The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1908-11-01
BIG ENTERPRISE
IS NOW ON FOOT
Syndicate of Capitalists Will
Expend Immense Sum
Here.
LARGE BLOCK OF REALTY
ALREADY IS SECURED
Property Purchased Is at Cor
ner of West Temple and
Third South.

| Within few days final details will
be completed for the formation OF q
company of Salt Lake City and other
western capitalists for the handling Of
real estate in this city. At the pres
| ent time il is not possible to give out
the names Of the parties concerned, but
the stock certificates and bonds for the
compsny are being prepared by loca!
hthographipg concern. the deeds Tor
property amounting to 100000 are now
here, and there remain only the ar
ranging Of few formalities of trans
the organization OF the company Will
be completed.
The capital stock Of the company will
be S500,000, and it is the purpose Of
the organization to purchase a large
amount of real property. 10 erect a
number OF handsome business buildings
and create an enlarged business district
streets.
One Big Deal Made.
The first transaction OF the company
is already practically completed, and
is the largest transaction OF the kind
that has been carried ont here since the
famous Newhouse deals. which took
place nearly two years ago. The prop-
erty purchased includes tract l65x179
feet at the corner Of West Temple and
Third South streets. extending from the
west side of the present Chamber of
Commerce building TO the alIev nun
ming into the block from West Temple.
AT the present time the property is oc-
cupied by the Metrorolitan hotel OF
the corner aud number of low struc.
lures on both Of the streets. including
the garage occupied by Tom Botterill.
It is proposed TO enlarge the hotel
and TO turn it into one of the finest
hostelries in the city. The remainder
of the property will be given over 10
business structures. These will be OF
the skvscraper variety and will replace
the present stores on the premise The
property is said TO be the largest piece
OF business property under one owner
shin in Salt Lake City The company
Will at once proceed TO purchase as rap.
idly as possible several other pieces of
property in the southern portion OF the
city and Will erect new buildings there
on.
Result Of Undertaking.
The new undertaking is expected TO
bring about a tremendous change in
the business district OF the city, com
parable onlv TO that set on foot bv the
purchase Of the property at Main street
and Fourth South by Samuel Newhouse.
h1'Ncl d' NC" ptru
contemplated for maDy months, and
which have been held back for fear Of
a possible business reaction. will now
be pushed TO completion. The Peerv
property at the northwest corner of
West Temple and Third South is ex,
pected TO De improved Immediately
with a new building on the cement
foundations already in place, II is ex-
pected that the increase in the value OF
the property cast of the chamber OF
commerce building will be so great that
there will be business structures erect
ed in place Of the present adobe resi-.
dences. It is expected also that there
will be great change IN the southern
side Of the street. There has been
distinct move on the part Of business
people to Third South for the past year,
and the erection OF new buildings IN.
der the present syndicate Will prac-
tically fix the movement beyond any
possible change.
Parties connected with the recent
transaction said Saturday that the deal
would be completed by the first OF the
week and the names OF the new Dur
chasers will then be given out. All of
those interested are men who have
made a careful study of the conditions
here, and many already. hold consider
able real estate in the city. They are
amply provided with means for carry
ing out any transaction which they un-
dertake, and the enlargement Of the
business section will be pushed as rap
idly as possible.