The office campus once known as Industry SLC has a new name, a new owner, and a fresh start after tumbling through foreclosure. The Granary District property, a converted 1943 foundry at 513 and 517 W. 600 South, is now called Foundry43, rebranded under the control of San Francisco-based lender ACORE Capital following a loan default that topped $97.3 million.
The rebrand marks the latest chapter in a saga that began when the property first opened in 2020 as a celebrated adaptive-reuse project, according to Building Salt Lake. Industry SLC leased up quickly after opening and was credited as a catalyst for the surrounding Granary District, but the campus became tangled in the collapse of its original developer and became battered by years of disputes with past tenants.
From Foundry to Foreclosure
Industry SLC's original builder and operator, Makers Line — the construction arm of developer Q Factor — collapsed in 2023, according to the same Building Salt Lake report. Construction Dive reported that Makers Line faced at least 15 subcontractor payment lawsuits in Utah seeking roughly $2.8 million in damages and had gone silent in recent weeks, though it had not officially shut down as of an October account, as reported by Construction Dive.
Catalyst Opportunity Funds took over the office building in March 2023 and the unfinished parking garage next door in January 2024, stepping in as the private equity firm behind the salvage effort. Catalyst, founded in 2019 by impact investors including Jim Sorenson and Jeremy Keele, had grown into the largest single private investor in the Granary District, committing roughly $600 million across local Opportunity Zone projects, per Utah Business. But high debt loads and delayed construction on the adjacent 1,000-stall garage ultimately caught up with the firm.
The $103 Million Default
Catalyst defaulted on the $97.3 million loan in September 2025, and Industry SLC went into receivership shortly after. ACORE Capital Mortgage sued Catalyst in Utah's Business and Chancery Court, alleging in a November 2025 complaint that the borrower owed $103.7 million in total principal, accrued interest, and fees. The Business and Chancery Court itself is a relatively new venue, established under House Bill 216 in 2023 and officially opened on October 1, 2024, as a specialized statewide tribunal for complex commercial disputes, according to the Utah State Bar.
By December 2025, ACORE's attorney said a foreclosure sale had been scheduled for early March. ACORE ultimately signed a special warranty deed on March 9, conveying the Industry parcels to Marwood Investment Trust, a Delaware statutory trust with an address at 650 S. 500 West in Salt Lake City. That deed was recorded on June 1, formalizing the lender's control of the site.
The Makers Line collapse reached well beyond the Granary District. In April 2026, a Utah state judge allowed a fraud lawsuit against Makers Line to proceed over two Northern Utah residential developments, including an Ogden project where non-fire-treated lumber forced a stop-work order and the eventual demolition of a building, per Building Salt Lake's reporting. Founders H. Jason Winkler and Ellen P. Winkler also faced multi-state litigation in late 2025 across Montana, Michigan, and New York over allegations of fund misappropriation and loan draw misrepresentations, the outlet reported separately.
Lincoln Property Steps In
To stabilize and reposition the campus, ACORE partnered with Lincoln Property Company, which has since brought on JLL to lead leasing for the renamed Foundry43. Partners have finished the parking structure and retail space that had stalled under previous ownership, and they are now building more than 64,000 square feet of additional creative office space alongside a 34,000-square-foot fitness center. The existing campus totals 230,000 square feet, and the project will add 12,000 square feet of new retail located at the 1,000-stall garage — a structure originally intended to serve as shared parking for surrounding Granary projects.
Zach Clegg said Foundry43 is truly a unique asset in the Salt Lake City market and called the relaunch an exciting step forward for the Granary. Kyle Jeffers said companies increasingly seek authentic environments that support culture, collaboration, and employee experience — a pitch aimed at tenants weighing the converted foundry, which once cast columns for the CW Silver Company, against newer builds nearby.
Lincoln Property Company's involvement extends well beyond this one property. The firm also serves as a master developer partner on The Point Partners team for The Point, a 600-acre state-led redevelopment of Utah's former prison site in Draper, as Hoodline previously reported.
A Neighborhood Still Building
Foundry43's relaunch lands amid a broader wave of investment reshaping the Granary District. Salt Lake City leaders approved $45.8 million in tax incentives in July for the nearby $390 million, 1-million-square-foot Silo Park development, which is slated to add 740 residential units around a set of historic grain silos, according to KSL-TV. How the completed 1,000-stall garage at Foundry43 ends up serving that project and other neighboring developments will matter for the district's overall parking capacity.
Whether the market will support Foundry43's new creative office space remains to be seen as the rebranded campus works to shed the baggage of its predecessor.
ACORE Capital, the lender now steering the project, is backing Foundry43 as it tries to finish what Industry SLC's original builders never could.
