Historic IBM Building Project Awarded State & Federal Historic Tax Credits

SALT LAKE CITY – The Source on South Temple, an apartment development located at 348 E. South Temple in Downtown Salt Lake City, was recently awarded both Federal and State Historic Tax Credits for its adaptive reuse of the circa-1960 IBM Building. The New Formalist-style office building, constructed of brick, concrete, and glass, was added to the National Register of Historic Places in 2014, as a contributing property within the South Temple Historic District. Created by real estate developer Woodbury Corporation with architectural firm FFKR, this new community offers 20 residences in the IBM Building and 161 residences in a newly constructed, seven-story tower. To ensure that work on both the existing building and its tower addition complied with the requirements for State and Federal historic tax credits, the Utah State Historic Preservation Office began working with Woodbury and its design team in late 2020. The project received final approval for both tax credit programs in June 2026, resulting in an (estimated) combined $3.2 million in credits for the project.

Character-Defining Features (Preserved, Revealed, or Replicated):

Repeating arches on the main facade. Among the first uses of post-tensioned concrete in Utah, repeating arches – and the series of narrow concrete columns they formed – were retained.
Barrel-vaulted concrete ceilings. A suspended acoustic ceiling tile system was removed to reveal the above arches serving as vaulted ceilings, running north-south in each structural bay. The concrete ceiling was patched, repaired, and refinished to replicate its original acoustic plaster appearance.
Terrazzo flooring. Located in the central bay of the first floor, this original flooring was protected during construction, then cleaned and rehabilitated. Adjacent concrete flooring was designed to compliment the historic feature.
Exterior railing. First-floor balcony railing was irreparably damaged. A new replacement railing was constructed with pedestals that harken the aesthetic motif of the original and pickets that meet modern codes. This referential design was also used to construct a compatible and accessible concrete ramp on the north side of the building.

“Converting historic office space into housing has one of the biggest ROIs that we see come through our office. Not only is the building often already broken up to manageable spaces, but residential rental use is also the only way to capitalize on both of these large tax incentive programs at the same time,” said Amber Anderson, Deputy State Historic Preservation Officer at the Utah State Historic Preservation Office. “Preserving our historic spaces is also one of the best ways to attract the wide array of people who love history and architecture or who just want a cool place to live, work, or visit.”

First Media Contact: Amber Anderson
Office: 801-245-7277 / amberanderson@utah.gov
Second Contact: Emma Farley
Office: 217-836-9486 / efarley@utah.gov
Website: ushpo.utah.gov