Developer wants South S.L. backing

SOUTH SALT LAKE (Deseret News) — A developer who wants to put 27-story condominiums in the heart of this industrial suburb plans to ask the City Council on Wednesday to take out bonds for the project.

The $500 million Market Station development has been in the works for years but has stalled recently because finance partners of developer Steve Aste fell through, Aste said.

Now, Aste is going to the city to find money to buy several parcels of property within the project area.

"In many cities throughout the country, the city takes a very active role in development, particularly in developments that are in renewal areas," Aste said. "We're asking them to take a more active role in the development itself, to get it off to the right start."

Aste would not say how much he was asking for but said the bonding could take several forms. The bonds would be leveraged by the value of the property purchased, he said.

The 18-acre Market Station project is located between Main Street and State Street near 2100 South. Aging businesses and several thousand feet of dilapidated pavement there now are a thorn in the side of officials hoping to boost the city's image.

Elected officials in South Salt Lake have already promised $25 million in tax increment funding to the Market Station proposal.

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