Building starts on Midtown

OREM — Relief is in sight for Orem residents sick of seeing a giant hole on State Street — construction has started at Midtown Village.

Visible signs of work began Friday morning at 4 a.m. and continued for almost 12 hours, in a continuous concrete pour to start the foundation for the "south wing."

The residential and mixed-use development was started nearly three years ago and got as far as a hole in the ground and the adjacent Midtown Tower. Developers hit some snags, which stalled funding for a while and prevented any construction.

Financing issues were resolved in June, and after finalizing last-minute details with the city, construction started Friday.

"A project this size is quite complicated and takes time," said owner and developer Larry Myler. "But we're thankful for the patience of the community and we're very excited to be fully under way now."

Nearly 4.8 million pounds of concrete were used for the "matt foundation" or "raft slab," which will serve as a support for the seven stories to follow. Translated, that means enough concrete was poured to make a 4-foot-wide sidewalk that would stretch for almost 4 1/2 miles.

But that's just one part of the projected 24-month project. There are still three more pours to complete the foundation.

The price tag for that first pour? Almost $400,000. The price tag for all the concrete? About $9 million.

But that's nothing compared to the final cost of creating a "village" with 243 private residences and 200,000 square feet of retail and commercial space.

The Midtown Village's final cost will be around $75 million, making it the second-largest development of its kind in Utah, second only to Gateway Plaza in Salt Lake City, said David Runnells, Midtown Village marketing director.

The first floor of the building will be shops and restaurants, the second level, business offices, and even a workout area, spa and salon. Residential condos will fill the third through seventh floors.

The average condo will be around 1,400 square feet and will cost about $260,000. However, big spenders can pick a penthouse on the seventh floor for a mere $1 million, complete with 17-foot ceilings and floor-to-ceiling windows.

The building is projected to bring in almost $3 million in sales and property taxes over the next 10 years, Myler said.

Orem will benefit from the taxes and is helping the project by loaning $7 million to help with parking garage costs, said Jeff Pedersen, city finance director.

Myler said he sees Midtown not only encouraging the trend of mixed-use developments but helping to promote a focal point for Orem.

"State Street is one never-ending line of ugly signs and parking lots," Myler said. "We have no landmark, no architectural significance to speak of. (Midtown Village) will end all of that and be a central focal point on State Street."

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E-mail: sisraelsen@desnews.com