Stalled Pioneer Park Condo Project Gets $4.5M in City Financing

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.

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.

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