The American Stores Center in Salt Lake City is New Home for
1,850 American Stores Associates
SALT LAKE CITY, June 15 /PRNewswire/ -- American Stores Company
(NYSE: ASC) today announced plans for the formal opening of its new 25-story
office building in downtown Salt Lake City, located at 299 South Main Street.
Dedication of The American Stores Center and naming of the new street running
adjacent to the building will occur during a 5:00 pm ceremony on June 16,
1998.
"We are pleased to finally have our Salt Lake associates under one roof,"
said Victor L. Lund, chairman and chief executive officer of American Stores
Company. "The centralization of our support and administrative functions to
Salt Lake City has progressed well for the last three years. The completion
of the building represents an important final step in our transformation from
a holding company to an operating company."
The American Stores Center will house 1,850 American Stores associates
when fully occupied. The building is over 400 feet tall with 610,000 square
feet of office space and an additional 48,000 square feet of retail space on
the lower two levels and in the parking structure. American Stores is the
sole occupant of the office space. The Company's retail specialty food and
drug theme store, The American Store, is located on the ground level of the
building and its private club, Il Sansovino, is located on the second level.
Outside retail tenants include First Security Financial Center, Shear
Impressions, Henrie's Dry Cleaners, Murdock Travel and American First Federal
Credit Union.
Regarding the American Stores Center project, Governor Mike Leavitt said,
"Utah can be very proud of the addition of the American Stores Center to our
state. Not only has the project made our downtown more attractive, but the
economic impact to the state through its construction and the Company's
increased employment has been positive in every respect."
Salt Lake City Mayor Deedee Corradini said, "The American Stores building
is a wonderful addition to the skyline of Salt Lake City. It has revitalized
the area of Broadway and Main and represents a major step in our continuing
efforts to make downtown a truly vital urban area."
The State of Utah's Industrial Assistance Fund loaned the Company a total
of $3.5 million in connection with the project. Three years ahead of
schedule, the Company has to date already repaid over $3 million by meeting or
exceeding State targets for added employment and purchasing from Utah-based
businesses. The City's Redevelopment Agency will also reimburse the Company
$5.5 million for added expenditures incurred in order for the project to meet
the City's planning requirements.
The general contractor of the American Stores Center was Howa
Construction, Salt Lake City, Utah and the architect was HKS Incorporated,
Dallas, Texas.
The Company's dedication ceremony will include the official naming of the
new street between the building and parking structure (Weechquootee Place),
along with remarks from Governor Leavitt, Mayor Corradini and American Stores
Company chairman and CEO, Victor L. Lund. The Native American Northern Ute
Tribe will be present at the ceremony and conduct a traditional spiritual
blessing and dance. The Company will be awarding the tribe a $150,000 higher
education scholarship grant. The Salt Lake Chamber of Commerce Salt Shakers
will assist with a ribbon cutting.
American Stores Company is one of the nation's largest food and drug
retailers. It operates 1,558 stores in 25 states including 267 food and drug
combination stores, 540 supermarkets and 751 stand-alone drug stores. The
Company operates 1,105 pharmacies within its stores. Its stores operate under
the names Acme Markets, Jewel Food Stores, Lucky Stores, Osco Drug and Sav-on
drugs.
SOURCE American Stores Company
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Related links:
http://www.americanstores.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 048750
CONTACT:
Daniel J. Zvonek of American Stores Company,
801-961-4525
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