Rockefeller Group Development Corp. said Monday that it has acquired 57 acres in western Salt Lake City and plans to build an industrial park there.
The New York-based commercial real-estate developer said it will build and lease six industrial buildings with a total of 930,000 square feet and will seek Foreign Trade Zone designation for the property.
"Our latest research shows that there is less than 5 percent vacancy in the Salt Lake City industrial market, and we believe this project is going to fill the needs of companies looking at the area," said Rockefeller senior vice president Tom McCormick.
The site is located between Interstate 80 and state Highway 201, just west of Bangerter Highway and across the street from Union Pacific Railroad's Salt Lake City Intermodal, according to a Rockefeller news release.
The developer plans to build four buildings of approximately 190,000 square feet, and two remaining buildings will be smaller spaces of 32,500 square feet to 80,000 square feet. Construction is expected to begin in July, with completion scheduled for late 2010.