“Alongside the CDA investment, Woodbury intended to invest approximately $500 million in new office, residential, hotel, retail and civic improvements at the heart of Orem on the University Place project site,” said Arty Woodbury, company vice president, when the CDA was approved. If it doesn’t do anything to increase the value of its property, then there is no money to share with Woodbury.” Remember, Woodbury will only be receiving a portion of the new property tax that it will be required to pay as the value of its property increases. “If Woodbury doesn’t build its development the city won’t have any property tax to share with them. “There is no gamble,” said the city in the statement. Courtesy photoĪt the time, the city put a statement on its website as residents were concerned about their taxes being used and a big shell of a mall not doing anything but dying. The mall has pledged $1 million toward that effort. Nearly 2,000 jobs have been moved to nearby cities.Ĭonceptual rendering of new Hale Center Theater Orem proposed to be built at University Place. It is the CDA tool that Lehi used to lure companies like Adobe and Xactware out of Orem. The others are the Alpine School District, Utah County, Utah Water Conservancy District and the Orem Metropolitan Water District.ĬDA use is not uncommon to Utah or around the country. The city was one of five taxing entities that needed to approve the project. In September 2014, the Orem City Council approved a Commercial Development Area, or CDA. “Earlier this year, that project became a reality as it was purchased with the intent to become a mixed-use project with residential, office, restaurants, transit and retail.” A few years ago, a team from Georgia came to visit University Place in an attempt to learn about the project and perhaps utilize some of the same methods to revitalize what they considered to be a ‘dying mall’ in their community,” Downs said. “What is happening at University Place is becoming a ‘poster child’ for malls around the country. In 2014, when malls around the country were failing and big box anchor stores folding, the Woodbury Corp., managers and developers of University Place, stepped out of the box and redesigned the mall into a campus of retail shopping, Class A business spaces, housing and entertainment.
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