It's been more than a decade since a new, Class A office building has come to downtown Provo, Utah, and the team behind Freedom Commons hopes it sets the mold for things to come.
The six-story building is notable for combining indoor and outdoor amenities, including street-level restaurants and retail as well as a large courtyard and plug-in access for food trucks and festival lighting. There's even a mid-block paseo inviting people for a stroll.
The idea is to provide a new pedestrian-friendly option for companies that want to be part of a city that continues to push south into the Utah Valley, said Matt Hansen, project manager for Freedom Commons. The concept is new for Provo and that's why the project is being recognized with a 2023 CoStar Impact Award, as judged by real estate professionals familiar with the market.
Hansen's company, PEG Companies, plans to one day make Freedom Commons its corporate headquarters, and city officials hope it spurs future economic development.
About the Project: Freedom Commons consists of a 136,000-square-foot office building and 654-stall parking garage with about 11,000 square feet of street-level commercial space, not far from the city's convention center. The first of three phases, future additions of the mixed-use project include more office space and structured parking as well as residential units. The project is the result of a public-private partnership. The development sits on donated land and receives tax-increment financing, in partnership with Provo City, Provo Redevelopment Agency, Utah County, and the Provo School District.
What the Judges Said: "This project brought a new type of product to the local market," wrote Dejan Eskic, senior research fellow at the University of Utah's Kem C. Gardner Policy Institute.
They Made It Happen: Prov-based real estate developer and manager PEG Properties developed and manages Freedom Commons.