Brixton Capital Announces $80M Investment into Provo Towne Centre
Utah Business
June 28, 2017
Provo—Brixton Capital, a real estate investment firm and owner of Provo Towne Centre, announced that it will invest up to $80 Million in the repositioning of Provo Towne Centre. The 800,000-square-foot project will feature: a 30,000-square-foot dining district, a 50,000-square-foot anchor tenant opportunity, an outdoor park, two 6,000-square-foot restaurants, a 100,000-square-foot office tower and 200 contemporary residential units. The project will be completed in phases to minimize the impact to the community, and will include entertainment, restaurants and large format retail and services. Phase I is already underway with a 100-room Marriott Residence Inn and conference center opening in early summer 2018. Additional phases of development are scheduled to begin in early 2018 after the holiday season. For an architectural rendering, click here.
“Our plans for Provo Towne Centre have been met with excitement, renewed interest and many positive comments from the entire Provo community,” said Travis King, CEO, Brixton Capital.
While the Sears store at Provo Towne Centre will close in August 2017, Brixton Capital’s foresight into a retail industry-wide movement will both embrace change and create new experiences, while at the same time, meet the needs of today’s increasingly sophisticated shopper.
Mountain West Commercial Real Estate has been chosen as the exclusive broker for the Sears building redevelopment at the center.
“We are extremely excited to be chosen as the exclusive broker for the Sears building redevelopment at Provo Towne Centre and University Ave. development. With the growth in South Provo and Southern Utah County, this is an ideal time to bring new and compelling uses to Provo Towne Centre,” said Joe Cooley, Principal Broker at Mountain West Commercial Real Estate.
With its strategic location along the Interstate 15 corridor and proximity to approximately 65,000 students within less than a five-mile radius, Provo Towne Center will be transformed into a convenient destination offering shopping, dining, entertainment, events, office space, hospitality and multifamily residences within one vibrant core. Enhancements to the existing facilities will include a redesigned entry, modern dining district, new entertainment options, an all season outdoor park and additional new residential, office and hotel opportunities. The new Provo Towne Centre will be a multifaceted experience unlike anything in Provo.
Home to numerous successful national and global organizations, and having recently been ranked No. 2 in job growth by Forbes, Provo is an extremely attractive place to live, work and shop. Recognizing the substantial value of Provo Towne Centre and its prime location in the heart of the Provo community, Brixton has been hard at work creating transformational plans that will solidify the center’s prominence and desirability with area residents.
