SALT LAKE CITY, UT—Alex Brown Realty, Inc. (ABR), in conjunction with PEG Development (PEG) and Blue Diamond Capital (BDC), plan to develop two hotels, a structured parking garage and mixed use retail on a 3.26 acre development site in downtown Salt Lake City.
ABR Chesapeake Fund IV, a value-added real estate fund sponsored by ABR, invested $7.5 million in the venture.
The site is at the southwest corner of West 100 South & South 300 West, adjacent to the Energy Solutions Arena. The 19,911 seat arena is home to the Utah Jazz professional basketball team and hosts numerous events throughout the year. In addition, the site is located one block west of the 679,000 square feet Salt Palace Convention Center and three blocks west of Temple Square, Salt Lake City's biggest tourist attraction. City Creek and Gateway, two of the most prominent Salt Lake City retail centers providing approximately 1.5 million square feet of retail shopping and dining, are located within walking distance of the site.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
