The property hugging the corner of 2100 South and Highland Drive in Sugarhouse, owned by developer Craig Mecham, finally has secured financing for a planned $50 million retail and residential project that could see construction commence by late spring. Wells Fargo has issued an intent letter to provide $36 million. An additional $9 million would be leveraged from equity the building is expected to generate. And the Salt Lake City Council, acting as the Redevelopment Agency Board, voted 5-1 on Tuesday to green-light an additional $5 million loan to pay for the underground parking.
Mecham, who had planned several condominium buildings before the housing market cratered, wants to erect 204 apartment units atop 44,000 square feet of retail shops and restaurants at 2122 S. Highland Drive. On Tuesday, he told the council he favors eliminating the 2100 South cut-out lane that bisects the Sugar House monument and his property to instead create a pedestrian plaza. Salt Lake Tribune
