According to a press release from St. John Properties, Inc., the 19-acre 12th Street Exchange Business Community has signed its first two tenants — Swags Detailing and TEC Management, each of which have leased 2,760 square feet.

The press release notes that this is only the beginning for what will become a larger complex.

“Upon full build-out, 12th Street Exchange will include two flex/R&D buildings and two retail buildings,” the release stated.

Swags Detailing, which has already moved onto the premises, “specializes in vehicle, boat and recreational vehicle cleaning, paint correction, ceramic coating, window tinting, minor dent removal, customization work, and headlight restoration,” according to the press release. TEC Management, which has yet to move onto the property, “provides marketing, asset and property management, property inspections, tenant move- out, legal, and financial services to owners and investors of multifamily communities,” according to the press release.

Scott Gifford, assistant vice president of leasing for St. John Properties, told the Standard-Examiner on Thursday the initial leases show they are offering something that is in demand.

“It shows that when we examine a market and look at the stakeholders in that market, the bet that we make to build a building with no tenants on a speculative basis, that all of our calculations were accurate,” he said. “Marriott-Slaterville is a great place to invest in. The market has responded to our product, which is not just another warehouse building like you might find in that part of town. … Our buildings are much more quasi-retail, quasi-office.”

Daniel Thomas, St. John Properties’ regional partner, Utah, said in the press release that the two inaugural lessors show the versatility of the property.

“Our inaugural leases at 12th Street Exchange, consisting of a vehicular vehicle and boat detailing facility and a professional services group, exemplify the diverse range of industries that can be supported by our highly-flexible buildings,” he said. “Activity for this unique product type remains robust and the unique flex/R&D product has been embraced by a wide variety of end-users.”

Gifford said they’re in talks with “multiple groups” about occupying the 12th Street Exchange.

He added that a full build out of the property will come as more tenants move in.

“Once we get this first building about halfway leased, we will begin the process of building the next two flex buildings,” he said. “When we get that momentum of pulling the trigger on the next two buildings, we’ll probably at that point build the retail buildings as well, which are on the south side of this project.”

Gifford said he looks forward to what the project can do for Marriott-Slaterville and the surrounding area.

“We’ll be in this community for decades,” he said. “We’re really excited about the opportunity to provide some economic growth to the city, the county and the state of Utah. This is the first big step in that strategy.”