Development of a project called “The Exchange” is advancing with the selection of developers by Salt Lake City.
Downtown SLC Partners LLC, a joint venture between Giv Development and Domain Cos., was the winner of a request for proposals to develop the former site of Barnes Bank and Salt Lake Roasting Co. The Exchange will occupy 2.24 acres on the 300 East block of 400 South.
“This exciting project will help us increase quality, affordable housing and grow local businesses,” said Mayor Jackie Biskupski. “A strong and vibrant Salt Lake City absolutely depends on diverse and truly affordable housing opportunities, and we will continue to lead out and support ways to make that happen.”
Groundbreaking is expected to occur in autumn 2018. Design concepts call for one building to contain seven stories of residential housing over two stories of retail and parking, and one story of below-ground parking. A second building will have three stories of office space over one story of retail and parking, with another section having four stories of residential over one story of parking. The latter building will contain “The Shop at Salt Lake City,” consisting of 30,741 square feet of co-working and business incubator space designed to stimulate entrepreneurship, small-business development and community engagement.
In all, The Exchange will have 196 affordable apartments and 216 market-rate apartments. The ground floor will have more than 20,000 square feet of street-front retail, anchored by an international food hall and marketplace in partnership with the International Rescue Committee’s Spice Kitchen business incubator program.
A public plaza with art and amenities also is part of the development. Downtown SLC Partners LLC’s proposal highlights the use of art and green space and commitment to energy efficiency while creating a design that compliments existing structures, according to the city.
The city envisions The Exchange as a key element of development along 400 South near the Public Safety Building and the City Library.
“The Exchange as endcap to Salt Lake’s iconic, multi-block civic square brought a unique responsibility to the design,” said Chris Parker, Giv Development’s executive director. “We hoped to create a place that lived up to that, one where people from all incomes and backgrounds could enjoy living, working and being in.”
Giv Development is based in Salt Lake City. Domain Cos. is based in New York City and The Exchange represents its first Utah project.
“The Domain Cos. believes that successful development engages entire communities,” said Matthew Schwartz, a Domain principal. “We’re excited to become a part of the Salt Lake City community, where a dynamic and thriving entrepreneurial ecosystem continues to support diverse economic growth.
“The Exchange is the first of many developments that Domain plans to pursue in Salt Lake, and we look forward to making a positive impact on the city for years to come.”
Melissa Jensen, director of housing and neighborhood development for the city, said affordability is a key component of the project.
“The Exchange represents what is possible when you combine partnership and creativity,” Jensen said. “Not only is The Exchange providing a wide range of affordability, it also invests in local business. This joint venture represents where the city is going and our commitment to partnerships that create vibrant and affordable neighborhoods.”