JV to Develop $110M SLC Community
Giv Group and Domain Properties will transform a two-acre parcel into The Exchange, a nine-story development that will include market-rate, affordable and micro units, as well as office and retail space.
By Laura Calugar
A joint-venture between Giv Group and Domain Properties plans to turn a two-acre block of land in downtown Salt Lake City into a $110 million community. The 412-unit development will include affordable and market-rate apartments, as well as micro units. Designed by KTGY Architecture + Planning, the mixed-use project incorporates a communal food court as well as retail and office space.
Located at the corner of University Avenue and 300 E. St., The Exchange will be built after the demolition of the two-story Salt Lake Roasting Co. building and the five-story Barnes Bank building that currently occupy the site. The under-used retail and commercial assets will be replaced with nine stories of mixed-use residential, retail and co-working spaces. Part of the City’s Civic Campus, the development will sit just east of the Salt Lake City Public Library.
The Exchange will feature 196 affordable apartments and 216 market-rate units. The building will provide 124 micro-units at about 350 square feet each. The project features 357 parking spaces.
Business incubator center
Current plans for the project include more than 20,000 square feet of street-front retail space, anchored by an international food hall and marketplace in partnership with the International Rescue Committee’s Spice Kitchen business incubator program. The development will incorporate The Shop at Salt Lake City, Domain Properties’ innovative co-working and business accelerator platform. The 30,000-square foot office space will feature amenities and programming aimed at stimulating entrepreneurship, small business development and community engagement.
According to Fox 13 Now, the Salt Lake City Council recently declared an affordable housing crisis, with rents rising and wages remaining flat. The Exchange is projected to break ground during the fall of 2018.
KTGY is also designing a partially affordable community for Trammell Crow, which plans to redevelop a parking lot into a mixed-use project in Oakland, Calif.
Images courtesy of KTGY Architecture + Planning