PROVO City officials will announce a new 10-story office building and two four-story buildings in downtown Provo today at 3 p.m. at City Hall, 351 W. Center.
The Deseret Morning News first reported in March that an announcement about high-rise office buildings would be made in coming months.
The City Council voted unanimously late Tuesday night to authorize the Provo Redevelopment Agency to enter a development agreement with University Tower, LLC for the three buildings, which will total 168,000 square feet.
The 10-story University Tower will be built at about 50 N. University between the seven-story Wells Fargo Center completed in 2005 and the historic Knight Block, which straddles the corner of University and Center streets.
University Tower will include commercial retail space on the ground floor and might include residential space on upper floors.
The upper floors are designed to step back from the street and neighboring buildings.The other two new buildings will mix retail space with residential space:
A four-story building will be built at about 25 E. Center between the historic Knight Block and the Gates Snow Building.
Another four-story building will be built next to Ottavio's Restaurant, 69 E. Center.
All three buildings are designed to interconnect at the back and share a central elevator and stairwell.
The agreement also calls for the developer to restore the facades on the Knight Block and Gates Snow buildings.
"The University Tower project as now conceived would bring additional residential and office space, as well as some retail space, to downtown Provo," a city staff report noted. "It would essentially complete the redevelopment of the University Avenue and historic Center Street facades of this block and in the process would preserve and enhance the block's key historic properties."
The redevelopment agency will return 95 percent of the tax increment generated by the new project through 2015.
The RDA also will provide $700,000 to University Tower. University Tower will pay back that money with interest for a total of $875,000, allowing the RDA to share in the project's financial success.
The buildings would use the parking garage at the Wells Fargo building and be connected to an upper level of the parking structure via a new, enclosed pedestrian bridge.
Additional parking will be built in the basement of University Tower, with more parking stalls on the ground floor and second floor.
Three development teams submitted proposals to the redevelopment agency.The University Tower development team is headed by Terminus Properties. The design concept was created by Cooper Roberts Simonsen Architects.