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Holes in the ground — Construction projects hurt by economic slowdown

What a downer!
We had a beautiful, newly remodeled building there that was convient and loved and used by people from all over the valley.
Now we have nothing...just a barren, dusty construction site for who knows how long!

Same for the middle of Holladay.

Too much money and misplaced ambition, I guess.

Oh good. A footlocker is definitely reason enough to keep going on the Valley Fair project! How exciting! (sarcasm)

They can rebuild all they want, but I can't afford to shop there.

My money is going to groceries and gas.

If it wasn't for the politics downtown, the Sugarhouse development would have been going before the credit crunch started. It wasn't Mecham Developments fault that the permits were delayed. Too much planning and not enough action by the council on this one. Now the money sources are drying up. Too bad :-(

And what about the old Canyon Racquet Club? That lovely, functioning family destination was torn down to make room for ... What?

All that's there now is rubble. It would be nice to follow up on that story.

Banks have been bearing the blame, some of it deservedly by not adhering to tried and true lending practices. But blame should be shared by over eager cities, undercapitalized developers, over paid contractors, suppliers, undisciplined home owners, greedy investors, and government.

SLC delayed the Sugarhouse project by demanding an unrealistic project. High end condos, class A office, no phasing? Note the poor history of the Redman condos project. Bad decision to force a Gateway project, or agree to build it in an area that cannot sustain or sell the product. No wonder it didn�t get financing!

Developers have too much debt capital driven by poor bank underwriting discipline. Undercapitalized developers with thin balance sheets and huge loan to values fail when the markets turn. Projects fail and holes left unfilled. Banks are returning to sustainable underwriting standards, go figure!

Contractors and suppliers have exacerbated the problem by bidding up the cost to produce the projects which has driven up the price developer has to charge in rents and sales price of residences. Home owners who refuse to live within their means and greedy investors bid up residential prices. Government and GSE credit policies run amok.

Share the blame, be disciplined.

You can't blame the City for the developer never submitting a complete application with drawings that were no more than conceptual. The City's only fault is allowing the level of intensity for sugarhouse.

under Mayor webb and his cronies Holladay has become a ghost town. what an economic tax base, a couple of convenience stores and a couple of fast food restaurants. Very forward thinking. last one out, please remove the tumble weeds off 23rd east.

I work in the Cottonwood Parkway Complex. The story is that they are building 3 hotels up here somewhere. The club is one of the spots.

What's with the disgusting, yellowish towers popping up around Utah? First Gateway, now Cottonwood Mall? Will this tower be built out of shoddy materials as well? Why can't Utah find its architectural identity and STICK WITH IT. The mountain areas should have alpine architecture, like Park City has begun to embrace. Southern Utah should have more desert-like, adobe architecture. But the stuff that is currently being built...putrid, boring, and absolutely uninspiring.