SLC Approves $2 Million Loan for Main Street Building Project

Salt Lake City leaders have approved another $2 million dollar loan for a four-story building project on Main Street where several restaurants were destroyed by a fire on August 11, 2025, KSL.com reported.

The parcel is owned by Chenzo LLC, a company currently trying to secure financing to replace the demolished structures—including Los Tapatios and the London Belle—with a new four-story building. The city initially approved a $2 million disaster loan for the project back in July through the Disaster Relief Loan Program.

The company recently applied for an additional $2 million dollar loan through the Commercial Development Loan Program, which city officials discussed at a Community Reinvestment Agency meeting.

SLC approves $2 million loan to reconstruct buildings damaged in Main Street fire — ABC4 Utah

“They indicated that they intend to pursue businesses in the food, beverage and entertainment industries, including restaurants, lounges and bars,” said Hayden Callaway, a Community Reinvestment Agency project coordinator, told KSL.com.

City council members established that the proposal is eligible for both funding streams and that receiving one loan does not disqualify the developer from the other, leading to wholehearted approval.

Detailed illustration depicting sba loan process backdrop vibrant street featuring shops pedestrians

“I’m fully supportive,” said Jennifer Napier-Pearce, City Councilmember, told KSL.com. “I don’t want to delay this project. Main Street is too important to us all, and I look forward to a vibrant scene down there as soon as possible.”

According to Tauni Barker, Community Reinvestment Agency Public Information Officer, the total project cost is expected to reach about $7.5 million dollars. Meeting documents indicate that Chenzo has secured $2 million in private financing alongside the $4 million total in city loans.

Lenders have informed the company that they require letters of intent from prospective tenants before committing further private funding.

Salt Lake approves $2 million loan for downtown redevelopment nearly one year after fire — KUTV 2 News Salt Lake City

Barker clarified that the $4 million provided by the city consists entirely of loans rather than grants, meaning the funds must be repaid. However, the Community Reinvestment Agency hopes these low-interest loans will help businesses restore Main Street prior to major upcoming events in Salt Lake City, such as the upcoming Temple open house for the Church of Jesus Christ of Latter-day Saints.

“Main Street is the heart of Salt Lake City, and it’s so important for us to keep that area activated and provide opportunities for people on the street,” Barker told KSL.com.