The Ogden City Council voted on Tuesday to approve a proposal to “preserve and restore” the Union Stock Exchange Building, which is located in West Ogden.

According to a press release from the city, the building was built in 1930 and is listed on the National Register of Historic Places. The city acquired the property in 2013 and has worked to figure out how to move forward. Meanwhile the building has continued to deteriorate, making the need to take action more pressing.

“From the beginning of my campaign and in my State of the City, I made it clear that historic preservation would be a priority,” Ogden Mayor Ben Nadolski said in the release. “This project represents a major step forward in delivering on that promise. The city has been working toward a solution for this treasure for more than a decade, and this agreement reflects the right partnership at the right time. It not only preserves and restores an important piece of Ogden’s history, but also creates opportunities for high paying jobs and continued economic growth in our community. There is still important work ahead, but this is a significant step in moving the project forward.”

Fischer Regan Enterprises, LLC, will be involved in the renovations, as they have with many historic building in Ogden in recent years.

Thaine Fischer, managing partner at Fischer Regan Enterprises, talked to the Standard-Examiner earlier this week about their drive to restore historic architecture and its value to the Ogden community.

“Ogden just has this incredible architectural legacy and I wish more people would get passionate about it,” he said.

Here is the complete press release from the city about the agreement and the upcoming steps in the process:

“In Tuesday’s Ogden City Council Meeting, City Council voted to approve a proposal to preserve and restore the historic Union Stock Exchange Building through a partnership designed to protect a significant landmark while supporting long-term economic use. The vote followed multiple voices of support for the project from the community.

“The project is expected to preserve a significant piece of Ogden’s history while creating opportunities for job growth and private investment. It will activate a currently underutilized site and strengthen the Ogden Business Exchange area.

“‘From the beginning of my campaign and in my State of the City, I made it clear that historic preservation would be a priority,’ said Mayor Ben Nadolski. ‘This project represents a major step forward in delivering on that promise. The city has been working toward a solution for this treasure for more than a decade, and this agreement reflects the right partnership at the right time. It not only preserves and restores an important piece of Ogden’s history, but also creates opportunities for high paying jobs and continued economic growth in our community. There is still important work ahead, but this is a significant step in moving the project forward.’

“Community and Economic Development Director Jared Johnson presented and fielded a variety of questions prior to the approval of a Land Transfer and Development Agreement with 600 Exchange Building, LLC to move the project forward. 

“Constructed in 1930 and listed on the National Register of Historic Places, the Exchange Building has been a long-standing priority for Ogden City. Since acquiring the property in 2013, the City has worked to stabilize the surrounding area and identify a viable path to restore the structure. Over the past several years, the City has issued redevelopment requests for proposals and engaged a range of development teams, but those efforts have not advanced due to financial feasibility challenges. As the building’s condition continues to deteriorate, the need for timely action has become more urgent. This represents a critical opportunity to preserve and restore a significant historic landmark while it remains viable to do so.

“The agreement will transfer the property to a qualified developer with the requirement to restore the building as high quality historic office and light industrial space that supports future occupancy and economic activity. The project also includes the relocation of GMRE, a local aerospace and defense company, which intends to establish its national headquarters in the restored building and bring jobs and long-term investment to the area. This will bring 60 high paying jobs directly to Ogden and an additional 45 indirect jobs.

“The selected development team includes Fischer Regan Enterprises, LLC, with more than fifteen years of experience redeveloping historic buildings in downtown Ogden. Their work reflects a consistent commitment to preserving historic character while bringing new life and purpose to underutilized structures.

“Fischer Regan Enterprises’ vision for the Exchange Building is to tell the story of the Ogden Union Stockyards while honoring the architectural legacy of Leslie S. Hodgson. Their approach combines historic preservation with thoughtful adaptive reuse, maintaining the building’s defining features while incorporating modern design elements that meet the needs of today’s commercial tenants. This approach is intended to preserve the building’s historic legacy while positioning it for long-term use in Ogden’s commercial real estate market.

“Ogden City had previously set aside up to $1,000,000 to complete the most basic stabilization needed to prevent further permanent deterioration of the building. The land transfer will allow the City to utilize those same funds as part of a broader redevelopment effort. Under the agreement, the funds would be used for stabilization and pre construction work and would be reimbursed only after work is completed and documented, with the total contribution remaining capped at $1,000,000.

“By aligning previously allocated funds with a development partner, the City is able to move beyond short-term stabilization and support a project that brings private investment, long-term occupancy, and job creation to the site. This approach allows the City to transition from maintaining the building in its current condition to enabling a complete and sustainable restoration in an area experiencing growing interest from businesses.

“Engineering evaluations confirm that portions of the building have deteriorated and require timely stabilization to prevent further damage. Without intervention, the structure would continue to decline, making future preservation more difficult and costly. Stabilization remains the first and necessary step in restoring the building.

“The agreement establishes clear expectations for project progress. Design work and approvals are required within one hundred twenty days. Financing and permits must be secured within one hundred eighty days. Construction must begin within thirty days of securing funding, and the core structure is expected to be completed within approximately eighteen months of closing. The agreement also includes provisions to ensure performance, including reversion of the property to the City if obligations are not met.

“Ogden City remains committed to responsible investment that protects historic resources while supporting the community’s continued growth.”