Cottonwood Mall Updates
Cottonwood Mall Site - Feb. 2017
Since the announcement was made about Macy’s closings we have had many inquiries about the Cottonwood Mall site and project. Here are answers to the most frequently asked questions:
Who owns the property at the former Cottonwood Mall?
The 57 acre site is owned by Howard Hughes Corporation (HHC), a national property developer of master-planned communities and mixed use development. The City of Holladay DOES NOT have any ownership in the property at the Cottonwood Mall site. Howard Hughes Corporation acquired the property from General Growth Properties, who originally owned the Cottonwood Mall.
What is happening now?
Ivory Companies, a Utah based development firm, is exploring an option to buy the site. All of the details regarding the sale and eventual development are not known by the City at this time. We expect to make that information available once the Ivory Companies makes an application to have a plan approved.
What happened to the plan that was already approved for the site?
The City adopted a Site Development Master Plan (SDMP) for the site in 2008, when the property was owned by General Growth Properties. The SDMP includes block by block guidelines for development of the site. The plan included a mix of residential and commercial uses, including single family homes, condominiums, cottages and townhouses, as well as offices and shops. For a variety of reasons, including a shift in the retail market from brick and mortar sales to online sales, the approved plan has never been developed.
What do we expect at the site?
Ivory Companies has not yet proposed a plan for the site to the City of Holladay. It is unlikely Ivory Companies will develop the site as originally envisioned by the SDMP. Ivory will likely propose a plan that either requires changes in the existing plan or the development of an entirely new plan.
What will the process be to get a site plan approved?
The process for approving a plan will depend on exactly what is proposed by Ivory for development of the site. In any case, we expect there will be public forums and/or open houses regarding Ivory’s proposed plan for the site prior to formal action by the City’s Planning Commission and the Holladay City Council.
What about the public incentives that have already been provided to the project?
As the original site plan was developed, The Redevelopment Agency (RDA) of the City of Holladay created a project area for the Mall site as well as some adjacent property. RDA areas are created to support the long term development goals of cities.
The original agreement pledges a maximum of 75% of property taxes collected in excess of a base amount from property taxes that the City of Holladay, Salt Lake County and the Granite School District are already collecting. The amount of property tax beyond a base amount is frequently referred to as property tax increment. Holladay City also committed 75% of sales tax revenue as well as the development of 100 units of affordable housing.
Because there has not been development at the site, taxes in excess of that base amount have not been collected. That means no incentives have been provided to the property owner to date.
The City expects a discussion about the potential use of property tax increment for this project. This process will also include opportunity for public involvement with the City of Holladay’s RDA.
Why can’t the City buy the property and turn it into a park or leave it as open space?
Like all property in Holladay, this property is expensive. The City’s $14.5 million General Fund budget, which pays for public services like police, fire and roads, would not be able to acquire this property without a significant increase in property taxes.
May 2009 Update(as appeared the the May Valley Journal)
Archived information regarding the Mall:
Renderings of the new mall: (these are in pdf format and make take a few minutes to load)
- Groundbreaking Mall Development
- Facts About the Mall Project
- Development Agreement
- The City approved the Site Development Master Plan . This is one of the most important elements the City and General Growth will have to make sure the overall project is designed and built as planned.
- On October 4, 2007 the Council passed the following items dealing with the Mall site:
- Chapter 13.65 - entitlement language for the RMU Zone
- New RMU Zone - map in pdf
- Find out the Facts About the Cottonwood Mall Project by reading the article that appeared in the January 2008 issue of the Valley Journals.
- Read what the Holladay Chamber of Commerce says about the Mall.