Though there’s no timeline for when construction will resume on the property, both Compass Development and North Salt Lake officials say that no official death knell has been sounded on the development.
Compass is continuing in their efforts to seek financing to move ahead with the project, and the city is planning on moving ahead with a community development agreement (CDA) that won’t go into effect until construction goes vertical.
“It’s not dead,” said Ben Lowe, a principal for Compass Development. “In this economy, all real estate developments have been delayed. I’m not sure of one in the state who hasn’t.”
Lowe stays in regular contact with both North Salt Lake Mayor Shanna Schaefermeyer and City Manager Collin Wood, whom he keeps updated every few weeks.
“Until U.S. Bank (the bank working with Compass on Eaglewood Village) determines that the project’s dead, there’s still some chance for development,” said Wood.
Wood added that North Salt Lake is willing to be patient on the project, since the money the city put toward the development went largely into already made drainage improvements that were vitally necessary to get any future use out of the property.
U.S. Bank is also likely to continue being patient with the property, which is in better shape than some of their other Utah projects.
“Some of their other projects are way upside down on the land to loan ratio,” said Wood. “That’s not true with this development.”
Schaefermeyer is continuing to work on a CDA designed to help Compass hold on to some fluid capital once vertical construction begins, and is planning (with Davis County Economic Development’s Kent Sulser) on getting on the school board’s November agenda to talk about their possible participation in the CDA.
“I’m still hopeful,” she said about the development. “We’re trying to ride this thing out as best we can.”
jwardell@davisclipper.com
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