Woodbury Corporation Opens The Source on South Temple in Downtown Salt Lake City
New residential community blends historic preservation with modern luxury living
SALT LAKE CITY, Utah (June 6, 2026) — Woodbury Corporation has announced the opening of The Source on South Temple, a new luxury apartment community located at 348 E. South Temple, Salt Lake City, Utah.
The development combines the adaptive reuse of a historic midcentury office building originally constructed for IBM in 1960 with a newly built seven-story residential tower. The original building’s most distinctive architectural feature—three stories of repeating concrete arches—has been preserved and integrated into the new community, which offers more than 180 residences and an extensive collection of lifestyle amenities along one of Salt Lake City’s most prominent downtown corridors.
“This project thoughtfully combines historic preservation with modern design and amenities,” said Jeff Woodbury, senior vice president of development and acquisitions at Woodbury Corporation. Woodbury Corporation. “The Source offers a unique residential experience with walkable access to many of Utah’s most recognized destinations, including the Cathedral of the Madeleine, Temple Square, Eccles Theater and the University of Utah.”
Residents have access to a rooftop amenity deck, resort-style pool and hot tub, fitness center, resident lounge featuring a Land of a Thousand Hills coffee shop, podcast studio, music room, bowling alley, golf simulator and clubroom lounge. The community also features a custom mural installation adjacent to the pool deck, enhancing the property’s artistic and contemporary atmosphere.
In a nod to the building’s original era, each common area and gathering space was designed with a midcentury modern aesthetic, featuring curated furnishings and custom details throughout the property—from the bowling alley décor and signage to the furniture, artwork and signature sunburst design featured on each residence door. Interior design was led by Woodbury Corporations in-house interior design team.”
“For Woodbury Corporation, preserving and transforming this iconic midcentury building on South Temple was a definitive career highlight,” said Melinda Vaughn, director of interior design at Woodbury Corporation. “By fusing historic character with a modern, updated twist, the team successfully created a highly sought-after space that balances function, nostalgia and luxury.”
The building is listed on the National Register of Historic Places as a contributing property within the South Temple Historic District. For more than five years, Woodbury Corporation and the Utah State Historic Preservation Office have worked together to ensure the existing building and all new additions comply with federal and state preservation guidelines. The Source has been approved for state historic tax credits and is currently pursuing federal historic tax credits.
“Preserving our history enriches the character of an area, increases tourism and creates places where people want to live and work, while giving us a tangible connection to our past,” said Amber Anderson of the Utah State Historic Preservation Office. “Only about five to 10 projects each year in Utah receive state and federal approval for historic tax incentives, and we anticipate this project will as well.”
The Source on South Temple offers studio, one-bedroom and two-bedroom apartment homes, including five penthouse-style residences on the sixth and seventh floors. All residences are now available for lease.
Designed by Salt Lake City-based architecture firm FFKR, the newly constructed south tower includes 161 apartment homes and three levels of underground parking. Within the preserved north building, 20 residences maintain much of the structure’s original character while incorporating updated modern living spaces.
“Working on a building with this much presence carries a real sense of responsibility,” said Preston Dean, principal architect at FFKR. “Our goal was never to erase that history or imitate it, but to give it an honest second life. Reworking a midcentury landmark into a place people come home to is one of the most meaningful transformations a downtown can make, and being trusted with a property on one of Utah’s most historic streets is the kind of opportunity our team will remember for a long time.”
Built by Wadman Construction, the development was created to deliver an elevated urban living experience with hospitality-inspired amenities and gathering spaces.
For leasing information, visit thesourceslc.com or call (385) 412-6979.
About Woodbury Corporation
Founded in 1919, privately-held Woodbury Corporation is one of the oldest and most respected full-service real estate development companies in the Intermountain West. Headquartered in Salt Lake City, Woodbury Corporation owns and manages over 14 million square feet of retail, office, hotel, residential, and industrial buildings across 16 states. For more information on Woodbury Corporation’s properties and projects, visit http://www.woodburycorp.com.
Amanda Butterfield
Woodbury Corporation PR
a_butterfield@woodburycorp.com
801-440-983