Salt Lake County has signed a contract to purchase the former headquarters of Overstock.com (now Beyond Inc.) in Midvale for
a bargain-basement price of $55 million. The county's operations will move to the new location when the deal closes next year.
The county will use funds previously earmarked for renovations and maintenance at its current offices on State Street to buy the
17-acre campus.
BUILT IN 2016 AT A COST OF OVER $100 MILLION
The Salt Lake County Council has voted to spend $55 million to purchase the old Overstock building in Midvale and turn it into the county’s headquarters. In a recent meeting, the council voted 7-1 to purchase the facility.
Opened in 2016 and dubbed the “Overstock Peace Coliseum,” the facility looks like a glass-and-concrete version of the Roman Coliseum from the ground, but from the air, the three-story building looks like a giant peace sign. In addition to the central office building, the campus, that then-Overstock owner Patrick Byrne described as “the duality of man,” includes an amenities building, park-like open green space and a parking structure. The project cost nearly $100 million to build.
Overstock, now named Beyond Inc., is reportedly facing financial struggles and a downturn in its business that have necessitated the “fire sale” liquidation of assets, including its headquarters building.
With the vote to purchase the Overstock campus, the county will abandon its complex at 2100 S. State St. The aging buildings would cost more to repair and renovate than purchasing the Midvale property, the council said in a joint statement with Mayor Jenny Wilson.
“Salt Lake County Government Center is approaching 40 years old. Over the past two years, we have reviewed costs for much needed maintenance and renovations, as well as conducted an assessment specific to the size and current use of the Government Center. At this time, the estimated cost for maintenance and renovations is at least $225 million,” the statement said. “Not long ago, we became aware of the opportunity to purchase an available commercial property in Midvale — a nine-year-old building available for $55 million. Salt Lake County will enter into a contract to explore purchasing the property, using a combination of funds that would have been allocated for Government Center maintenance and renovations. This opportunity will save taxpayers a substantial amount and improve customer service.”
“Midvale City is excited about this prospect and is ready to welcome Salt Lake County employees into our community. This is a unique opportunity to grow our partnership with the county for the betterment of our entire community,” said Midvale Mayor Marcus Stevenson in a social media post.
County leaders said to help offset the costs, they could sell or lease the Salt Lake County Government Complex’s land. They have entered into the due diligence phase with the purchase contract and will hold a public hearing on the proposed transaction on Oct. 29.