Hines remains “absolutely fully committed” to the upscale tower’s success, a spokesperson said, but offered no estimates on how long the delays might continue.
on Main Street, won approval in July 2021 to proceed with a full design phase for the proposed residential high-rise of 400 apartments — 40 of them rent-subsidized — as well as a pocket park and midblock walkway.conveyed the theater building and nearby properties on Main Street to HinesThe city bought the ornate, neoclassical playhouse in 2010 with visions of refurbishing it, but after much study and debate, that overhaul proved too expensive.
“These factors were not at play during that time,” its spokesperson said of its campaign a year ago to hasten demolition.as first reported The inside of the historic Utah Theater in Salt Lake City was revealed on Saturday, April 30, 2022, after demolition began. The RDA has first right of refusal on buying back that choice piece of downtown real estate if conditions with Hines go decidedly sour. Part of its agreement also gives the agency authority to “grant, modify or decline” deadline extension requests, “in the RDA’s sole but reasonable discretion.
“With steadily increasing costs across the board and rising interest rates, it’s common for today’s projects to take longer to secure equity and financing in order to get shovels in the dirt,” said RDA communications manager Amanda Greenland.
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