Brixton Capital to Invest $80M to Reposition Provo Towne Center
PROVO, UTAH — California-based real estate investment firm Brixton Capital will invest approximately $80 million in the repositioning of Provo Towne Center, an 800,000-square-foot mall in Provo, located about 45 miles south of Salt Lake City.
The project will transform the existing retail space into a mixed-use asset. New areas include a 30,000-square-foot dining district and two 6,000-square-foot restaurant spaces, as well as a 100,000-square-foot office tower and 200 residential units. Other features will include an outdoor park and a 50,000-square-foot space for an anchor tenant.
According to Brixton Capital, which acquired the mall in 2016, the repositioning project represents a shift toward more entertainment- and experience-driven retail.
“Our plans for Provo Towne Center have been met with excitement, renewed interest and many positive comments from the entire community,” says Travis King, CEO of Brixton Capital.
Phase I of construction is already underway and will deliver a 100-room Marriott Residence Inn that will open next summer. Additional phases are scheduled to begin in early 2018.
Provo Towne Center is located at 1200 Towne Centre Blvd., along the Interstate 15 corridor, roughly 2.5 miles from Brigham Young University. Approximately 65,000 students live or attend classes within a five-mile radius of the property.
More than 100 retailers are currently housed within the property, including JCPenney, Victoria’s Secret and Bath & Body Works. The Sears store within the center will close this month. The mall also offers a children’s play area and stroller rentals for families.
Brixton Capital will develop the new center. A general contractor for the project has not yet been named.
— Taylor Williams