Salt Lake City Redevelopment Agency Involvement
The Metro Condominiums wouldn't exist with out the support and participation of the SLC Redevelopment Agency.
In December 1999 the Agency purchased the Block 53 condominium-housing parcel for $900,000 for eventual resale to a housing developer. Price/Prowswood, developer and owner of the adjacent City Centre (Chamber of Commerce) office building, retained an option to purchase the parcel from the Agency. Beginning in December 2002 Agency staff began meeting with Wood Property Development, LC regarding the parcel that is now becoming The Metro Condominiums.
In June 2005, the Metro Condominium project had its official ground breaking. This vital $26 million project includes two levels of underground parking that will deliver 250 Agency-owned parking stalls, plus 207 above grade parking stalls for residential use.
The RDA sold the 1.57 acre parcel to Wood Property Development, LC at the time of ground breaking, and will retain ownership of the 250 underground parking stalls. These stalls will be rented to the State of Utah and will connect underground to the Heber Wells office building parking ramp that exists just north of The Metro.
One key benefit of this arrangement is that traffic generated by this underground parking will not combine with Metro residential parking, which has a separate entrance on street level at the south end of the Metro.
This development is a joint partnership with the Agency, the State of Utah, Bank of American Fork, and Price/Prowswood LLC.
