PROVO — Frank Earl told them so. He told Zions Bank more than 35 years ago it should build its central Utah headquarters on his University Avenue property.
Wednesday, the folks at Zions Bank finally came around to Earl's way of thinking.
"We respectfully ask you to accept our apology," joked the bank's Central Utah Regional president, Tom Morgan, as he announced the bank would build a new nine-story Zions Bank Financial Center one block north of the Wells Fargo Center in downtown Provo.
Earl has owned the lot since 1929. In 1971, Zions Bank chose to build its headquarters branch two blocks away, at 111. N. Freedom Boulevard. Now, it will break ground at 196 N. University Ave. next month. The project is expected to be complete by fall 2009.
Zions Bank will be the anchor tenant and occupy 35,000 of the building's 146,000 square feet and the first three floors. The bank will have 65 employees at the site, including 25 moving over from three Orem offices.
The building will be owned by Zions, Earl Corp., PEG Development and 200 North Investors, LLC. The owners believe high demand for Class A office space in downtown Provo will generate the tenants to fill the rest of the building.
"We based our decision on the business we're doing as a bank," Morgan said. "We've increased our business in Utah County and the central region 15 percent per year. The last about seven years, the Utah County area has been on fire, and we see a lot of great things happening in the area."
Earl was a principal owner of Utah National Bank when Zions bought it in the 1960s. He worked for Zions and continues to be a stockholder.
Ironically, Earl and his family weren't interested in redeveloping their land at first.
"They've stepped out of their comfort zone to do a project this size," PEG Development president Cameron Gunther said.
Several buildings will be torn down, requiring moves for several businesses — Subway, Diego's Tacos, The Decline, The Cotton Shop, Cleo's White Moments and Cherry Lane Keepsakes.
Goldsmith Co. Jewelers, Crazzy Canuck and Qwest will remain on the block.
Bank administrators began thinking about anchoring a new headquarters seven years ago, Morgan said, and work began in earnest four years ago.
"It's an important day for Provo to see Zions Bank remain in downtown and see this business continue to anchor one of the greatest cities in America," Provo Mayor Lewis Billings said.
The building will include a clock similar to the one on the bank's Salt Lake City building. It will have red bricks and garden roofing to be more environmentally friendly, and the ninth floor will be set aside for conferences and weddings and include a catering kitchen.
E-mail: twalch@desnews.com