Wallnet Investments, a limited liability company owned by Wallace Investments EsNet LTD and Oregon California Partners LTD, have closed on a 44-acre site known as the Cottonwood Corporate Center at I-215 and 3000 East.
The site has been approved for the development of 11 office buildings containing a total of 860,000 square feet and a 250-room hotel with 110,000 square feet. The development will cost between $125 million and $150 million.Two five-story and two six-story buildings will be located along I-215 and the remaining seven buildings will be in the interior of the complex.
Groundbreaking will be held May 12 and construction of the first phase of the infrastructure will be completed next autumn. The first buildings should be ready for occupancy in the third quarter of 1996.
John L. West, Wallace Investments president, said, "We believe this project will be a landmark in the Salt Lake Valley. We are excited about its potential to create a new destination location for businesses in Salt Lake County."