Salt Lake City officials are considering a plan to replace the century old Utah Theater in the CBD with a 375-foot, 300-unit residential high-rise, with 10% of the units geared toward affordable housing. Since acquiring the property at 144 S. Main St. in 2009 for $5.5 million, the Salt Lake City Redevelopment Agency has struggled to come up with a viable plan for renovation. A recent memo noted that the estimated restoration cost of $60 million would not be viable without a “monumental public investment.”
Instead, the agency, along with developers Hines Interests LP and the LaSalle Group, have proposed the high-rise structure, which would include parking, ground-floor retail space and outdoor public space. The project would re-use the building’s brick, theater ropes and other features, if considered usable.
The development is expected to come before the Redevelopment Agency board at some point this month.
Pictured: Proposed rendering of 144-158 S. Main St. site, downtown Salt Lake City
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