Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
SALT LAKE CITY -- A major development project at the University of Utah is now on hold.
The University hoped to develop the parking lot next to Rice-Eccles Stadium into a mixed use, retail and housing transit-oriented development. However, now an agreement between the University and a Dallas-based developer, Inland American Communities Group, has been formally terminated.
In a press release, university officials said the downturn in the economy, the difficulty in lining up financing and the soft real estate market undermined the feasibilty of the project, at least for now.
