By Taylor Anderson
Publication Date: 2026-08-24 10:01:00
kWoodbury Corporation has finished converting an aging South Temple office building into apartments after using a state and federal tax credit incentive to add new housing Downtown.
Woodbury Corporation received an estimated $3.2 million in state and federal tax credits for its conversion of the IBM Building at 348 E. South Temple, a project that included adding a new building on the site along with retrofitting the existing office building.
The Utah State Historic Preservation Office announced final approval in June for both the 20 percent federal rehabilitation tax credit and Utah’s 20 percent state historic preservation credit at The Source. The two programs can only be stacked on income-producing residential rental property, which makes the office-to-apartment conversion the specific mechanism that unlocked both.
The state has said that developer awareness of the program is low, and that it’s possible to fund more projects that would involve…