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Show monday, OO &tm march 27,1978 Redevelopment project underway by Chuck Akerlow The gestation period has been lengthy, but at long last a birth has occurred on Second South and West Temple. Many years ago the Salt Lake Redevelopment Agency purchased some 5.4 acres of ground at Second South and West Temple for the purpose of eradicating the old and decaying build- BRIGHT AND BEAUTIFUL Lake City. Bringing a project together such as this is not an easy feat it is difficult to finance buildings on a piece of land where the federal government still holds a few strings. In essence, one is asking a lender to make a loan on the construction of a building to which the certainty of a clear title is clouded by the involvement of the Redevelopment Agency and the federal Department of Housing and Urban Develop- You can't just buy this house., you have to take good living, too When you buy at Stansbury Park, we refuse to sell you "just a house." Because we want you to have more than this design. More than a private dressing area, a bath upstairs and down. More than a two-cgarage, formal dining room and utility room. We insist that you also have quick, convenient access to the airport, downtown Salt Lake City, the International T rade Center, government installa two-stor- y, four-bedroo- m ar ings on the site. They hoped to attract a developer who would do a major project surrounding the Salt Palace. After a myriad of starts and stops, punctuated by some lawsuits, the project was finally given a green light to Burton M. Todd and E. Keith Lignell. Although the developers had but a plan and a dream when they were approved by the Redevelopment Agency as redevelopers, they have managed to put together a program which is now financed and on its way. To be known as American Plaza, the project will consist of a major hotel and at least 100,000 square feet of additional office space sprinkled among several mid to low-ris- e buildings. It is an attractive project and one which will bring a great asset to Salt ment. While some lenders in the community felt it was too much of a problem to undertake, others felt the tions.. .and the number green and number 5 tee of our championship golf course. They all come (at no added cost) with this executive home. It has 1657 sq. ft. of living space and is priced at $68,900. If you buy the house, we soon-to-be-bu- 4 ilt insist you take everything else. Ask us... we'll tell you all about your new life. And the house that goes with it! For information call TERRACOR REALTY at Stansbury Park, 364-271- 6 eSSlBlfe ifllMBiiiil probability of the federal government not relinquishing title at a future point in time was so remote that the project was indeed very viable. The managment at American Savings and Loan Association saw the challenge of developing the American Plaza as one in which they wished to become involved. And it was partially their foresight which enabled the land acquisition to be completed and the initial building on the site to be constructed. The developers will shortly announce financing of a second building on the site which will bring the total space under construction to approximately 120,000 square feet. Several hotels have evidenced interest in locating a major first class hotel on the project, and it appears an announcement will be made within the year, adding the crowning touch to the project. There are those who are critical of the Redevelopment Agency becoming involved in downtown development. This column has contained some of that criticism in the past, particularly where the Redevelopment Agency has picked a project in an area which is not blighted and has used its condemnation powers to threaten land owners who occupy perfectly sound buildings. However, the Redevelopment Agency can fulfill a very useful role when it is dealing with an area which is principally blighted. It is this latter role that Redevelopment Agency performs very well. Only that agency would have the power to acquire several small tracts of land held by different owners and consolidate them into a piece which could then become workable for a major project which adds to the tax base and the vitality of downtown Salt Lake City. Salt Lake City has been fortunate in that both Zion's Securities and the Redevlopment Agency have spent enormous sums of money in redeveloping the downtown. Unlike many beautiful cities across the country which have fallen into decay and disarray because of the lack of any vehicle to acquire land and make it available for development, Salt Lake City has the good fortune of two powerful groups which have insured that problem will not occur in downtown. As a result, downtown Salt Lake City is vital and economically strong. I, for one, hope the Redevelopment Agency continues to acquire land which might not otherwise be acquired so that old and decaying buildings that no longer serve any useful purpose can be razed to make way for new projects which will enhance Salt Lake City as a headquarters for commerce and trade in the Intermountain West. |