Opening in mid-September, Artspace’s 102 affordable apartments and 50,000 square feet of artist-studio and nonprofit spaces are the exact recipe, officials say, to rejuvenate the so-called Granary District, south of The Gateway mall.
Stark at first glance, the building’s cinder blocks and corrugated steel are more function than form. The energy-efficient materials play key roles in positioning Artspace for a gold LEED (Leadership in Energy and Environmental Design) certification awarded by the U.S. Green Building Council. Sustainability, organizers bet, will help attract a creative class.
Already, a diverse bunch of nonprofits has claimed ground-level corners at the new Artspace. So how did the nonprofit Artspace pull off one of the city’s larger construction ventures in the midst of the Great Recession? “That really was a miracle,” explains director of development Jackie Skibine. “All the banks were collapsing. Credit was almost impossible to get.” Banks — which ultimately financed half the $28 million price tag — were lured by the “green” project and reputation of Artspace. After the property was purchased in the fall of 2007, the project deal closed in December 2008, in the jaws of the credit crunch. Artspace raised $4 million and was buoyed by $10 million in federal New Markets Tax Credits, granted due to the sustainable features. The Salt Lake Tribune
