Steel in place at Provo site

Deseret News – March 18, 2009

PROVO – Old Glory fluttered in the breeze Tuesday as a crane hoisted the last of 11,000 tons of steel effortlessly into place.

On the other end of the beam, a United Steelworkers of America Local 27 banner shared the gentle wind, while a miniature evergreen tree balanced in the middle. The reverse side featured dozens of signatures of local dignitaries – including Provo Mayor Lewis Billings – and others who wanted their names preserved for posterity.

Then Zions Bank, PEG Development, Camco Construction, Inc. and Provo city officials celebrated the completion of the construction of the steel frame with a “topping out party” for the Zions Bank Financial Center in downtown Provo.

Ironworkers took eight weeks to complete the framework of the eight-story building at 172 N. University Ave.

“This phase of the construction went rapidly, with the installation of steel at a rate of up to 30 tons per day,” said Helen Anderson, Provo spokeswoman. “The next phase of construction will take more time, with overall completion scheduled for the spring of 2010.”

Once completed, the Zions Bank Financial Center will serve as the headquarters for the bank’s central region, with its 28 Utah branches and combined deposits of over $1 billion. Roughly 65 Zions Bank employees will relocate into the building, which is part of the city’s plan to revitalize its historic shopping and business district.

“It shows that Provo is committed to revitalizing downtown and that Zions is committed to Utah County,” said Tom Morgan, regional manager.

The structure will also give Zions Bank its largest presence outside of Salt Lake City, Morgan said.

“It will give an opportunity for class-A office space… and lift the profile of the downtown area,” said Utah County Commissioner Larry Ellertson.

Before construction began on the $25 million structure, work crews hauled 60,000 cubic yards of dirt out of the ground, said project manager Martin Christiansen.

Tax-increment financing will pay for the building’s parking garage, meaning some of the increase in property taxes from developing the property will go toward the garage over the next 12 years. The financing makes development of the property possible, Anderson said.

The property-tax increase is expected to raise 40 times the money than the property was generating when it was a series of shops and stores.

Provo School District and Utah County will also receive some of the property tax once the building is completed. After the 12-year period passes, the school district, county and other local government entities – including Provo – will receive all of the property tax, Anderson said.