A decade after its last sale, the open-air mall west of Salt Lake City’s downtown known as The Gateway is once again on the market.
“The Gateway is a generational investment opportunity, anchored by renowned experiential and entertainment-based tenants and surrounded by Salt Lake City’s most compelling growth drivers,” real estate broker JLL said in the property listing, which didn’t include a price. “...This irreplaceable property doubles as the focal point for commerce and community in one of the nation’s fastest-growing metropolitan markets.”
The nearly 21-acre shopping center opened in 2001, shortly before the 2002 Olympics. The $375 million project, built by The Boyer Co., was paid for by taxpayer dollars and private funding to bring retail, entertainment space, offices and condominiums to the western edge of downtown.
The mall’s major tenants today include Megaplex Theatres, Clark Planetarium and Discovery Gateway Children’s Museum. The development also features office space and the outdoor Olympic Legacy Plaza at The Gateway, commemorating the 2002 Winter Olympics.
Developers added a 230,000 square-foot office tower to the complex in 2007, drawing several major downtown employers.
City Creek Center opened three blocks east of the development in 2012, creating competition that led to all-time lows for store vacancies at The Gateway. Arizona-based Vestar purchased The Gateway in 2016.
That same year, Vestar launched a $100 million renovation on the property — which most recently culminated in the opening of the Asher Adams hotel in 2024. Now, the property boasts a 92% occupancy rate, according to JLL.
— Tribune reporter Tony Semerad contributed to this story.