I remember that project well, and it's a pretty big deal. That they are moving forward agressively is a major positive sign for the Wasatch Metro. Let's bring a few of the original articles forward, until we have some new updates...
October 2006 - Daily Herald - Gateway on steroids
Janelle Leatherwood is pleased.
A Kindermusic instructor teaching out of her Hunter Chase home, she said her property has increased over $30,000 in value, since they purchased it 18 months ago and she expects it will increase even more with the planned development of The Terrace.
"I'm excited about (The Terrace)," she said. "I just wish it was here now instead of in 2008."
Dubbed "a cross between the Gateway and the Shops at the Riverwoods on massive steroids" by Steven Roll, Lehi Area Chamber of Commerce member, the four million plus square feet of retail space and 150-acre development will be located southeast of Cabela's just off of SR 92. Initial plans include business parks, recreation space, a performing and cultural arts center, restaurants and cinemas. Oh, and plenty of retail shopping for the high-end and moderate income consumer.
With statewide media broadcasting the announcement and state dignitaries and other guest officials joining in the accolades for the lates commercial feather in Lehi's cap one would suppose Lehi residents, like Leatherwood, would be excited about the project. But there is a more practical side inherent in some Lehi consumers.
"I'm more excited about Costco, because that's where I go shopping," Bebbie Bartlett said. "It does mean more revenue to Lehi, more taxes. Maybe this will get our roads built." (Costco, a consumer discount club, has just opened
across from the American Fork, "The Meadows" on State Street and is located adjacement to a new Lowe's).
"Wow, for me I'd be happy about it: I've been to the Gateway once or twice," said former Lehi resident Karli Poyfair, now of Orem. "I'm pretty much pro shopping. Not having to go to Salt Lake would be fun.
August 2007 - Daily Herald -New outlet center planned for Lehi
By GRACE LEONG
- Traverse Mountain's stalled retail project in Lehi is coming out of a two-year hiatus after it found a new partner.
Craig Realty Group, a Newport Beach, Calif.-based factory outlet operator that manages 3.5 million square feet of retail space globally, is building what will be called The Fashion Outlets at Traverse Mountain, officials said Wednesday. The 550,000 square-foot upscale factory outlet anchored by Cabela's is part of Traverse Mountain's new 3.7 million-square-foot mixed-use project in Lehi.
It will replace Terrace at Traverse Mountain, a proposed 4 million-square-foot lifestyle center that was to have been co-developed by Forest City Development.
Why switch to a factory outletfi
The Fashion Outlets is a better fit for Traverse Mountain, in light of a slew of lifestyle center developments that emerged in Utah over the past two years, said Richard Rozier, vice president of Traverse Mountain.
"Pleasant Grove announced its plans for a lifestyle center. The District at Daybreak in South Jordan will also have an outdoor lifestyle center. Fashion Place, Cottonwood and Trolley Square were expanding, and the City Creek development was announced," he said. "That meant we'd have traditional lifestyle centers replicating retail brands every 15 to 20 miles."
To differentiate the Lehi project, Traverse Mountain decided to go with a premium brand name fashion outlet center that provides everyday discount values -- a concept it hopes will appeal to budget-conscious Utahns.
No tenants have signed up yet, but Craig Realty will begin marketing the Lehi property to more than 150 factory or manufacturer outlets today.
A typical Craig Realty factory outlet offers designer fashion and sportswear brands including Aéropostale, Nautica, Banana Republic, Adidas, Brooks Brothers, Dressbarn, Guess and Eddie Bauer at discounts of between 30 percent and 50 percent off department store prices and as much as 70 percent during promotional sales.
The factory outlet may also carry brand name footwear, children's fashion, toys and accessories, home furnishings, jewelry, leather, luggage and accessories, and other specialty retail outlets.
Company executives said annual sales at the Fashion Outlets at Traverse Mountain could exceed $400 per square foot, nearly double the industry average of $270 per square foot.
Why Forest City partnership ended
Rozier said Traverse Mountain broke off its partnership with Forest City after it kept dragging its feet supposedly because of insufficient population count and household income in the area.
"They wanted to do the groundbreaking in 2010 because they felt there weren't enough residents at this point to support the mammoth project," he said.
But Rozier felt there was a deeper level of commitment from Steven Craig, founder of Craig Realty, and also former president and chief operating officer of upscale outlet center owner Chelsea Property, a unit of Simon Property Group.
"All we had with Forest City was a letter of intent or an agreement to develop something as soon as it's practical, as opposed to what we have with Steve Craig, which is an operating agreement to start leasing and construction," he said.
Forest City officials could not be reached for comment on Traverse Mountain's claims.
Designed by San Francisco-based Field Paoli Architects, construction of the Lehi factory outlet center is expected to start next year and is scheduled for completion in fall 2009.
Historically, many outlet centers haven't had a reputation for quality construction, Rozier said.
But the Lehi outlet stores will look like those at the Gateway and showcase features including glass pavilions and water fountains, he said.
Craig said the Lehi outlet center will have more of an "intimate village feel" with a mix of fast casual, casual dining and fine dining restaurants.
"Our centers are known for not having any steps in them. It'll be great for pushing strollers, and for those using wheelchairs," he said. "Our restrooms aren't separated by metal panels. They're properly-sized family restrooms with multiple toilets."
Other mixed-use developments
In addition, construction of two 125,000-square-foot office towers along State Route 92 in Lehi will start this fourth quarter, said Gary Mangum, managing director of Coldwell Banker Commercial.
The 3.7 million-square-foot Traverse Mountain retail project also consists of a high-end retail/entertainment development and a neighborhood town center with amenities including gas stations, dry cleaners, banks and grocers.
When completed, the project is expected to generate 1,000 jobs including 150 managerial positions.
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