The University of Utah will spend $38 million to get this coveted downtown space.
The state’s flagship school hopes to have a presence in the heart of Salt Lake City in what’s being called a “migration downtown.”
“We’re going to start to build a downtown presence,” he added, “at a location that’s a little more prominent.” The longest of the existing leases runs through 2031. The U. hopes it can wrap those up and cut the annual expense once staff move into the new building. As for the properties it owns, the school hasn’t decided yet what it will do with each of those; it might sell them or rework what the spaces are used for. The University of Utah announced on Tuesday, June 11, 2024, that it plans to buy a downtown building to expand its presence in Salt Lake City.
It’ll be years before that vision is completely carried out, Creer said. As the school is still imagining what it can do with the space, it will continue to lease space inside to companies already housed there — which take up about half of the inside square footage at the moment — such as Planet Fitness., which the school said pressured the owner of the building to sell for a low price. The property previously sold for more than $70 million in a past transaction before the U.
University Of Utah Downtown University Of Utah New Building Downtown SLC Downtown Salt Lake City New Building Downtown
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