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Though gourmet pizza shop Pizzeria 712 continues to sell more and more pies, it may be the only sign of activity at the seemingly dormant Midtown Village mixed used project in Orem.
Colton Soelberg, co-owner of the pizzeria housed within Midtown's south tower at 320 S. State Street, said his pizzeria hasn't seen a business slowdown since Big D Construction halted work on the $100 million-plus project three and a half months ago.
"Things are great for us," he said. "Our business continues to grow each week."
In March, Larry Myler, the project's owner, said prospective buyers were having a difficult time getting mortgage loans approved for units. At the time, only four (now occupied) of the 79 completed condos in the south tower had been purchased.
But with sales plummeting in recent months, there was no revenue coming in to pay contractor expenses or bank loans, he said. Myler plans to continue work on the development once he had refinanced the project and condo sales have rebounded.
Yet Pizzeria 712's success since it set up in Midtown Village six months ago may be an anomaly.
Bill Bell, an Orem city building official, said a Kneaders Bakery franchise, which at one point was planning on moving into the south tower, has never applied for a business permit. A title company that had set up shop in south tower, has since moved out, he said.
And though Hale Center Theater Orem had wanted to have its new theater constructed at Midtown Village in time to debut the new facility with "A Christmas Carol" in December, those plans are in an indefinite holding pattern.
Cody Swenson, a co-owner of Hale Center Theater Orem, said the plug hasn't been pulled on the new theater project, but the work stoppage on the site directly affects them. Plans call for the new theater to be built on the development's southwest corner and ground was broken for its construction in November just prior to the economy beginning to tank.
"We're halted right along with them and waiting for them to get a refinance and get back to work," he said. "At this point, we're still committed to it."
Myler said Wednesday Midtown's financial situation remains unchanged since early March and that he is still waiting for the refinance to be approved.
He acknowledged that some businesses, including Kneader's Bakery and the Hale Center Theater Orem, may not be able to wait for Midtown Village's delayed construction schedule and may decide to go locate elsewhere.
"We hope they come," Myler said. "'How long is the economy going to stay bad?' is the question."
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