Peg Development Group
A rendering of the 10-story Zions Financial Center that will be constructed at 200 N. University Ave. in Provo. The $30 million development will also include a four-story parking structure.

PROVO — With the recent blessing of the city Planning Commission, construction on the 10-story Zions Financial Center at 200 N. University Ave. is likely to start within the next two months.

The Planning Commission approved the estimated $30 million project Wednesday night at its bimonthly meeting. Cameron Gunter, manager of Peg Development Group, said construction workers should break ground on the project within the next 60 days; it's anticipated the project will be completed in 18 months.

"We need to get going," he said.

The development will include 96,963 square feet of usable office space, 9,434 square feet of ground level retail space and a four-story parking structure.

Concerns were voiced at the Planning Commission meeting that the plan did not afford enough parking and would cause problems. In the Planning Commission staff report, a building that size requires 435 parking stalls, but the site plan illustrates only 340. Peg Development Group requested a conditional permit approval to allow a reduction in the number of required off-street parking stalls.

Gunther said they don't think parking will become too large a concern in that part of town.

"It's a more walkable community," he said of the area. "We've provided parking studies to show we don't need it."

The staff report did state that the requested parking reduction "will not cause unreasonable risk to the safety of persons or property because of insufficient parking."

The Planning Commission approved the final plan for the Zions Financial Center. They also approved conditional use permit approval for awning to encroach into the public right-of-way and a reduction in the number of required off-street parking stalls.

Gunter said the project has progressed slower than expected because of minor setbacks, but, overall, they're on schedule.

"The city's good to work with us," he said.


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