The Tech Industry Seeks Rural Areas for Expansion
While real estate investors and developers take on the purchase of a property or land, they then team with strategic partners like Mountain West Commercial Real Estate to help fulfill a vision of the property or land that best serves the community.
As big cities continue to see exponential growth, tech groups are looking outside of high-density urban areas and seeking affordable rural areas to expand in. This is advantageous for both sides as rural towns offer affordable housing and lower lease rates, while these developments offer opportunities for economic growth for rural communities.
Ephraim, located 1 hour south of Provo welcomed its newest development Ephraim Crossing. At nearly 15 acres it will be a mixed-use campus featuring business, retail, and residential living to accommodate the growing demand for tech space. Ephraim is most known for its small-town two-year institution Snow College.
Years in the making, Garrett Blomquist Agent for Mountain West Commercial, was approached by developer Camino Verde Group LLC regarding Ephraim Crossing and the process began with a thorough analysis of the land, a survey of retail opportunities needed within the community and its future, and finally a broker opinion of value for its potential.
The first construction planned is for the business sector of the development, a three-story, 32,000 square foot tech office, and co-working facility. As businesses enter Ephraim so will the need for housing which is currently underway with 50 affordable single-family homes and townhomes featuring 86 spacious two-story homes. At full buildout, Ephraim Crossing will have 400 residences in the community.
This vision is also fulfilled further as Snow College recently created a four-year software engineering degree, and the city seeks to keep its “best and brightest” in the local area. Ephraim Crossing is designed to meet the needs and bring a new technology hub to Sanpete County.
Blomquist and Scott Brady are providing support and vision by developing the retail side of the property by filling the retail space with grocery, restaurants, and community amenities.
“We’ve helped support many developers over the years build out their vision to grow a community by fulfilling the space with strategic retail spaces that make sense for the community. Mountain West Commercial has the best experience for these developments and Brady and myself are excited to be a part of the future growth in rural communities,” said Garrett Blomquist Agent for Mountain West Commercial.
“We know that rural communities are small for a reason, we want to respect the small-town feel with the opportunity of economic growth that will sustain a rural community for decades to come,” said Scott Brady Agent for Mountain West Commercial Real Estate.
