SALT LAKE CITY — The Gateway in downtown Salt Lake City is shopping for a new owner as the mixed-use facility featuring retail, entertainment, and office space has been put up for sale.
In a listing posted by JLL, the entirety of the 20.9-acre site that sits on the west edge of downtown is available.
No asking price was posted in the listing.
According to the listing, The Gateway is currently 92 percent occupied and encompasses over 613,000 square feet.
The Gateway is an open-air campus that includes a movie theater, retail outlets and restaurants, including the HallPass food hall and Dave & Buster's. The Clark Planetarium is also a part of the mall, along with music and comedy venues.
At the time it was built in 2001, The Gateway was one of the most significant construction projects on the West Side.
Max Roth shares a timeline of Utah's mall history:
“I think The Gateway did a good job of kind of expanding what we thought of as downtown," said urban planner Mark Morris. "In the ‘90’s, before the Delta Center and The Gateway were built … that was a different part of town. Certainly different than it is today.”
A lot of development is planned for the area surrounding The Gateway, including construction of a stadium that could be home to a Major League Baseball team, along with a planned sports and entertainment district around the Delta Center, in addition to the 2034 Winter Olympics.
Commercial real estate agent Nigel Swaby says the current owners, Vestar, invested nearly $100 million to revitalize the property. That infusion helped bring people back when the customer base dropped off following the opening of City Creek Mall.
“I imagine now is probably a good exit time for them with all the stuff that’s coming up in Salt Lake, especially in this area," said Swaby.
