Let the speculation begin!
Brixton Capital, owner of Provo Towne Center, has purchased the Dillard’s building and parcel for an undisclosed sum, according to a company press release. However, the store’s replacement has yet to be publicly identified.
The 206,240-square-foot, two-story building on 12.5 acres was acquired on Feb. 24 from Little Rock, Arkansas-based Dillard’s, which will soon relocate its store.
“This acquisition is critical in our long-term plans for redeveloping Provo Towne Center,” Brixton Capital President Mark Selman said in the release. “With our now total ownership of Provo Towne Centre, we can advance our transformation of the entire center into a mixed-use project that will benefit the Provo community for years to come.”
According to the release, Brixton Capital is in advanced negotiations to re-lease most of the property to a prominent — but unnamed — national retailer. Brixton Capital expects the new store to open within the next two years, once the renovation of the building is complete. The addition of this retailer will complement the ongoing plans Brixton Capital has for Provo Towne Centre, including the addition of multifamily housing and other uses to improve livability, shopping and community within Provo’s East Bay neighborhood.
Dillard’s at University Place in Orem will open later this month. There has been much talk on Facebook and other social media platforms for several months about what business or group may take the place of the vacated Provo location.
“We love being in Provo and are excited to start a new chapter in the future of this community asset,” added Selman. Brixton Capital, a private real estate investment firm headquartered in Solana Beach, California, has owned Provo Towne Centre since 2016. Renovation of the Dillard’s building for the new retailer will commence this summer.