Sugar House Crossing development set to rise atop the ‘Sugar Hole’
Funding » Developer Craig Mecham now has financing to begin construction.
By Christopher Smart | The Salt Lake Tribune
Say goodbye to the "Sugar Hole."
It’s been a long time coming, but developer Craig Mecham has secured financing to begin construction on a mixed-use project on the southwest corner of the intersection of Highland Drive (1100 East) and 2100 South in the heart of Sugar House.
Some 4.5 acres there have been barren since 2009, following the economic downturn that halted many construction projects across the country as lending institutions braced for a meltdown. In the aftermath of the demolition of the old buildings at the site, critics derided the spot as the "Sugar Hole."
But soon, Sugar House Crossing will rise in its place, Mecham said Friday, thanks in part to a loan from the Salt Lake City Redevelopment Agency. Mecham closed a $5 million loan with the RDA during the final days of May. It outlines a 3 percent interest rate over 10 years.
The $53 million project also is funded by a $36 million loan from Wells Fargo Bank and an additional $12 million Mecham will sink into the project.
Sugar House Crossing will have about 45,000 square feet of ground-level retail space topped by some 210 apartments. The commercial space will be composed of local and chain businesses, according to Mecham’s stated plan.
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