Salt Lake City– A newly released economic impact analysis shows the approved Holladay Quarter redevelopment of the former Cottonwood Mall site will add thousands of jobs and millions of dollars in sales for local businesses. The report was conducted by GSBS Consulting in order to measure the potential direct, indirect and induced benefits resulting from the recently approved mixed-use proposal.
“This new analysis shows that our investment in the community will have a positive and needed economic impact on surrounding businesses and will help bolster Holladay City’s tax base and budget for many years to come,” said Clark Ivory, CEO of Ivory Homes. “We have known that Holladay Quarter would replace a decade of dirt with an incredibly prosperous future for Holladay.”
Ivory Homes and Woodbury Corporation have partnered to develop Holladay Quarter, a 56-acre project that will include retail, restaurants, commercial space, open green space and a diverse mix of housing. The total benefit for the construction investment at the former Cottonwood Mall site is estimated to be $562 million. Additionally, local Holladay businesses in other areas of the city will experience new sales of approximately $79 million during the construction phase of Holladay Quarter and approximately $32 million annually upon completion.
“Since our unanimous approval, we have had tremendous interest in the commercial and retail aspects of the redevelopment that have far exceeded the minimums included in our plan,” said Jeff Woodbury, senior vice president of development and acquisition at Woodbury Corporation. “We’re excited to move forward and not lose these potential opportunities and tenants that will not only confirm the benefits from this analysis but likely exceed them.”
Highlights of the analysis include:
Estimated benefits to the city of Holladay and other taxing entities from now through 2036 are:
Holladay annual revenues are expected to increase by approximately $921,400 now for a total of approximately $17.5 million. A return on investment of almost $2 for every $1 invested.
After 2036, Holladay City annual revenues are forecasted to increase by another 26% to approximately $1.16 million annually, or $22 million, for a comparable time period.
The multi-year construction project will add an estimated 3,000 jobs over the life of the project, which includes 1,600 construction related jobs and more than 1,400 additional jobs to the local economy.
During construction, Holladay Quarter will bring in more than $79 million in new retail sales to the area, mostly in Holladay itself.
After construction and occupancy:
Office tenants at Holladay Quarter will add an estimated 1,500 jobs, which includes 800 jobs at the development and more than 700 additional jobs to the local economy.
Retail tenants at Holladay Quarter will add an estimated 300 jobs, which includes an estimated 200 jobs at the development and more than 100 additional jobs to the local economy.
Holladay City retail businesses in other areas of the City will experience new sales of approximately $32 million annually after the new families move in.
For more information on Holladay Quarter, visit www.cottonwoodholladay.com.