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Utah Valley residents will soon see walls rising at the former Geneva Steel Mill property. Eight years after purchasing the property, Anderson Development has unveiled some of the shovel-ready development plans that will soon be underway.
Anderson Development paid $46.8 million for the Geneva property in 2005, assuming control of its demolition, cleanup and development. Since the purchase, it has been preparing the property for vertical development, said Stewart Park, project manager.
“We’ve been getting a lot of questions about plans for the property, so we held an open house to let people know what’s going to be happening,” said Park.
At the open house, held on Friday, the Larry H. Miller Group of Companies announced it will build a new Megaplex Theatre at Geneva. The theater will include an IMAX theater, 12 additional digital theaters and a full-service food court. The Megaplex Theatre, expected to be completed in late 2014, will serve as an anchor tenant for the Geneva site.
Utah Valley University, which owns 100 acres of land at Geneva, announced that it intends to exercise its option to buy another 125 acres.
Day’s Market will also open a new location at the Geneva master-planned community.
The Geneva site encompasses 1,750 acres, with a 1.5-mile frontage along Utah Lake.
Plans for the mixed-use development include residential, office, retail and industrial space. Full build-out of the property will take 10 to 15 years, said Park.
Construction is already underway on a 328-unit apartment complex, and another will break ground within the next few months, said Park. In total, 1,500 apartment or townhome units will soon be under construction.
Anderson Geneva, sister company to Anderson Development, recently completed a main road through the property, enabling some vertical construction to begin. “It has taken us eight years to get to this point,” said Park.
The company has been demolishing old structures, removing tons of concrete, cleaning up contaminants, and installing roads and other infrastructure necessary for development. “About 60 or 65 percent of the property has been remediated consistent with its intended development plans,” he said.
When complete, the Geneva development will be home to an estimated 26,000 residents and will add an estimated 20,000 new jobs in Utah County. The master-planned community will encompass 2 million square feet of retail space, 3.5 million square feet of office space, 5 million square feet of industrial space, about 7,600 residential units, an Intermodal hub and a town center.
The development comes at a time of strong growth for Utah County. The Provo/Orem area experienced a 40 percent growth rate from 2000 to 2010, and it is the second-largest metropolitan area in the state with about 550,000 residents.
“We view this as the crown jewel of Utah County and of the future of the county,” said Park.