Salt Lake City retail and entertainment center to undergo $30 million revitalization

Salt Lake City -- Vestar, in a joint venture with funds managed by Oaktree Capital Management, announced that it has acquired a 623,205 sq. ft. open-air retail and entertainment center within The Gateway located in downtown Salt Lake City.



The Gateway, a retail, residential and office complex was built in 2001, is situated on 21 acres and has more than 100 regional and national retailers and restaurants. Tenants include Apothica, Bastille, Bout Time Pub & Grub, Clark Planetarium & IMAX Theatre, Francesca’s, Lucky Brand Jeans, Urban Outfitters, Wiseguys Comedy Club and more.



"Salt Lake City is undergoing a dramatic transformation, rapidly attracting millennials and entrepreneurial firms in the private sector including technology and finance," said David Larcher, president for Vestar. "We are confident in our vision to create a landmark destination where visitors, residents and employees will be excited to shop, dine, celebrate and engage."



Larcher noted that Vestar has a strategic plan in place to invest $30 million in revitalizing and rebranding the center. This investment is aimed at attracting an eclectic mix of national and regional retailers catering to the vibrant, multi-cultural landscape of the Salt Lake Valley. Vestar is focused on enhancing the property’s food and beverage offerings to incorporate unique chef-driven concepts, and presenting over 300 property events annually.



“Salt Lake City is one of the leading areas for educated urban professionals," said Mark Jacobs, managing director of Oaktree. "Our goal is to create a social hub that offers an unbeatable retail mix, full range of dining options and broad array of entertainment."