Financing is apparently now in place for a new 10-story office building in downtown Provo.
The Department of Housing and Urban Development was to formally announce Saturday that it is providing a $1.3 million grant to Provo City to help it complete financing for the $12.8 million project, the office of Sen. Jake Garn, R-Utah, was notified Friday.The Boyer Co. of Salt Lake City is building the 10-story, 96,000-square-foot office tower and renovating the former Penney's building at 100 W. Center Street into a packing and distribution center for NuSkin, a fast-growing, Provo-based cosmetics company.
NuSkin will consolidate its corporate headquarters and telemarketing in the office tower, leasing approximately half the space, according to HUD documents.
The new project is called the Center Street Office.
HUD documents also said that Provo and Valley Mortgage Co. of Salt Lake City are providing the $11.5 million in non-HUD money needed for the project.
HUD forms said the project is expected to create 542 new permanent jobs, and is expected to provide 300 construction jobs.