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This is Fred Ball for Zions Bank, speaking on business.
Block 57 is the downtown Salt Lake City block that is bordered by Main Street, State Street, Second South and Third South. For many years, I maintained that this was the best business block in the State of Utah and the most under-utilized.
Well, That changed dramatically and now the final piece of property to be developed is under construction and this block is now very beautiful and will be fully developed and utilized.
Tucson, Arizona-based Alphagraphics Inc., is moving its worldwide corporate headquarters to Utah. It will occupy the Third South and State Street location in the building known as the Brooks Arcade Building. Renovation is now fully underway and occupancy is expected sometime this summer.
There has been some controversy regarding the transaction. The building is on several historical registers and preservationists were anxious to keep the building. Negotiations were made to have the exterior of the building façade kept as much as possible and remodel, renovate and upgrade the interior space. The building had become an eyesore on a block that is the home of the American Stores Building, the new Marriott Hotel, One City Center, the home of Utah Power, the Gallivan Plaza and Ice Sheet and several retailers and service organizations.
Alphagraphics' move from Tucson will accommodate future growth and the company's commitment to providing customers with innovative Internet and intranet-related technologies.
Michael Witte, chairman and CEO of Alphagraphics, said that Utah's progressive and supportive business environment, the quality labor force, including the numerous educational institutions, were some of the key reasons that Utah was selected for the corporate headquarters.
It is great to have a company such as Alphagraphics pick Utah as its new home and also very exciting to see Block 57 finished in such an attractive and beneficial way.
For Zions Bank, I'm Fred Ball. I'm speaking on business.