This is just the beginning. Not even 3 months open and business are already
starting to collapse in this $1.5 billion dollar boondoggle. But I think every
one already knew this was doomed to fail, just not so soon.But now
its too big to fail so Utah and the Feds will be working on some bail-out
funding to keep the building open as a homeless shelter now. I've always been convinced this was a bad investment and poorly planned
venture that is going to cost Utah billions of dollars in losses in addition to
the economic crisis coming to critical mass. The next few months and even the
holiday adventurist will not save this empire. Downtown SLC and Utah does not
have a population that can sustain an opulent mall and stores and its always
been a known fact. Not even Park City where the most wealthy residents of Utah
live can sustain this kind of oppulence, ever again.It's sad
that SLC and Utah is so blind they don't see the mudslide they are riding
down a doomed economy.
My2Cents, you might be surprised but City Creek is busy all day long every day
of the week minus Sunday while they are closed.The place is adding
businesses. It needs to evict the company from the food court because that
company hasn't paid rent or insurance as per their contract. Once they are
out, another company will be in quickly to fill the space.They
opened at 93% leased. By October, they will be 97% leased. That sounds like it
is filling up, not emptying out.Also, the apartments at City Creek
Landing are 100% leased and the condo's are filling up.I
don't know how this is a boondoggle as you like to say. No public money
was spent, the developers are starting to see a return on their private
investment and people are flocking there to shop. This has also increased foot
traffic along Main Street and has decreased the empty storefronts on Main as
more people open new shops to take advantage of increased pedestrian traffic
along Main. Exactly how is this a failure if it has met or exceeded
what it was expecting for such a short time since it opened?
@MakidI work across the street from City Creek and believe me, the
place is not as packed with happy shoppers throwing money around like you
describe. In fact, walking through Macy's is like fending off
used car salesmen. There are few customers and lots of staff. Maybe it is busy in the evenings and on Saturday, but during the weekday, it
is pretty quiet - too quiet. BTW, Big Sal's has pretty good
food, but that corner next to McDonald's and Red Iguana, competition is
pretty fierce. Best of luck to them.
Yep, my2cents, I can see your logic. ONE tenant, who is BEING EVICTED FOR NOT
PAYING THEIR RENT, must leave the center...now the whole enterprise is going
under fast. Yep, that is logical.I guess only time will tell,
This is news? Since when did evicting a tenant for not paying rent and
complying with the terms of the lease become news. And this is such a small
tenant. If this was a major player, that would be different, but a small player
like this, who cares?
Ho-hum. The honeymoon is over.
@FitzI think it is published as a warning to the other tenants to
pay their rent and pay it on time or they will be dragged through the press - at
least the press outlets owned by the same organization.