PROVO, Utah – After several years of planning, zoning, and entitling portions of four blocks in the heart of Downtown Provo, PEG Companies [PEG] began construction on Phase I of Freedom Commons, an upscale mixed-use development and the future home of the commercial real estate investment firm’s own corporate headquarters.
Located at 155 West 200 North, Freedom Commons Phase I will encompass a six-story Class-A office building, street-front restaurant and retail space with plug-in access for food trucks, festival lighting, a large courtyard, more than 650 covered parking stalls, and more. The highly anticipated business park will become the first of its kind in the area, boasting a sleek urban-green design, an exclusive gym available to those who work there, and stylish areas to collaborate outdoors. Designed to promote work-life balance, creative thinking, and healthy professional relationships, Freedom Commons aims to reinvent the modern-day office experience in the Provo market.
“With employment, housing, dining, entertainment, and public transportation in close proximity, downtown Provo is the most walkable location in Utah County. Our company has been located here for years, so we’ve been able to experience this firsthand – it’s great to walk to lunch rather than having to get in your car every time you want to do anything outside of the office. This new development will help build on the energy that has been created downtown and provide a new option for companies that want to be part of the growth that continues to push farther south into the valley.” said Matt Hansen, VP of Development for PEG and the project manager for Freedom Commons.
Freedom Commons is the result of a highly collaborative effort between PEG, Provo Redevelopment Agency, Utah County, and Provo City. A longtime investor in the Provo community, PEG developed the Hyatt Place Provo in 2018 and continues making progress on the I-Street Townhomes development currently under construction adjacent to Freedom Commons.
“Provo is a growing hotspot for innovative businesses. You look at highly successful companies like Nu Skin, Qualtrics, Novell, and so many others that have chosen to locate their headquarters here, and it makes sense why,” explained PEG CEO Cameron Gunter. “We have two top performing universities in our backyard, we have a highly educated workforce and hard-working culture in general; plus, we have a relatively low cost of living, and all of those factors, together, create the ideal environment to build a successful business.”
Because Freedom Commons is located in one of the 8,700 Qualified Opportunity Zones across the U.S. established through the Tax Cuts and Jobs Act of 2017, companies that take up residence at the new business park will be able to benefit from unique tax advantages through the federal government.
Currently, Okland Construction is starting work on the footings and foundations and will soon be raising the tower crane. Project leaders have a target completion date of Spring 2022.