Ivory Companies in agreement to purchase former Cottonwood Mall lot
: Ivory Companies has entered into agreement with the Howard Hughes Corporation to purchase the site of the former Cottonwood Mall for mixed-use development. (Aspen Perry/City Journals)
On Wednesday, Jan. 4 Holladay City officially announced that Ivory Companies had entered into an agreement to purchase the land that formerly housed the Cottonwood Mall from the Howard Hughes Corporation.
For a community that has spent almost nine years staring at an overgrown weeded lot, this news means potential for light at the end of the tunnel.
Though Business Wire reported on the Howard Hughes Corporation announcing Ivory Companies as their master residential developer of the mixed-use development, back in September 2014, there were no agreements in place for Ivory to purchase at that time.
“After many years of working with the Howard Hughes (Corporation), we’re pleased to enter into agreement to purchase the site,” said Chris Gamvroulas, president of Ivory Companies.
Officials of the City of Holladay are optimistic, as well.
“I’m thrilled to have this opportunity,” said Mayor Rob Dahle.
Over the last few years, Holladay City officials did their best to reach out to the Howard Hughes Corporation and advocate for them to sell the land, if they themselves were not going to develop. Accompanied with feelings that opportunities were lost when other local companies were unable to reach the agreement phase has made this agreement with Ivory Homes feel like step in the right direction.
“The fact that we’ve reached a point where Howard Hughes Corporation has agreed to sell the property to a local developer if they can get the entitlement is a huge opportunity for this community,” Dahle said.
After years of residents hearing the land would be used for both commercial and residential space, the initial reaction some residents had after hearing Ivory Companies might be purchasing the land was fear they would lose retail shops and dining to a massive residential subdivision.
However, this appears to be a mere misinterpretation of what the Ivory Companies actually has planned. As Gamvroulas explained, “We are looking at the right proportions for mixed-use and residential at this time.”
While addressing residents’ concerns over the residential portion, Gamvroulas said, “Residents we’ve heard from are happy — this would mean more housing opportunities for them and (members) of their family to remain in the neighborhood.”
Though more residential space may feel like a loss for some residents, the sentiments of those Gamvroulas has heard were confirmed upon talking to a local real-estate agent with clients regularly seeking housing in Holladay.
“This could provide not only new housing options for people that are looking to move into Holladay, but also the potential to create a great place to shop and dine close to home, a combination clients love,” said Hunter Virden, director of real-estate sales at Wolfnest Property Management.
While there are no completed plans at this time, Ivory Companies is looking forward to bringing forth a plan worthy of the other developments taking place in Holladay.
“We look forward to presenting plans to the city and the community,” Gamvroulas said.