Downtown Provo to get a new 7-story addition

PROVO — In general, more people means more business, and it is no different in Provo.

In a effort to spur visitors to the heart of downtown, Provo will use mixed-use development to revitalize the area.

City spokesman Mike Mower said the city will unveil on Monday a new seven-story building on the corner of 100 North and University Avenue. The $16.6 million Wells Fargo Center will boast offices and condominiums, with the bank using the first floor for its headquarters.

"It's a positive thing for Provo to start having mixed use and bringing residents into the downtown," Councilman Dave Knecht said. "That's just good for business to have the customers living right there."

The project will feature 65,000 square-feet of office space and 5,000 square feet for commercial businesses and restaurants. The top three floors will house condominiums and penthouses.

Jared Gibson, owner of a local bike shop near the future tower, said Provo officials needed to do something to revitalize the downtown area.

"If you look around in the area, there is tons of empty businesses," Gibson said. "Anything that makes (downtown) a destination place for people to come into the area and see what's down here and not just drive through (is a good idea). Give them a reason to stop in the area."

Susan Bradford, executive director of Downtown Business Alliance of Provo, said the downtown vacancy rate is comparable with any of the malls and shopping centers within Provo or Orem.

One future tenant of the high-rise will be the Provo Economic Development Department, which will stay in the building for at least five years. Under the agreement, Provo must pay about $4 million to compensate for the risk of vacancy.

"Any time there is new positive growth, it benefits and starts a snowball effect where other people start coming in and revitalizing their areas," Bradford said. "It will help in so many ways."

The tower will replace the First Security Bank building. Knecht said it is always positive to replace old buildings with new ones. The problem is trying to maintain the historic feel of the downtown area when new towers are put into the mix.

"As you put in new buildings, you want to make sure they mix well with the historic ones that are there," Knecht said. "You'll know it's a new building. I don't think there is any way to make a seven-story building look like it's been there for 100 years."

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