The structure's original name was a homage to the nearby Eagle Gate, a historic feature of downtown Salt Lake City.

[4] An original bronze door frame from the Federal Reserve branch building that used to be located on this site was incorporated into the entrance of the tower.

[7] Additional parking was made available with the construction of Eagle Gate Terrace garage along Social Hall Avenue on the block to the east of the tower.

The site is the former location of two historic structures: the Gardo House and just to its west, the LDS Church Historian's Home and Office.

[9][10] Both the bank structure and Medical Arts Building were acquired by Zions Securities Corporation[11][12] and demolished in 1984 for construction of the tower.

In July 1984, the LDS Church announced plans to construct an office and retail complex on property it owned at the corner of State Street and South Temple.

The Medical Arts Building was demolished via implosion in August 1984, whereas the old Federal Reserve bank was torn down with heavy equipment.