SALT LAKE CITY (ABC4) – The Utah Theater has been sold again, and is on track to be redeveloped into high-rise apartments with some that will be rented out as affordable housing.

The Redevelopment Agency (RDA) of Salt Lake City closed on the transfer of the Utah Theater on Wednesday and the property now belongs to Hines Development.

This new project is estimated to cost $100 million to construct, with 10% of the tower’s apartments set to be rented as affordable housing for residents making roughly 60%-80% of the County’s median income.

A new mid-block walkway on Main Street, a new open public space, and art are some of the features of the new project. This jump-start to energize Main Street will be incorporated through publicly-accessible open space, pedestrian connections, ground-floor retail, and dining options.

When it comes to the current retail tenants, the RDA says relocation will be required. The agency said in a press release that they will continue to provide financial support and connect the tenants to other city resources, which can help them find new retail locations.

“Although this section of Main Street will look different than it once was, we look forward to the transformation of our Downtown, but this time with the added public benefits of affordable rental units, repurposing of the building’s original elements, public art, and a green, publicly accessible open space,” says RDA Board Chair Ana Valdemoros.

Hine Development is now moving forward with preparing the site for new construction.