Astonishing story on this morning's Standard-Examiner business page, announcing that wannabe developer Stuart Reid, who had ambitiously planned construction of a lavish seven story condominium and commercial building at the southwest corner of The Junction, has quietly divested his interest in his one acre parcel, and transferred it back to the original grantor, LDS Church subsidiary Property Reserve, Inc. From this morning's Scott Schwebke story:
OGDEN — A developer has sold about an acre at The Junction complex downtown back to Salt Lake City-based Property Reserve Inc.On the heels of Larry Myler's cancellation of his Mega Hotel & Wading Pool Project, Reid's abdication of his downtown development role marks the second key Junction project to be taken off the economic development table within the last half-year.
Stuart Reid, the city’s former community and economic development director, bought the land at the southeast corner of 22nd Street and Grant Avenue in April 2007 from Property Reserve, which is owned by The Church of Jesus Christ of Latter-day Saints.
Reid had planned to construct Ashton Square, a sprawling 224,000-squarefoot condominium and commercial building on the property.
However, last year he abandoned the project because of a downturn in the economy. [...].
Tom King, vice president of Property Reserve, declined Wednesday to disclose how much the company paid Reid for the land.
Property Reserve has no immediate plans to develop the parcel that’s near Ensign Plaza South, an office building the company owns at the southwest corner of 22nd Street and Washington Boulevard, and the Ogden LDS Temple.
This is decidedly bad news for the taxpayers of Ogden, who'd been hoping for early respite from our crushing $750 thousand annual Junction bond payment. The next payment comes due in June, as we understand it. This year's payment, if memory serves, will be the third consecutive bond payment to be picked up by the taxpayers.
Godfrey's Community and Economic Development Department "A" Team currently accounts for 33% of the expenditures in Ogden City's budget. We'd suggest that it's high time these overpaid empty suits get off their keisters and start pulling a few rabbits out of their hats.
Comments, anyone?
