Construction is continuing on a master-planned development called Valley Grove, and developers expect the Pleasant Grove site to someday host more than 7,000 workers.
St. John Properties recently had the official groundbreaking on the $250 million Valley Grove project, which will occupy about 60 acres near the Pleasant Grove Boulevard interchange of Interstate 15. Valley Grove will include 1 million square feet of office, retail, restaurant and hospitality space, highlighted by Grove Tower, a 190,000-square-foot, six-story, Class A office building. The development will feature three more four-story, 109,600-square-foot office buildings and more than 70,000 square feet of retail space.
{mprestriction ids="1,3"}“Utah continues to attract strong businesses to support what is now the fastest-growing state in the nation,” Gov. Gary Herbert said at the groundbreaking ceremony. “This project will contribute greatly to the already growing strong economic base in Utah Valley. I appreciate that St. John Properties has prioritized the hiring of local contractors, and wish them well as they break ground on Pleasant Grove’s Valley Grove project.”
Coldwell Banker Commercial Advisors (CBC Advisors) has announced it will relocate its Utah County operations to the Grove Tower, occupying nearly 16,000 square feet.
“We are excited to expand our commitment in Utah County and establish our new Class A office in Pleasant Grove, located at the prestigious six-story Grove Tower,” said Brandon Fugal, chairman of CBC Advisors. “As the only full-service commercial real estate office in Utah County, our 50 professionals and growing offer the most cutting-edge market intelligence, and will continue to lead the market from this new location.”
Restaurant chain R&R BBQ also has said it will have a location in Valley Grove.
“We are thrilled with the pro-business climate and warm reception we’ve received in Utah,” said Edward St. John, chairman and founder of St. John Properties. “We strive every day to provide places for great companies to grow their businesses, increase employment, generate profits and pay taxes.”
Over the life of the project, Valley Grove is expected to generate over $800 million in tax revenue to the state, county and Pleasant Grove, St. John Properties said.
Highlighting the “grove” part of its name, Valley Grove will have more than 2,000 trees when completed. The buildings are designed to meet LEED standards for maximum energy and water savings and to minimize negative environmental impact.{/mprestriction}
