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The Gateway (Salt Lake City)

From Wikipedia, the free encyclopedia

The Gateway
Gateway Salt Lake 10 08 05.jpg
Rio Grande Street (which goes directly through the center)
LocationSalt Lake City, Utah
Coordinates40°46′07″N 111°54′14″W / 40.7685°N 111.9038°W / 40.7685; -111.9038
Opening dateNovember 2001
DeveloperThe Boyer Co.
OwnerVestar Development Co.
No. of stores and services105+
Total retail floor area650,000 SF
No. of floors2
Websitehttp://www.shopthegateway.com

The Gateway is a large, open-air retail, residential, and office complex in Salt Lake City, Utah, United States. It is centered on the historic Union Pacific Depot on the west side of Downtown Salt Lake City between 50 North and 200 South streets and between 400 and 500 West streets. Rio Grande Street has been the site of many special events and becomes a one-way street and heads north through the center. The center has featured as many as 89 outlets, but recent changes have allowed the center to provide new retail shopping experiences and become more of a social gathering place centered on dining and nightlife.[1]

The Gateway cost $375 million and began as part of the city's urban redevelopment project, and the first phase was done prior to the 2002 Winter Olympics that was held in Utah. The first phase of 2.1 million sq. ft. (195,096 m²) of mixed-use development included office complexes, the Northgate Apartments, and the renovated Depot which serves as a concert venue. Other highlights include the Clark Planetarium opening in 2003, the Megaplex 12 at The Gateway, and the Discovery Gateway Children's Museum opening in 2006. The offices of the Salt Lake Tribune newspaper are located near the south end as well as many of the popular food and retail outlets. Many of the special events and community events take place near the open area on the north end. The TRAX light-rail line has a stop at the Planetarium station which opened in 2008 on the east side of the center, which is in the UTA's Free Fare Zone. The Vivint Smart Home Arena is across the street to the East.

The Gateway in 2009.
The Gateway in 2009.

In 2004, a 12-story high-rise condominium, The Parc at The Gateway, was built overlooking the Olympic Legacy Plaza, with some units selling in excess of $500,000.

In the northeast corner, a seven-story 230,000 sq ft (21,000 m2) office tower for more than 1,200 employees was completed in 2007 for the sole occupancy of Fidelity Investments.[2][3][4]

By 2014, the center's occupancy rate had fallen, with major tenants such as Apple Inc. having moved half a mile east to the newer and more centrally-located City Creek Center, opened in 2012 by The Church of Jesus Christ of Latter-day Saints.[5]

Retail Properties of America Inc. had valued the center to $75 million in 2014 and would expect further decline.[6] Previous efforts to stabilize and sell the center had failed. In the meantime, some of the outdoor areas had been upgraded, and nearby development projects had been planned.[1]

In 2016, The Gateway was sold to a commercial real estate company named "Vestar". The company was planning to renovate the center for $30 million. Instead, $100 million was invested by Vestar since late 2018.[7][8] Vestar restored the area's popularity and increased security, lowering crime by 79% and expecting crime to lower even further.[9] The downtown shelter located on Rio Grande Street has also seen improvement because of the mall's new management.[10]

In 2019, Abercrombie & Fitch and Abercrombie Kids, two original tenants since the center's inception in 2001, closed their Gateway locations. These closures added nearly 15,000 square feet of additional vacancy to the center's already struggling occupancy rate.

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Transcription

References

  1. ^ a b Semerad, Tony (15 Jan 2015). "Slump deepens at Salt Lake City's Gateway mall". The Salt Lake Tribune. Retrieved 17 Jan 2015. CS1 maint: discouraged parameter (link)
  2. ^ News, Deseret (2005-08-05). "Fidelity to build at Gateway". Deseret News. Retrieved 2020-03-04.
  3. ^ "Koch Mechanical - Fidelity Office Building at the Gateway". www.kochmech.com. Retrieved 2020-03-04.
  4. ^ "Fidelity Investments Regional Headquarters". Boyer Company. Retrieved 2020-03-04.
  5. ^ "Slump deepens at Salt Lake City's Gateway mall". The Salt Lake Tribune. Retrieved 2020-03-03.
  6. ^ Ed, Ed. "Struggling Salt Lake City Mall". Business website.
  7. ^ Gateway, The. "Company buys Gateway Mall". KSL.com. Ed.
  8. ^ Nguyen, Rosie (2018-10-15). "In Focus: Has Operation Rio Grande helped revitalized the Gateway Mall?". GOOD4UTAH. Retrieved 2018-12-13.
  9. ^ "Salt Lake mall's owners report 'dramatic' crime drop, urge Utahns to come back". www.ksl.com. April 2, 2019. Retrieved 2019-04-03.
  10. ^ "Salt Lake mall's owners report 'dramatic' crime drop, urge Utahns to come back". www.ksl.com. Retrieved 2019-04-03.

External links

This page was last edited on 8 April 2021, at 17:50
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