The state agency that oversees trust lands is taking over a half-built resort community near fast-growing St. George after the developer ran into trouble because of the declining real estate market.
Utah's School and Institutional Trust Lands Administration is taking back finished lots, infrastructure, office buildings and other lands from SunCor Development Co. of Tempe, Ariz.
The agency paid $3.4 million to buy out its one-time partner, marking the first time it took over a housing development, said Kevin Carter, director of the trust-lands administration. SunCor couldn't find another buyer offering acceptable terms.
"It looked like there …
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