Huge project planned near Point of Mtn.
Gateway-like venue would have up to 150 stores, restaurants
Forest City Development, a California-based company, wants to build a 1.2 million-square-foot mixed-use development over a 130-acre area to the west and south of the outdoor sporting goods juggernaut.
At the Friday announcement of the project, it was billed as an "outdoor, regional, lifestyle and entertainment venue."
"We scoured the Western states for locations such as this," said Colm Macken, president of the Western region of Forest City Development. "This has got everything we always looked for."
The Terrace at Traverse Mountain is to be modeled on a similar project the company built in Rancho Cucamonga, Calif., last year. That project, Macken said, has far exceeded the company's expectations, with sales 25 percent above its goal.
"That tells you that something is missing and that, as a society, people are looking for a place to gather," Macken said.
But while The Terrace would have a strong retail element, the overall goal of the project is to create a place where people can "hang out, see and be seen," Macken said. He added the design would incorporate a Main Street concept with a town square, parks and numerous water features.
It will be a while before The Terrace is a physical reality, however. Construction is not expected to start until 2008, and completion is planned for 2009.
No stores are lined up yet, but Macken said his company has good relationships with many retailers and doesn't expect any problems finding interested parties for the development.
The developers are banking on consistent growth in the area, which has been growing at a rapid pace in recent years.
For example, Lehi's population has more than doubled in the past eight years. The city now counts some 25,665 residents.
"It's just magical to watch it happen, to see the faith and work of the people and what has happened because of it," he said.
Utah Lt. Gov. Gary Herbert pledged the state would do its part to allow for economic development.
"The state has had a significant contribution in developing transportation," he said. "If we don't have infrastructure, we can't have economic development. We will continue to address the infrastructure issue in the upcoming legislative session."
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