Harbor Bay Ventures likely will be replacing an underutilized office building in Salt Lake City with a residential building. The firm acquired more than 1.2 acres in Salt Lake City’s Sugar House neighborhood from Wells Fargo. Cushman & Wakefield’s Kip Paul and Michael King represented the seller.

The site is home to a Wells Fargo office building, which is still partially occupied with short-term leases but will be vacated by the end of 2023. Paul said the building was under utilized, saying with an apartment building on the site, it was likely to be much more profitable than maintaining the office building. The site is currently zoned for the development of 229 residential apartment units. Harbor Bay has not formally announced a start date.

Interstates 215 and 80 are near the property, while the S-Line, the latest addition to Salt Lake City’s light rail system, is located nearby. The site is several blocks from the more than 110-acre Sugar House Park, which features plenty of green space and several outdoor amenities, close to many retail and restaurant options.