SALT LAKE CITY, Oct. 10, 2014 /PRNewswire/ -- Overstock (NASDAQ: OSTK) will break ground today at 1 p.m. MT on its new corporate campus, referred to as the "Peace Coliseum," which is anticipated to open during the summer of 2016. Overstock officials have said that from the ground level, the building will look like a corporate glass-and-concrete version of the Roman Coliseum, but from the air, the three-story building will appear as a peace sign.
The groundbreaking coincides with Overstock's 15th anniversary. In discussing why Overstock is embarking on the building project, Overstock CEO Patrick Byrne said, "We're in it for the long term."
The 231,000-square-foot office building will be located in the View 72 Corporate Center on 19 acres of land at 7295 S. Bingham Jct. Blvd. (approximately 930 W.) in Midvale, Utah. In addition to the central office building, the campus will include an amenities building, park-like open green space and a parking structure. The estimated project cost is nearly $100 million.
The campus will host several on-site amenities such as a cafe, fitness center, health clinic and daycare. Overstock is also considering an on-campus greenhouse to provide fresh, organic produce to be served at the cafe.
"It's exciting to be at a point where we can build the Peace Coliseum to unite our employees," added Overstock President Stormy Simon. "It will be the coolest place to work ever."
The developer is Gardner Company, the contractor is Okland Construction and the architect is EDA Architects Inc.
Byrne added, "The building will include contemporary design and will be constructed to the U.S. Green Building Council's LEED Silver certification with the possibility of Gold. The building's state-of-the-art heating/cooling system will utilize heat from the data center to heat the building in the winter and is one of the most energy-efficient systems for providing cooling in the summer. Because the building is adjacent to a Utah Transit Authority TRAX light rail and bus station, it will be exceedingly convenient for employees to take public transportation."
The company warehouses will remain in their present locations in Utah, Kentucky and Pennsylvania.
Overstock.com (NASDAQ: OSTK) is a discount online shopping retailer based in Salt Lake City, Utah that sells a broad range of products including furniture, rugs, bedding, electronics, clothing, jewelry and cars. Worldstock.com, a fair trade department dedicated to selling artisan-crafted products from around the world offers additional unique items. Main Street Revolution supports small businesses across the United States by providing them a national customer base. The Nielsen State of the Media: Consumer Usage Report placed Overstock.com among the top five most visited mass merchandiser websites in 2011. The NRF Foundation/American Express 2011 Customer Choice Awards ranked Overstock.com #4 in customer service among all U.S. retailers. Overstock.com sells internationally under the name O.co. Overstock Shopping (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.
Overstock.com®, O.co®, Worldstock Fair Trade® and Club O Rewards® are registered trademarks of Overstock.com, Inc. O.info™, Club O™, Club O Dollars™ and Your Savings Engine™ are trademarks of Overstock.com, Inc.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, all statements not regarding historical fact, including building budget forecasts, features and uses. Additional information regarding factors that could materially affect results and the accuracy of the forward-looking statements contained herein may be found in the Company's Form 10-Q for the quarter ended June 30, 2014, which was filed with the SEC on July 29, 2014, and any subsequent filings with the SEC.