 7 NUMBER 11 Sehroeder also never mention. Hill values havent Capitol increased any more than the rest of the valley, he said. In the same vein, John Holmquist of Holmquist and Sons Realtors said the district, if approved, wouldnt raise home prices "more than normal inflation will carry them." He pointed out prices in the entire valley have been rising each year for the last 20 years and as much as five to ten percent a year in the last supporters by Milt Policzer Enterprise Staff Writer five. Ridiculous proposal" report by the Utah Real Estate Research Committee vi mdm. try activity : hov. s the average single family dwellA ing in Nall Lake County increased in appraised value by 7.3 percent in 1976. The north central district, which includes the Avenues along with the area south to 21st South and between State Street and 13th East, showed the highest price rise among regions in Salt Lake, Davis and Weber counties. But Holmquist, whos been selling real estate for 35 ears and claims to have sold at least half the homes in the lower Avenues at least once and major apartment buildings four or five times, said the district proposal was "ridiculous." "Its nonsense to save some of the idiot old buildings they ought to put a bulldozer io," he charged. The upper Avenues will maintain their character regardless of w hat happens in the lower Avenues, Holm-quisaid, and the entire Continued on page 13 st Plans to build a S39 million complex in downtown Salt Lake were all but dashed late retail-office-hot- cl Monday when developers missed a final deadline to make good a final $2.25 million payment for the property. Now. says Mike Chitwood, director of the Redevelopment Agency, the two stand to lose their $250,000 downpayment on the five-acr- e parcel they planned to buy from Redevelopment. But the two still hold out hope the city commission will reconsider their plight. Monday evening Burton Todd and Keith Lignell began preparing a letter to city commissioners explaining their position. That position, precisely, is that First Security State Bank rejected their loan, Chitwood said. Based on negotiations with other lenders and potential tenants, though, Chitwood said the pair is optimistic they'll be able to comply with the contractual terms in the "near future." Todd-Ligne- ll "Theres really a very short time available to remedy this situation," Chitwood told the Enterprise. "We will begin legal action immediately to retain the $250,000 held in escrow," he added. original deadline was extended from last Friday to Monday, Sept. 12. Chitwood says full payment is due in New York by the 15th to repay Redevelopment's obligation on a debt owned by the federal government. Redevelopment could refinance the loan with shortterm debt to give them a few' if city commisdays grace sioners approve. Todd-Lignell- 's The district area is roughly bounded by First Avenue. Tenth Avenue, A Street, and Virginia Street. Preliminary studies by Historic Utah, Inc., an architectural consulting firm, show the majority of structures in the district have some historical significance. Approval of the district would not affect zoning there, but supporters of the district concept are also promoting the idea of downoning to control development. After further study, the district may also be nominated to the National Register of Historic Places, a move which would provide tax incentive for preservation and upgrading of existing structures. J: 5.' WEDNESDAY. SEPTEMBER 14,1977 UTAH EDITION SO CENTS |
