The face of University Place continues to change. What was started more than 55 years ago is barely recognizable now.
To help promote the new campus, Woodbury Corporation, owners of University Place, have released a conceptual video of what the completed area might look like.
“It is an effective tool to show our goals and objectives,” said Arty Woodbury, vice president of Woodbury Corporation. “We will update as we go.”
The video shows an additional six buildings and another parking terrace and hotel. One of the buildings is approximately nine stories.
When the parking terrace that is currently under construction north of Macy’s is completed there will be 70 apartments surrounding the exterior, and some retail on the west side as well.
“This will hide the identity of the parking structure and provide energy and foot traffic for park events and celebrations,” said Ryan Clark, Orem’s economic development manager.
Woodbury has performed and met the requirements of the first benchmark in their agreement with Orem’s Redevelopment Agency, according Clark. To reach future benchmarks additional office development is required.
“Woodbury has performed as promised with their first phase. Over $20 million in infrastructure has been constructed that includes utility installation, a new east/west road that connects State Street to 800 East, and parking structures,” Clark said. “Additionally, amenities were completed that are available to the general public that include the indoor/outdoor playground and The Orchard Park were constructed.”
According Woodbury, they have installed the majority of the infrastructure on the 120-acre campus to support the future buildings planned.
“We’re going to go as fast as the market allows us,” Woodbury said. “We’ve been very fortunate and continue to move ahead.”
The precursor to the most recent build-out on the old University Mall campus began in 2009 with The Village and Cinemark Theaters. The big changes started in earnest in 2014 with R.C. Willey coming on as anchor store, the office building on the southwest corner of the campus and the Aston Apartments that now house 478 units.
Completion of the entire campus is anticipated by 2024.
“This is a unique project and is high quality,” Woodbury said. “This property has been a labor of love for my family.”
Woodbury added and said, “We’re right on track with our plans and maybe a little bit ahead.”
Woodbury noted that even with the new concept video there are still open spots to build up to 600,000 additional square feet of office space. Additionally, there is discussion continuing on building townhomes and condominiums as well.
“For many, it has been difficult to visualize how the asphalt parking lots near the old Mervyns location can be transformed into office buildings, retail, and living spaces,” Clark said. “The new video produced for University Place is a great visual tool that provides a concept for how the project may look at completion. This should help prospective users and tenants to see the energy and excitement that will be located in the center of this project.”
Woodbury said while there are no firm announcements on who might be moving in he said, “We’re going to be working very hard to demonstrate what University Place is.”
Woodbury acknowledges there are other areas of competition in the county, be it around Lehi and American Fork, or less than a mile away at The Mix in Provo.
Woodbury said, “Growth is coming to Utah and Utah County, I think competition is part of the reality of the world; we invite it.”
To view the video, visit https://issimo.wistia.com/medias/gisvlrr475.