Coachman's Dinner & Pancake House closed in April 2021. A year later, property owner Mike Nikols received approval for a condo complex, but little progress has been made since then. LincolnGraves
After a year, Mike Nikols, the property owner, received approval to construct a condominium complex on the premises. However, over a year has passed since then, and there has been minimal progress made on the project.GALLERY: Mixed-use condos proposed to replace Coachman's restaurant“I haven’t seen interest rates go so high that it becomes prohibitive,” he said. “It’s more that lending practices have tightened. It’s made it more cumbersome for developers to get a loan.
Nikols recently got a one year extension from Salt Lake City, meaning he has another year to make a move on his project. Other big housing development projects across the area are also dead or in limbo because of the financial climate. “I think it’s financing right now,” said Dejan Eskic, a senior research fellow and scholar at the Gardner Policy Institute. “With what we’ve experienced just in the last six months with interest rates, it’s made borrowing costs a lot higher and more challenging.”JOIN THE CONVERSATION
“I feel confident with just our demand over the next five to ten years, those apartment projects will see light,” he said. “Really, we’re in a pause and hold stage right now with big development projects.
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