Sandy to buy land that was planned for Proscenium

Summary:

• plans for the Proscenium development have been scraped due to the developer's funding drying up
• Sandy City plans to purchase the 5 acres from Scott McQuarrie for $5 million, then lease to a developer
• the land appraised at $8.7 million in December 2008, but was revised to $5.5 million last month
• the original Proscenium plans called for 40-story, 600-foot towers
• new plans could still include a theater, apartments, condominiums, or commercial development