Hines is expanding into office-to-apartment conversions with its acquisition of the 24-story South Temple Tower in Salt Lake City, which the Houston-based global real estate firm plans to transform into a 255-unit luxury multifamily.
Construction will begin early next year. The acquisition was brokered by Newmark; Hines did not disclose the seller or the terms of the transaction.
The residential tower will feature a range of apartment sizes and types, including studios and one- and two-bedroom units, with a suite of residential amenities to be designed by architecture and design form Hickok Cole. The South Temple Tower offers unobstructed views of the city skyline, the state capitol and the Wasatch Mountains.
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