Holladay Hills Development Underway at Former Cottonwood Mall
Holladay City Council Gives Final Approval for First Building at New Holladay Hills Development
SALT LAKE CITY (April, 1 2020) – Woodbury Corporation, Millrock Capital, LLC and Ball Ventures today announced that development is underway on Holladay Hills, a 58-acre mixed-use project located at the former Cottonwood Mall site in Holladay, Utah. The three owners consider this a legacy project, which will include living and office space, along with dining, shopping and entertainment options and a central park for gatherings.
“We have learned so much from meeting with Holladay residents while working to design this site, and will continue to learn from their ideas and comments on this property,” said Jeff Woodbury, senior vice president of development and acquisitions at Woodbury Corporation. “We are committed to meeting those expectations by building something that will blend into the beauty of the city of Holladay.”
In 2019 Millrock Capital, Woodbury Corporation and Ball Ventures purchased the property from the Howard Hughes Corporation in order to redevelop the former Cottonwood Mall site based on the vested entitlements granted to General Growth Properties (GGP) in 2007. As property owners and developers, the three developers have worked with the city and community over the last year on this new project, and have received final subdivision plat approval for the site that consist of 12 blocks within the development, and final site plan approval of Block D. Each site plan for the 12 blocks will comply with the Site Development Master Plan (SDMP) guidelines which went through years of community input and were initially approved by the City of Holladay in 2007.
“I have lived in this area for over 50 years and I understand what this site represents to our community,” said Steve Peterson, president of Millrock Capital, LLC. “After many meetings with the city and its residents, one of our top priorities with this project is to create meaningful amounts of green space that is available to the community for gatherings and events to enhance the quality of life in our remarkable city.” It is anticipated the development will be completed within a range of the next five to ten years, subject to market conditions.
In 1999, when the community incorporated as the City of Holladay, Cottonwood Mall was an important element to the city. In July of 2007, General Growth Properties (GGP) first announced plans to redevelop the Cottonwood Mall, then proceeded to invest more than $25 million into redeveloping the site (including tearing down and recycling the former mall building, redirecting water and planting trees along the river, building new bridges, grading the site and remodeling the Macy’s building). The redevelopment halted in 2008 when the recession hit. As GGP underwent financial restructuring that resulted in the transference of ownership of the property, along with other mixed-use properties, into an entity called Howard Hughes Corporation. During the intervening years, Howard Hughes Corporation entertained multiple joint venture proposals to develop the site.
Holladay Hills PR