Cushman & Wakefield have announced the sale of a 1.22-acre multifamily development site in Salt Lake City, Utah.
Known as the Wells Fargo office building, the property is located in the heart of Sugar House, and was acquired by Illinois-based business Harbor Bay Ventures, one of the leading real estate development and investment firms known for transforming neighborhoods, as well as its work in mass timber building construction.
Situated in a strong demographic area, the property provides convenient freeway access to Interstates 215 and 80, along with immediate proximity and walkability to an abundance of national retailers, local boutiques and restaurants. The property is also near the S-Line, the city’s newest addition to its public transportation light rail system, as well as the S-Line greenway, a paved, landscaped path for bikers, runners and walkers, with views of the Wasatch Mountains.
At the time of the sale, the property was zoned for the development of 229 residential units. “This was a prime opportunity to acquire a unique piece of property located in the epicenter of Sugar House, and at one of the most premium corners of the Wasatch Front,” said Kip Paul, Vice Chairman of Cushman & Wakefield.
Kip highlights that Sugar House is considered by many as one of the most desirable areas to live throughout Utah due to its dense urban feel and walkable amenities. The buyer’s transformational plan for this rare corner site will have a high impact, and bring needed residential use to the area. It will also look to complement and help support the recent addition of other nearby commercial developments and businesses.