A New York company has sold five residences in Brigham City's Eagle Village project - and the building that holds them isn't even finished yet.
That has Cape Advisors Inc. optimistic about the future of its development, located at the old Intermountain Indian School.Curtis Bashaw of Cape Advisors said the first 15 units to be built in converted dormitories of the former school will be ready in August. They will be priced in a range from $68,900 to just under $100,000, he said, and the company hopes eventually to build about 380 of the residences in the World War II-era buildings.
"We have another sort of raft of buildings going through the approval process, with construction dates starting in August and October for those," he said. "There's a lot happening in terms of the con-struc-tion."
In another phase of the development, the company hopes to build 96 new, two- or three-bedroom town houses as part of Canyon Links at Eagle Crest, located near the Eagle Mountain Golf Course.
Eleven of those homes are built, and all but two are spoken for, Bashaw said. Cape Advisors has started work on another cluster of four homes, which will cost between $128,000 and $145,000.
The housing developments have drawn the attention of the Bear River Association of Governments, which is trying to secure a state loan of $1 million to $3 million for the project.
Jay Aguilar, BRAG director of community and economic development, said the interim loan would draw on approximately $7 million the state gets each year from the federal Department of Housing and Urban Development.
Some of the money in that state grant account is made available for loans, with the caveat that it has to be guaranteed by a line of credit, Aguilar said. When the state needs the money, it can call the loan due.
BRAG is pushing for the loan, he said, because it hopes the Eagle Village project will create more affordable housing in the region.
"Brigham City, in particular, has a real lack of housing and lack of variety," Aguilar said.
Bashaw said the loan would provide a big boost to the project.
"If we're successful in participating in that loan program, that will enable us to really kick the momentum to yet another level and go into construction on even more buildings," he said.
The third part of the project will consist of a 200,000-square-foot Eagle Point shopping center, he said. Cape Advisors is close to an agreement with a grocery store to be an anchor tenant for the center, Bashaw said, and Taco Bell will run a restaurant at the site. The mall could open in 1999.
"We've gotten other stores that are lined up in anticipation of the anchor tenant, which includes everything from a video store to possibly theaters," Bashaw said.
Some Box Elder County residents may remain skeptical of the project, because they cannot see many outward changes to the school, Bashaw said. But he said work on converting the dorms to residences is moving from the inside out.
The original buildings at the site were put up by the government in 1942 as the Bushnell Hospital. The hospital served World War II veterans until 1946, when it was converted into the school for American Indians. It closed in 1984, and the long-abandoned buildings need plenty of work, Bashaw said.
"It is hard for people to see activity from the outside," Bashaw said. "Plus, when (the first one) is done, we've still got another 25 buildings that need to be renovated. . . . (But) as long as we keep cruising along, this thing's going to increase nicely over the next couple of years."