Develop the Future. Re-Imagine the Past.
This was the largest adaptive reuse project that TAG SLC has ever undertaken. The asset is located in Downtown SLC, between two blue line TRAX (SLC’spublic light rail) stops. The area is benefiting from capital investment being made as SLC’s downtown pushes west to support its expanding population. With a strong presence on the corner of a mid-sized intersection coupled with the assets proximity to TRAX, it was a A+ location within its submarket and a B location market wide.
Total sq footage was shy of 30K sq ft spread over 3 equal plates. The second level had 16 existing apartment that haven't been occupied since 1978. The main level has seen a variety of historic uses, but most recently was used as the BIO MAT (a blood and plasma donation center) Basement had been used for storage.
The initial strategy was to purchase,reposition, lease up and refinance the asset.
Secondary strategy included selling the asset once it was stabilized.