By Associated Press - Tuesday, February 2, 2016

SALT LAKE CITY (AP) - The new owner of The Gateway mall in Salt Lake City says it plans to invest $30 million to revitalize the financially troubled mall with new national and regional retailers and high-end restaurants.

The Salt Lake Tribune reports ( ) that Phoenix-based Vestar moved Monday to complete its purchase of The Gateway’s nearly 630,000 square feet of retail space. The company’s plan is to attract more young adults by turning the mall into an entertainment destination where visitors can shop and dine.

The previous owners, Retail Properties of America, reported The Gateway’s value at $75 million in 2014, down from a high of $163 million in 2010.

The Illinois-based company said in a release the sale would satisfy “its mortgage debt of approximately $94.4 million.”

The purchase price wasn’t immediately disclosed.


Information from: The Salt Lake Tribune,

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