Redevelopment of the 1970s-era enclosed mall - across from City Hall, where construction of a transit hub will begin next year - is seen as a key component to the city's planned downtown.

"We're cheering them on over here. The previous owners had a lot of resources but they didn't turn their vision into anything real," says Brent Garlick, economic-development specialist for West Valley City. "We're glad the mall sold to someone with vision and a desire to see it done quickly."

In October, Sandy-based Satterfield Helm Management Inc. bought the 61-acre mall from New York-based New Plan Excel Realty Trust for an undisclosed price. Scott Satterfield acknowledges the big buy is a gamble.

"But something significant needs to happen to that mall, and that's what we propose," he says.

By spring, Satterfield Helm hopes to go public with a plan to pump $20 million to $50 million into renovating Valley Fair.

"We've been visiting as many successful mall renovations in the country as possible, because we don't want to reinvent the wheel," Satterfield says.

The mall's former owners had a binder of 40 to 50 redevelopment designs, which it gave to Valley Fair's new overseers, Garlick says.

"New Plan was thinking about [renovating] but something kept them from doing it," he says. "Perhaps they couldn't justify the level of risk to their board and shareholders."

Right now, Valley Fair is at full occupancy with 130-plus tenants, notes Holly Curby, who recently signed on as the mall's marketing director.

"Our leasing manager, Liz Russell, has done a fabulous job," Curby says. "We have a good mix and plenty to offer."

Curby plans to have a Web site up and running in January to tout the mall's amenities.

Before her recent move, Curby spent eight years as assistant marketing director at South Towne Center - Sandy's thriving suburban mall with 150 tenants. She, like Garlick, views Valley Fair's future with infectious optimism.

"Satterfield Helm has come in with exciting ideas, and we're looking forward to embracing them," Curby says.

Those ideas include revitalizing the mall's interior, pumping new blood into it and building new multilevel stores near the street.

"We'll add several thousand square feet to the existing center," Satterfield says.

Before those plans can be finalized, the owners must enlist the mall's anchors - J.C. Penney, Meier & Frank, Mervyn's - and junior anchor Red Robin.

The new owners also have hired a team to analyze the Salt Lake County market, because regional malls interact with other submarkets, Satterfield says. That team will recommend a tenant mix with the strongest potential.

In 1978, Satterfield and partner, Greg Helm, built their first shopping center, Foothill Plaza in Pocatello, Idaho. Since then, they have completed several major renovations. However, Valley Fair Mall will be their first attempt to rejuvenate a mall.

As Satterfield Helm moves forward, smaller Valley Fair tenants wait to see how the process plays out.

"It's great they'll be making some changes, but I hope they don't cancel out the people who have hung in and suffered here," says Dan Garretson, who owns the Copper Kettle, a specialty coffee shop in its second year at the mall. "A lot of people here have already dipped into their life savings. They'll probably want us to update our storefronts, and I hope I can do it when the time comes."

cmckitrick@sltrib.com