Broadway Park Lofts, a stalled Pioneer Park condominium project, has received a lifeline from the Salt Lake City Redevelopment Agency. The Salt Lake Tribune reports that the agency is providing $4.5 million in completion financing to BPL South Tower L.L.C., the new developer of the 51-unit project. BPL South Tower is required to repay the loan over the next two years. Company principals Micah Peters and James Chellis had acquired the unfinished project for a reported $3.5 million.
Located at 300 South, Broadway Park Lofts lost its original developer, Ken Milo, after the market turned sour in 2009. Earlier this year, the Redevelopment Agency attempted to loan $4.5 million to Milo, but that effort to restart the project fell through.
Broadway Park Lofts will comprise 17 live/work units, two 580-square-foot units, ten 700-square-foot units, ten 900-square-foot units and 12 units with 1,200 square-foot floor plans. Prices will range from just under $100,000 to about $500,000. Peters and Chelis are counting on the property’s location near Pioneer Park to boost sales. Completion is expected by the end of 2013.
Image courtesy of silverleaf-financial.com