Lincoln Property Company and ACORE Capital have introduced Foundry43 as the new identity for the former Industry SLC building, a historic structure created through adaptive reuse of a distinctive industrial landmark in Salt Lake City. The repositioned property sits on the site of a former steel foundry and now operates as a mixed-use campus that retains its industrial character while targeting modern commercial users.
ACORE brought in Lincoln Property Company to help stabilize and reposition the development, with the partners focusing on reviving and advancing the project after a pause in construction. According to the companies, they have been making meaningful investments in the campus to restart work at the site and move the business plan forward.
As part of this effort, construction on key components has resumed and certain elements are already complete. The partners have finished the parking structure serving the property, as well as the on-site retail space, establishing core infrastructure and amenities to support the next phase of leasing and activation for Foundry43.
The project builds on an existing 230,000 square foot office campus that had already taken shape at the former Industry SLC facility. The current plan for Foundry43 calls for delivering an additional 64,000 square feet of creative office space, expanding the supply of workspace within the campus. The program also includes a 34,000 square foot fitness center designed to serve building users, along with 12,000 square feet of new retail space to enhance on-site services and activation.
Parking capacity at Foundry43 will be supported by a 1,000-stall garage, which has been completed as part of the recent construction progress. The property is located in the heart of the Granary Neighborhood, positioning the adaptive reuse campus within an emerging commercial district of Salt Lake City that blends historic industrial assets with new development activity.
To support lease-up and marketing efforts, JLL has been retained to lead leasing for Foundry43. The brokerage will be responsible for attracting tenants to the creative office space, fitness facility, and retail components as the project advances under its new identity and repositioning strategy.
