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2/09/23
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Northbrook, IL-based Harbor Bay Ventures has acquired a 1.22-acre multifamily development site in Salt Lake City, UT. Known as the Wells Fargo office building, the property is located in the heart of the city’s popular Sugar House neighborhood.
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. The new residential project will also offer views of the Wasatch Mountains.
The location is also within blocks of Salt Lake City’s famous Sugar House Park, featuring 110+ acres of rolling green space, including a large pond, soccer and baseball fields, top-of-the-line basketball courts, volleyball courts, playgrounds, small amphitheater, and direct access to Parley’s Trail, an eight-mile paved recreational trail for walkers, runners and cyclists.
At the time of sale, the property was zoned for the development of 229 residential units. However, exact plans have yet to be announced by the buyer.
The buyer is a real estate development, investment firm known for transforming neighborhoods and its work in mass timber building construction. Kip Paul and Michael King of Cushman & Wakefield represented the seller, Wells Fargo, in the transaction.
“This was a prime opportunity to acquire a unique piece of property located at the epicenter of Sugar House and at one of the most premium corners across the entire Wasatch Front,” said Paul. “Sugar House is considered by many as one of the most desirable areas to live in throughout the state of Utah due to its dense urban feel and walkable amenities. The buyer’s transformational plan for this rare corner site will have 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.”
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