IBM Building Transformed into Luxury Apartment Complex

The IBM Building in Salt Lake City has been transformed into The Source, a Class A apartment complex. Woodbury Corporation completed the conversion using state and federal tax credits worth an estimated $3.2 million.

The project included adding a new building on the site and retrofitting the existing office building. The Utah State Historic Preservation Office approved the 20 percent federal rehabilitation tax credit and 20 percent state historic preservation credit for the conversion, which is a rare combination.

The credits were stacked because the project involves converting an office building to residential rental property. This unique mechanism unlocked both incentives at the same time.

The renovation preserved many of the original features of the IBM Building, including its New Formalist design and post-tensioned concrete arches. The developers also retained the barrel-vaulted ceilings, terrazzo flooring, and curved eyelashes on the facade.