Why Tech Companies Are Flocking to The Gateway
Downtown Salt Lake City is experiencing an unprecedented urban renaissance within the tech sector. New office-sharing concepts have been introduced and former retail space is being rapidly transformed into bustling hubs of business activity. At the center of establishing downtown’s emerging startup and technology scene, The Gateway introduced Recursion Pharmaceuticals and Kiln Co-Working Space in fall 2018 with more than 125k square feet of new office space.
After completing purchase and $100 million investment in revitalization, Vestar is repurposing The Gateway into a creative and lively tech hub, arts, retail, entertainment and dining district, home to a full calendar of more than 180 community-driven events annually. A new 4-star lifestyle boutique hotel will be completed in 2022. Office tenants include Fidelity, Recursion Pharmaceuticals, Kiln Co-working, Cicero, Artemis, WeWork, and The Salt Lake Tribune.
In response to the high-tech sector demand for Silicon Slopes and wanting to offer a downtown Salt Lake City extension of that, The Gateway offers very unique architecture, ideal for the tech sector, with large open floor plans of more than 50,000 square feet of contiguous space and soaring 21-foot-high ceilings.
“The Gateway is the perfect location that can offer all the amenities to help companies attract a solid workforce. Millennials want to live, work and play downtown and have access to mass transit and there is no location better poised to provide that,” said Jenny Cushing, Vice President of Leasing for Vestar. “There are more than 4,000 dwelling units within a three-block radius, endless dining and entertainment options, including Utah’s first food hall coming online fall of 2019, unique retail, and easy access to mass transit with both TRAX and Front Runner stops. We are proud to be the new home to companies like KILN and Recursion Pharmaceuticals and look forward to welcoming a wide variety of new businesses.”
TECH HUB SUCCESS STORIES
Vestar’s goal is to make The Gateway a center of innovation and growth, a place that’s driving the future of Utah business and retail. Kiln is the perfect fit for this vision. Kiln coworking community, meticulously designed to help individuals and teams elevate their craft, with a focus on incubating FinTech companies, opened in The Gateway in November 2018 and is experiencing very successful growth.
“We are excited to participate in the rebirth of The Gateway as it becomes the downtown hub for working professionals,” said Arian Lewis, Kiln, founder and CEO. “As we considered which location would be best for our coworking community, its eclectic food and shop offerings, close proximity to public transportation, and locally focused culture made it a no-brainer. The Gateway will forever be a part of Kiln’s story in Utah.”
Recursion Pharmaceuticals joined The Gateway in fall of 2018 in the former Dick’s Sporting Goods space. They are creating a truly tech-first life sciences company—forging a new path to life-changing medical discoveries through a combination of artificial intelligence, automation and experimental biology.
They wanted their new headquarters to be in the heart of Salt Lake where they could be engaged with the vibrant downtown scene and be a true part of the community. Recursion owes its success to recruiting top talent from throughout the state of Utah and from tech hubs such as San Francisco and Boston. “The Gateway is the perfect headquarters for a company like Recursion because it’s a site where we can build alongside innovative new companies, engage with the vibrant downtown city life, and make a positive impact on the community,” said Chris Gibson, co-founder and CEO.
Sustainability is vitally important to Recursion. They’ve provided each of their employees fully subsidized ecopasses to promote sustainable commuting through mass transit and access to Metro Fitness onsite at The Gateway. “These benefits, alongside convenient access to local restaurants and other small businesses, make The Gateway an ideal location for our team. Importantly, the vibrant downtown location, packed full of nearby amenities, is a fantastic recruiting tool for many candidates visiting us from larger metro areas,” Mr. Gibson continued.
The Gateway offers unique office space that helps companies recruit an innovative and dynamic workforce, one that seeks to live and work in a walkable, pedestrian-friendly neighborhood with access to amenities, restaurants and entertainment options. Vestar recognized the need to dedicate space that would foster innovation and growth and provide a competitive advantage to Utah’s growing tech industry. “We’re pleased to see Recursion and Kiln share our vision and look forward to welcoming more cutting-edge companies to join us in the downtown extension of Silicon Slopes, right here in the heart of our capital city at the new Gateway,” continued Ms. Cushing.