Harbor Bay Ventures Acquires Salt Lake City Site

Wells Fargo currently occupies the land that has been rezoned for a residential development.

The Wells Fargo building. Architecture Belqique Inc.

Harbor Bay Ventures will be replacing an underutilized office building in Salt Lake City with a residential building. The firm acquired more than 1.2 acres in Salt Lake City’s Sugar House neighborhood from Wells Fargo. Cushman & Wakefield’s Kip Paul and Michael King represented the seller. The site is home to a Wells Fargo office building, which is still partially occupied with short-term leases but will be vacated by the end of 2023, Paul told Multi-Housing News. Paul also told MHN that the building was an underutilized property for Wells Fargo, with an apartment building on the site likely to be much more profitable than maintaining the office building. The site is currently zoned for the development of 229 residential units, but Harbor Bay has yet to announce its plans. The nearby interstates 215 and 80 offer commutability, while the S-Line, the latest addition to Salt Lake City’s light rail system, is located nearby. The site is several blocks from the more than 110-acre Sugar House Park, which features plenty of green space and several outdoor amenities, close to many retail and restaurant options.

Mass timber construction

Paul said in prepared remarks that the Sugar House neighborhood is considered by many as one of the most desirable areas to live in the state of Utah because of its dense urban feel and walkability. The neighborhood’s attractiveness has already drawn in more developers, including Lowe Property Group, which has two projects in the area. While Harbor Bay hasn’t announced plans for the Salt Lake City property, the firm is known for its work in mass timber building construction that uses wood as a structural or finishing material. The firm recently completed Intro, a 297-unit community in Cleveland that’s the largest LEED Gold certified structure in the U.S. Harbor Bay’s portfolio also includes other residential projects, including the 464-bedroom Landmark on Grand River near Michigan State University and the 91-unit Newman Lofts senior housing community in East Lansing, Mich.

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