{"id":1004056454,"date":"2012-12-20T08:45:37","date_gmt":"2012-12-20T16:45:37","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=90553"},"modified":"2022-03-03T05:45:42","modified_gmt":"2022-03-03T13:45:42","slug":"stalled-pioneer-park-condo-project-gets-4-5m-in-city-financing","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stalled-pioneer-park-condo-project-gets-4-5m-in-city-financing\/","title":{"rendered":"Stalled Pioneer Park Condo Project Gets $4.5M in City Financing"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Broadway Park Lofts, a stalled Pioneer Park condominium project, has received a lifeline from the Salt Lake City Redevelopment Agency. The Salt Lake Tribune<\/em><\/a> 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\u00a0Micah Peters and James Chellis had acquired the unfinished project for a reported $3.5 million.<\/p>\n

\"\"<\/a> 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\u00a0attempted to loan $4.5 million to Milo, but that effort to restart the project fell through.<\/p>\n

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\u2019s location near Pioneer Park to boost sales. Completion is expected by the end of 2013.<\/p>\n

Image courtesy of silverleaf-financial.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Set to comprise 17 live\/work units, two 580 square-foot units, ten 700 square foot condo units, ten 900 square foot apartments and 12 units with 1,200 square-foot floorplans, Broadway Park Lofts will be used to liven up the residential market of Salt Lake City’s 300 South Corridor. With prices ranging from just under $100,000 to somewhere around $500,000, the residential development will benefit from close proximity to Pioneer Park, ensuring both good exposure and an easy marketing project for the end product.<\/p>\n","protected":false},"author":41,"featured_media":1004507295,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1606],"tags":[39468],"class_list":["post-1004056454","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-salt-lake-city","tag-salt-lake-city"],"acf":[],"yoast_head":"\nStalled Pioneer Park Condo Project Gets $4.5M in City Financing - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stalled-pioneer-park-condo-project-gets-4-5m-in-city-financing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stalled Pioneer Park Condo Project Gets $4.5M in City Financing\" \/>\n<meta property=\"og:description\" content=\"Set to comprise 17 live\/work units, two 580 square-foot units, ten 700 square foot condo units, ten 900 square foot apartments and 12 units with 1,200 square-foot floorplans, Broadway Park Lofts will be used to liven up the residential market of Salt Lake City’s 300 South Corridor. 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