Posted Mar 9, 2023, 3:13 PM
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Space Magi
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Join Date: Sep 2006
Location: Salt Lake City
Posts: 1,843
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The saga continues. New BSL article goes into the story behind the delays:
A year after demolishing the Utah Theater, Hines is set to miss first development deadline
Quote:
Hines was expected to break ground on a 31-story building near 150 S. Main St. by March 31, according to the development agreement between the Texas-based developer and the Salt Lake City Redevelopment Agency, which was signed in late 2021.
But in the wake of a broad slowdown in new development projects in the capital city and across the country, Hines has struggled to secure a new capital partner who can follow through with the project. The group will miss the March 31 anticipated start date.
Documents reviewed by Building Salt Lake provide new details about what was expected of Hines after the city gave land to the developer at no cost, along with the expected timelines. They also lay out the potential path forward if the broader market shift derails one of the most politically fraught development projects in the city in recent memory.
“Hines Development has communicated to us that the 150 Main project is experiencing delays,” Amanda Greenland, a spokeswoman for the RDA, said in a statement. “We are currently working with Hines, within the context of our agreement, to explore all our options.”
According to the development agreement, Hines is “not entitled to an extension of any such deadline.” If the developer requests an extension from the RDA, “the Developer agrees that the RDA may decide to grant, modify, or decline such request, in the RDA’s sole but reasonable discretion.”
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Frustrating but it's good to know that the city has options if the developer doesn't deliver. Hopefully they get it figured out.
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