Salt Lake City gives another loan in hopes of turning this State Street pit into affordable apartments
Salt Lake City will loan another $1.15 million to a Chicago developer in hopes of keeping afloat the long-delayed affordable housing project at 255 S. State Street. Different developers have struggled to build on the key downtown plot for more than eight years now for a variety of reasons, from soil problems and contractor disputes to financial issues and now a pandemic. The additional cash for Brinshore Development — on top of $13.4 million in lending and other guarantees the city has already chipped in — got approved Tuesday after the firm said its costs had leapt by 16% in one year, partly due to COVID-19. The new loan makes 255 S. State one of the largest recipients of financial backing from city’s Redevelopment Agency in its history, city officials noted. The total price tag for the Brinshore project is now estimated at $88.5 million. “It’s not cheap to put affordable housing in your downtown core,” RDA Chief Operating Officer Danny Walz said Tuesday. “We recognized going in ...