Utah Housing Development Earns Tax Credits for Historic Building Preservation

A Utah housing development has received tax credits for preserving a historic building within its design. Woodbury Corporation, the developer behind The Source on South Temple, was awarded federal and state tax credits for its work on the IBM Building.

The IBM Building, which opened in 1962, features post-tensioned concrete arches and columns that are distinct from other office buildings in the area. Developer Woodbury Corporation preserved and rehabilitated many of the building's original features, including its iconic arches and terrazzo flooring.

The project also added new exterior railings that mirrored the original aesthetic, giving it a midcentury modern design. The developer wanted to pay homage to the building's original era by incorporating elements of 1960s design into the renovation.

Woodbury Corporation received $3.2 million in tax credits for its preservation efforts. According to Amber Anderson, Utah's deputy state historic preservation officer, projects like this are one of the office's biggest returns on investment because they allow developers to capitalize on both federal and state incentives.