Hines to Transform SLC High-Rise Office Into Multifamily

Due to the effects of the pandemic on office use, the new owner of the 24-story South Temple Tower Salt Lake City office building is embarking on a conversion to luxury multifamily units. Hines intends to start the transformation early in 2023. When completed it will have 255 apartment rentals.

Newmark’s Kevin Shannon helped arrange the sale, he says you have to change with the times, “The lingering effects of the pandemic have disproportionately impacted central business district (CBD) office markets across the country. The decision by Hines to pursue a conversion strategy follows a growing trend of capital seeking to acquire and repurpose underperforming assets.”

Hickock Cole will design the new units, which will feature a mix of studios and one and two-bedroom units.