Estimated read time: Less than a minute
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.