The Gateway (Salt Lake City)

The Gateway
Rio Grande Street (which goes directly through the mall)
Location Salt Lake City, Utah
Coordinates 40°46′07″N 111°54′14″W / 40.7685°N 111.9038°W / 40.7685; -111.9038Coordinates: 40°46′07″N 111°54′14″W / 40.7685°N 111.9038°W / 40.7685; -111.9038
Opening date November 2001
Developer The Boyer Co.
Owner Vestar Development Co.
No. of stores and services 105+
Total retail floor area 650,000 SF
No. of floors 2
Website http://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 becomes a one-way street and heads north through the mall. The final leg of the Salt Lake City Marathon goes up Rio Grande Street, and the finish line is adjacent to the Olympic Legacy Fountain. The mall contains 89 outlets.[1]

The historic Union Pacific Depot was renovated and is open to the public at The Gateway

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. Other highlights include the Clark Planetarium, the Megaplex 12 at The Gateway, the Discovery Gateway Children's Museum, the office of the Salt Lake Tribune newspaper, Dick's Sporting Goods, Barnes & Noble Booksellers, and GameWorks. The TRAX light-rail line has a stop at the Planetarium station on the east side of the mall, which is in the UTA's Free Fare Zone. The Vivint Smart Home Arena is across the street to the East.

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, an eight-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.

By 2014, the mall'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 mall, opened in 2012 by The Church of Jesus Christ of Latter-day Saints. The Gateway's owner, Vestar Development Co. is looking to value the mall soon. The previous owners, Retail Properties of America Inc. had valued the mall to 75 million dollars in 2014 and would expect further decline.[2] Previous efforts to stabilize and sell the mall had failed. In the meantime, some of the outdoor areas had been upgraded, and nearby development projects had been planned.[1] The Gateway Mall, in 2016, had been sold to a company in Phoenix, Arizona named "Vestar". The company is planning to renovate the mall for 30 million dollars.[3] Vestar wants to help the mall gain popularity again and step up security, especially with Rio Grande Street and the homeless shelters nearby.[4]

References

  1. 1 2 Semerad, Tony (15 Jan 2015). "Slump deepens at Salt Lake City's Gateway mall". The Salt Lake Tribune. Retrieved 17 Jan 2015.
  2. ↑ Ed, Ed. "Struggling Salt Lake City Mall". Business website.
  3. ↑ Gateway, The. "Company buys Gateway Mall". KSL.com. Ed.
  4. ↑ Ed, Ed. "Fox News". Fox News. Fox News.
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