Andy Moffitt, left, moderates a ULI Trends panel that included Chris Byers, right. Photo via Kelli Freshman Photography
Mormon Wives, Swig, Crumbl — Utah’s exports have been making waves lately outside of the state. But the inverse is also happening, real estate professionals say, as they say more national brands are showing interest in coming to Utah.
Retail was one of the notable topics discussed this week at the Urban Land Institute Utah’s Annual Trends Conference in Downtown Salt Lake City, as a panel of retail experts included property developers as well as a local restaurateur.
Andy Moffitt, a partner at Newmark Mountain West, moderated the panel Wednesday. He said it’s surprising how often he hears from people around the country that have latched onto Utah staples.
“As far as our local culture goes, The Secret Lives of Mormon Wives has gone viral, to say the least, and especially all of the young real estate reps that work for these retailers that are visiting Utah, they’re tuned in to the show what’s going on,” Moffitt said. “Almost every single tour I have, (retailer reps) say to me, ‘We have to make sure we visit a Swig.’ And it is, I think, kind of an indication of where the market’s at, as far as new brands are exploring Utah directly as a result of what they’re seeing happen online.”
As a result, the panelists said national retailers now have their eyes more and more on the Beehive State, looking to capitalize on the state’s growing population.
One of those real estate companies investing in Utah in recent years has been Asana Partners, a Charlotte, North Carolina-based company that bought Foothill Village, a 260,000 square foot shopping center in the East Bench along Foothills Drive, in 2021.
Chris Byers, center left, talks during a ULI Trends Conference panel in Salt Lake City, along with Andy Moffitt, left; Matteo Sogne, center right; and Ashley McDonald, right. Photo by Kelli Freshman Photography
Ashley McDonald, a senior partner at Asana and one of the panelists Wednesday, said redeveloping Foothill Village over the past four years has been a labor of love, as Asana wanted to turn the run-of-the-mill strip mall into more of a site where people want to congregate and spend their time. She said the overhaul is nearing completion and should be done by the end of the year.
“What we were able to do is really transform this box and create a walkable neighborhood connection with a large plaza with plenty of seating and place making components,” McDonald said.
McDonald added that part of the walkable component included adding space that made the shopping center feel like part of the neighborhood, saying they are still constructing the connection between the shopping center and Curtis Park to the west.
Instead of rebuilding existing retail, one panelist is starting from the ground up to build a new retail development in St. George.
Chris Byers, co-president of Elevated Property Company, said her company is about to embark on building The Paseo, which is slated to include a number of retail sites. Byers said Elevated Property has been watching the St. George market for years, but the influx of new, permanent residents in recent years made her want to invest in that market.
“St. George is a great market,” Byers said. “There’s a lot of retail there, but it’s not sexy retail. And there’s a lot of brands that wanted to be there, but have never felt good about going to the indoor mall where there’s not a lot of attention anymore.”
The Paseo will consist of 220,000 square feet of retail space and is anchored by a Larry H. Miller Family Entertainment Center. Other tenants will include Nordstrom Rack, Good Earth Market, Sephora, Free People and Anthropolgie to name a few, Byers said.
“We’re going to deliver spaces late summer of next year, and we’re about 80% committed, which is unbelievable,” she said. “I’ve done a lot of these ground up projects, and never have I done one that has been this far leased this early.”
Heading back to the Wasatch Front, panelist and local restaurateur Matteo Sogne — who owns Matteo Ristorante Italiano and Strada, both in Downtown Salt Lake City — said he’s optimistic on the city’s future when it comes to food and beverage.
As a restaurant owner, Sogne believes including a restaurant or grocery store in a mixed-use development is a notable component for both the landlord and for the commercial space below.
“I think the benefits it can bring to a bigger development are huge, and if you get the right retail, it increases your value exponentially,” Sogne said.
All three panelists were bullish on Utah’s future for growth in the retail sector, whether it’s along the Wasatch or down south. The prolonged, consistent growth is something that’s attracting more retailers to the state. McDonald added that the state government’s overall pro-business stance is another aspect that keeps attracting more development.
Looking ahead, both McDonald and Byers said the state’s future lies with improving the retail it already has — like, for example, giving places like Foothill Village a facelift.
“Utah is not overbuilt in retail,” Byers said. “It’s under-demolished, because it’s just not sexy. It needs to evolve.”
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