Salt Lake City’s Gateway, the multi-block complex just west of the Delta Center, is officially for sale. The offering covers the entire 20.9-acre site and its spread of retail, office, entertainment venues, and a freshly opened boutique hotel, a package brokers are pitching as a rare downtown prize that could reshape how the west side of downtown works from morning to late night.
What’s on offer
Jones Lang LaSalle is marketing the full complex, which its materials peg at roughly 613,075 square feet across 20.9 acres and describe as “a generational investment opportunity.” According to JLL, The Gateway is about 92% occupied overall, with a compound annual growth rate above 5.75% and a weighted average lease term of roughly 5.8 years. The offering points to near-term upside from targeted lease-up and possible conversions between office and retail space.
Owner, overhaul and price
Phoenix-based owner Vestar bought The Gateway in 2016 and says it has put more than $100 million into transforming the former mall into an entertainment and office hub. According to local reporting from Building Salt Lake, the JLL marketing materials are live, but the listing does not include a public asking price. Building Salt Lake also notes that the sale would include the Asher Adams, a 225-room Marriott Autograph hotel that opened in November 2024.
Who’s in The Gateway now
The complex blends restaurants, nightspots, theaters, and office tenants that help keep the area busy from the morning coffee run through last call. The tenant lineup includes Dave & Buster’s, Megaplex Theatres, The Depot by Live Nation, and Wiseguys Comedy Club, along with office and co-working users such as Recursion, Perfect Day, and Kiln. The property’s own site lays out that roster, along with an events calendar that props up foot traffic on game and event nights.
Parking and event revenue
Parking and event-driven income are a big part of The Gateway’s pitch. The campus has two paid garages plus surface stalls that add up to about 2,325 spaces, and those spots have been heavily used during Jazz and Mammoth events. Local reporting says the Delta Center is building its own attached parking garage, a project that could change that revenue picture for The Gateway. For investors, the mix of paid parking, entertainment, food, and beverage income offers multiple revenue streams to weigh against leasing risk.
Why investors might bite
Brokers marketing the deal point to steady in-place cash flow along with clear value-creation plays. The JLL offering highlights mark-to-market rent potential, lease-up opportunities, and the option to convert some office blocks back to retail or mixed-use. Paired with the downtown location and event traffic, those fundamentals make the property attractive to funds or operators that specialize in active repositioning. How a buyer balances short-term returns with long-term redevelopment will determine whether The Gateway stays a work-by-day, play-by-night hub or evolves toward heavier residential or office use.
For downtown residents and businesses, the listing is a pivotal moment. The Gateway has already gone through several reinventions since opening ahead of the 2002 Olympics, and whatever the next owner decides will likely reshape the west side of downtown for years to come.
