4-story building project on Salt Lake City's Main Street gets approval for another $2 million loan

SALT LAKE CITY — Salt Lake City leaders have approved another $2 million dollar loan for a four-story building where several restaurants went up in flames last year.

The fire on Main Street destroyed multiple businesses on August 11, 2025. Some are back up and running, but others — like Los Tapatios and the London Belle — needed to be demolished. The company that owns the parcel, Chenzo LLC, is now trying to secure financing for a four-story building to go in their places.

The city approved a $2 million disaster loan for this project back in July, as part of the Disaster Relief Loan Program. Recently, the company also applied for another $2 million dollar loan through the Commercial Development Loan Program, which was discussed at the city's Community Reinvestment Agency meeting Tuesday.

"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.

After establishing the proposal is eligible for both, and that receiving one loan does not disqualify them from receiving the other, city council members gave their wholehearted approval.

"I'm fully supportive," said Councilmember Jennifer Napier-Pearce. "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."

The project is expected to cost about $7.5 million dollars in total, according to Community Reinvestment Agency Public Information Officer Tauni Barker. Community Reinvestment Agency meeting documents indicate Chenzo has also secured $2 million in private financing, in addition to the $4 million in loans. Lenders have indicated to the company they would need a letter of intent from tenants before promising more private funding.

Barker clarified the $4 million dollars from the city are loans and not grants, and they will need to be paid back. But the CRA hopes these low-interest loans will help companies restore Main Street before major upcoming events in Salt Lake City, such as the 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 said.

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