U.S. Bankruptcy Judge John H. Allen approved Thursday the sale of the Pioneer Village Estates apartments to the Salt Lake City Redevelopment Agency for $1.3 million.
Pioneer Village Estates, an uncompleted low-income apartment project east of Pioneer Park, has been in bankruptcy court since the project developer, Bono Development, went into Chapter 11 bankruptcy in 1987.Attorneys for Bono Development and Unified Capital Corp., a company with a $1.4 million lien on the property, protested the sale. Both attorneys argued that the sale was hasty and that if other interested parties had been given enough notice, a larger offer might have been made.
The judge noted that the property has been in court for two years. He said it is criticial that the property be preserved from further deterioration.