Granary District Receives $35M in Construction Financing

The first phase of a hotel-to-multifamily conversion project in downtown Salt Lake City’s hub, The Granary District, received $35.2 million in construction financing. Occupying two of the city’s most transformative landmark towers, the first phase calls for renovation of the iconic property’s south tower into a 184-studio multifamily asset. A planned future phase includes the adaptive reuse of the project’s north tower.

The 5-acre site is one of the largest remaining developable land parcels in downtown Salt Lake City. The project offers approximately 2.7 acres of excess developable land. The Granary District is one of the oldest neighborhoods in Salt Lake City, serving as a major industrial and commercial center in years past. But now, it is undergoing a colossal renaissance as the city center is peppered with artists, breweries, restaurants and novel developments.

The Davies Group at Los Angeles-based George Smith Partners secured the financing.

“The landmark property and district are cultural anchors to the community, making the project well positioned to meet specific housing demands in a revitalized market,” said Malcolm Davies, George Smith Partners principal and managing director.