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OREM — A groundbreaking is set for the $500 million upgrade of University Mall.
Branded as University Place, the Woodbury Corporation development will feature high-rise office buildings, housing, a hotel and a community park, in addition to a renovation of the existing mall. The groundbreaking for the project will be Thursday at 11 a.m.
University Place is expected to create 4,010 jobs throughout Orem, according to a study carried out by financial firm Lewis Young Robertson and Burningham for Woodbury. It estimated the project could bring more than $412 million to the local economy.
The goal of the University Place development is to create a gathering place for people in Orem instead of just a retail destination, according to Woodbury.
The Orem City Council approved a plan to allow the redesign of University Mall at the end of 2013. The council re-zoned 112 acres to allow mixed-use development on the property.