Hines to Transform Salt Lake City Office Tower to Multifamily
The 217,000-square-foot property will be redeveloped into 255 apartments.
International real estate firm Hines has acquired South Temple Tower in Salt Lake City, Utah, and plans to transform the property into a luxury multifamily tower. With the conversion, the 24-story, 217,000-square-foot office building will become a 255-unit apartment property. Construction slated to start early next year will strip the building to its core and shell, so the tower can be transitioned to much-needed housing.
Hines undertook extensive analysis to determine that South Temple Tower met the requirements for a successful transformation. It scored high in factors that included walkability, natural light, building shape, number of units and overall floorplan.
The residential tower will feature an array of apartment types and sizes, ranging from studios to one- and two-bedroom apartments. An expansive suite of residential amenities will be designed by architecture and design firm Hickok Cole.
The adaptive reuse project will reduce embodied carbon by limiting new construction materials. For example, limitations will be imposed on production of concrete, among the industry’s largest emitters of embodied carbon. As well, installation and use of more efficient mechanical systems will bring about a decrease in the building’s operational carbon emissions over the course of its lifetime and new residential utilization.
The tower stands on one of the most coveted thoroughfares in Salt Lake City. It is proximate to downtown Salt Lake City and all its attractions. They include the Salt Lake Temple, light rail and a number of well-known employers. The repurposed building will offer unobstructed perspectives on the Wasatch Mountains, capitol building and city skyline. The acquisition was brokered by Newmark’s Kevin Shannon and Bryce Blanchard. Last month, Yardi Matrix’s Salt Lake City Multifamily Report found fundamentals strong across the Wasatch Front.