The crane's going up and Broadway Centre is back on track.
After a year's hiatus in construction, "that hole in the ground" at Broadway and State Street, on which once sat the Centre Theatre, is once again active as crews have begun putting up the crane that will be used to construct the long-delayed building."It (the crane) will be up by Friday night," promised Rich Nordlund, proj-ect manager, who said the steel erection will take about 18 weeks to complete. He predicted the first tenants will be able to move into the 240,000-square-foot building a year from this month.
Broadway Centre ran into problems not long after the building was first announced in July 1988, when developer Broadway Center Ltd., a limited partnership for which the general partner is Pentalon Corp, was unable to nail down a construction loan beyond the $8 million in equity that the partnership raised.
"We've been using our equity to do all the work so far," Nordlund said.
In addition to the problem of finding permanent financing, Nordlund said construction of the building was halted after the foundation was poured when the developers had problems getting the steel fabricated and then couldn't find anyone to erect it.
Now, said Nordlund, construction is ready to get under way again and the final details are being ironed out on an $18 million loan package that will provide permanent financing for the project.
Nordlund said the partners, one of whom is the building's leasing agent, Commerce Properties, have put $6.5 million of their equity into the project so far, including the steel fabrication.
Another $1.5 million of equity will go into the steel assembly, which is being done by Dielco Co. of Las Vegas.
The remaining $5 million of the $31 million cost will be financed by the Salt Lake Redevelopment Agency for construction of a parking terrace east of the new building on land presently occupied by three older structures. Nordlund said those will be razed by Dec. 15.
At the groundbreaking, the developers said the building was 42 percent pre-leased. Nordlund said those tenants are still committed despite the construction delay. A six-screen Cineplex Odeon theater is still scheduled for the building, as are two restaurants. He said announcement of the office tenants would be made at a later date.
The building's fascia will be granite and glass.