By Sara Israelsen
Deseret Morning News

      PROVO — A $16 million Wells Fargo building looms above its neighbors in Provo's newest attempt to beef up the downtown area.

Balloons float up past the new Wells Fargo Bank building at 86 N. University Ave. in Provo during its grand opening. Stuart Johnson, Deseret Morning News

      The building, which formally opened Wednesday with a ribbon-cutting ceremony, replaces an older two-story Wells Fargo bank and two abandoned buildings and a small men's suit shop.
      Now, the 110,000-square-foot building is home to the main Provo Wells Fargo office, as well as Bluefin Design Group, an office furniture design company; MultiLing, a language-translation service company; and the offices of law firm Ray Quinney and Nebeker. A Mexican restaurant, Border Run, and a nonalcoholic dance club, The Vault, will also be thrown into the mix as the upper floors are finished.
      But the building isn't just for businesses and banking.
      Along with drive-up lanes and teller windows, the building's top three floors offer lofty real estate — 24 residential condos, starting at $200,000. And those stories fulfill another part of the city's goal.
      "One of Provo's long-term goals for downtown is to strengthen the downtown as a legal center. . . . a government center, financial center and a business center," said Paul Glauser, Provo's Redevelopment Agency director. "We'll continue to get some retail and dining, but first and foremost (we want) more jobs and more people living downtown, and this building accomplishes both of those goals."
      The class-A office space was funded by Kowallis and Mackey, a development company out of Boise. Doug Kowallis, owner of the building, said he and associate John Mackey are interested in mixed-use projects — the combination of business and living space.
      Along with the building came a 500-stall parking garage, attached to the bank by an above-ground walkway and intended to be used by downtown visitors as well as the Wells Fargo building residents.
      The city footed the $4 million bill for the parking garage with a little more than one-fourth of the money coming from a federal grant, and the rest, almost $2.5 million, coming from local redevelopment funds.
      A common worry after the completion of redevelopment projects is that increased funds, created by an influx of property taxes on the new area, will be diverted away from schools, roads or other necessary city projects.
      However, Glauser said, very little of the income from taxes on the new building will go back to the development project. Instead, it will go to school districts.
      As far as a response from the neighbors, Glauser said he has heard nothing but positive comments about the project.
      "They all have an investment in the downtown," he said of other business owners. "They like to see other good things happening."
      Claudia Jimenez, a waitress at her aunt's family restaurant, La Dolce Vita Ristorante, said business has been a little better since the building went up. The Italian eatery backs up to the parking garage on 61 N. 100 East and has benefited from the increase in people, Jimenez said. She said the building makes the downtown area look more modern.
      "I think it attracts more people to downtown Provo," she said

E-mail: sisraelsen@desnews.com