Buyer hopes to fill vacant condo project

THE SALT LAKE TRIBUNE – 5th and 5th » Neighbors eager to welcome new residents.

The condominiums at 524 S. 500 East in Salt Lake City have nearly everything: two stories with high ceilings, washers and dryers and covered underground parking.

Only one thing is missing: residents.

That should change in the next few months, as the building finally has a buyer who will complete the project and begin leasing the 43 units within a few months.

The project, of a modern brick-and-stucco design, began more than two years ago, but the developer ran out of money when it was nearly complete, said Bob Parks of First Community Bank, the current owner. An undisclosed buyer is under contract for the purchase, with plans to finish the complex and begin leasing.

“It’s a good little project,” Parks said. “It just ran out of money.”

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