Salt Lake City will loan up to $7 million to a developer at a reduced interest rate to help it build a new hotel incorporating the historic Union Pacific Station at The Gateway.
Members of the City Council, acting as the city’s Redevelopment Agency board, voted unanimously Tuesday to approve the loan to help construct a mid-rise, 225-room upscale hotel at the open-air shopping and entertainment center on the western edge of downtown.
Through a subsidiary called Athens Hotel Development, The Athens Group, a Phoenix-based developer of five-star luxury hotels and residential projects, wants to incorporate the historic train station into a new upscale $79.