Firm plans to breathe life into Trolley

Imagine Trolley Square, only brighter, with a broader mix of tenants and without the empty dead-end corridors. Then add parking, fountains, fireplaces and green space, at least one more major anchor tenant and upscale residences.

The mall's new owner, ScanlanKemperBard Companies, outlined its vision for the historic Salt Lake shopping center Wednesday, including the estimated price tag — $80 million, including the price SKB paid to buy the center from Simon Properties earlier this year — and timeline.

"What we thought was particularly unique about Trolley was that the status within the community and the loyalty of the constituents that shop there and dine there was of an A-plus quality, but that the level of investment and ongoing nurturing that's important in a property like that was of B quality," said N. Thomas Bard Jr., an SKB principal and executive vice president of asset management.

"We have the means, through our investors, to provide new energy. And we saw it as an opportunity to become that much more identified with the Salt Lake community, assuming that we do the good job that the community is expecting."

Straightaway, SKB partnered with Blake Hunt Ventures, a California-based real estate developer, to manage the renovation and expansion project.

"We were immediately struck and understood what the appeal and the attachment is for the residents of Salt Lake to Trolley Square," said Blake Hunt's development vice president, Mark Blancarte. "You can't replicate the existing buildings on a new site anywhere else. It's one of the most unique pieces of property anywhere in the country. There's nothing we could do to enhance the exterior of the buildings. They're historical, they have great fabric, and we're not touching those. We do think there's the opportunity to look at the larger building ... to make the mall experience a little bit wider, brighter and more open."

So ScanlanKemperBard and Blake Hunt came up with a multiphase plan to breathe life into the historic center — a plan that includes a $6 million renovation of the main building, the addition of a $12 million building for anchor tenant(s), a new parking structure and the possibility of on-site upscale residences.

"As the new (Trolley Square) owners and guests of the community, the ScanlanKemperBard/Blake Hunt Ventures team will take the utmost care in blending unique shopping and dining experiences with the center's cherished turn-of-the-century ambiance," Blancarte said. "Our goal is to create a memorable place where people can shop, socialize, work and live."