$100M Retail Rebranding Brings Dave & Buster’s to SLC

By Ariela Moraru

The Gateway, Salt Lake City

Dave & Buster’s will anchor The Gateway, a 623,205-square-foot, open-air retail and entertainment center in downtown Salt Lake City that is currently undergoing a $100 million rebranding. The entertainment and dining chain will open its first Utah location in March 2018, adding to its international and national portfolio spanning 34 states. Mountain West Commercial Real Estate is spearheading leasing efforts.

Located at 18 North Rio Grande St., with easy access to interstates 15 and 80, the property sits directly across from the 20,000-seat stadium Vivint Smart Home Arena, home of the Utah Jazz professional basketball team. The asset is situated in an area with a population of 84,787 within a 5-mile radius and a $59,770 average household income. With more than 80 shops, restaurants and amenities, the center is anchored by Clark Planetarium, Barnes & Noble, Victoria’s Secret and Discovery Gateway Children’s Museum.

The Boyer Co. developed the asset. A joint venture between Vestar and Oaktree Capital Management acquired the lifestyle center in 2016 from Retail Properties of America Inc. Vestar’s current portfolio of retail properties totals 26 million square feet throughout the western states.

“Vestar has a long, fortunate history of working with Dave & Buster’s throughout our portfolio,” said Jenny Cushing, Vestar vice president of leasing, in prepared remarks.

Major urban redevelopment

The Gateway, Salt Lake City

The property is part of a wider urban redevelopment project. The Gateway mixed-use project includes more than 1.4 million square feet of office, retail, dining, and entertainment, 2,396 parking spaces and more than 1,200 on-site multifamily units and condos. 

Images courtesy of Vestar