SALT LAKE CITY, Utah, Feb. 2, 2016 (Gephardt Daily) — Almost 15 years after The Gateway sprung to life in the heart of downtown Salt Lake City, the shopping area has new owners with a vision to revitalize the mall.
Phoenix-based Vestar announced Tuesday that it has completed its purchase of The Gateway’s 623,205 square feet of open-air retail and entertainment properties.
Vestar said in a statement that it plans to invest $30 million to rebrand and revitalize The Gateway. The money will be used to bring in national and regional retailers and high-end eateries designed to attract millennials to the mall on the western edge of downtown Salt Lake City.
Vestar President David Larcher believes Salt Lake City is poised for growth.
“Salt Lake City is undergoing a dramatic transformation, rapidly attracting millennials and entrepreneurial firms in the private sector,” said Larcher.
The purchase of The Gateway was a joint venture between Vestar and the national real-estate investment firm Oaktree Capital Management. Mark Jacobs, Managing Director of Oaktree says, “Our goal is to create a social hub that offers an unbeatable retail mix, full range of dining options and broad array of entertainment.”
The new owners plan to meet with Salt Lake City business and community leaders to lay out their vision for The Gateway.
The mall has retained several of its big anchors including the Megaplex movie theater, Dick’s Sporting Goods, Urban Outfitters, and Discovery Gateway but many tenants abandoned The Gateway when City Creek Center on Main Street opened in 2012.
The luxury mall was built and is owned by The Church of Jesus Christ of Latter-day Saints.
Vestar has spent almost $1 billion in recent years buying up shopping centers in Arizona, California, and Texas.