"Broadway obviously has a theatrical theme to it," Christensen said, "and the Rose Wagner has really proven the location."

The Rose Wagner parking lot reportedly is valued at about $50 per square foot, putting its cost at roughly $4.5 million. Becker said Bernolfo estimates a greater value per square foot for the Peery Hotel lot.

The Rose Wagner parking lot also is being considered as a possible home for a downtown theater.

If the deal for the Peery Hotel parking lot property doesn't pan out, Christensen said he believes the Zephyr property could be developed "for some element of entertainment" — perhaps as a small-concert venue "where evolving bands have an opportunity to play."

"There is clearly reason to look at that," he said, possibly as a project through the city's Redevelopment Agency.

Other leading locations for a downtown theater are the former Utah Theater at 148 S. Main; and the former Newspaper Agency Corp. press site and surrounding parcels, with entrances on Main and Regent streets.

Several attempts to reach Bernolfo for comment were unsuccessful.

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E-mail: jpage@desnews.com