Bill Bennion, owner of Bennion Jewelers, said he couldn't predict what impact the project will have on his business. Bennion moved to 107 S. Main in April — on a 20-year lease — from its longtime home at 59 S. Main.

"All I can say is that right now, we're thrilled to be in our new space," Bennion said. "Our business is going great. We're up about 50 percent over last year, since we moved."

For Brent Shingleton, president and CEO of Temple Square Hospitality Corp., Tuesday's announcement began a month of farewells for the Inn at Temple Square, which will close its doors Oct. 28 after 16 years in business.

"For three years, the Inn staff have known that this day would finally arrive; yet they have maintained the highest standards under difficult conditions," he said in a prepared statement. "The Inn and TSHC are thankful to all our valued guests; to our partners in the industry, in the city and state who supported our efforts in hospitality."

Despite the departure of some businesses, Weller said he expects other, more positive effects from the redevelopment in the months and years to come.

"I do know that various downtown property owners, or people with ideas about downtown, have been dragging their feet waiting for this announcement" to decide whether or how they will proceed with projects, Weller said. "I think that the announcement will have some earlier benefit by giving those people confidence in what's going to develop."

Bruce Bingham, vice chairman of the Downtown Alliance and a partner at Hamilton Partners Inc., which has its own 21-story office tower planned at 222 S. Main, agreed. "The plans unveiled today will be a benchmark in the history of Salt Lake City. It will give momentum and impetus for many other projects downtown that will be complementary and supportive."

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