When William Bancroft first saw the building, water was falling from the third floor to a large plastic garbage can on the first floor. The elevator was condemned and the building's historic facade was marred by an insensitive 1950s remodel. Bancroft knew the Taylor Brothers Building was for sale and feared that a new owner might tear it down. Motivated by his love of history and vision of the building's potential, Bancroft purchased the Taylor Brothers Building in 1994.
The first steps in renovating the building were replacing the roof and installing a new elevator. Both proved to be herculean tasks. Restoring the building's facade required removing the 1950s brick arches to expose historic steel columns and uncovering a row of transom windows beneath non-historic signage. The rehabilitation of the building's interior created attractive retail and restaurant space on the first floor and modem offices on the second and third floors.
The renovated Taylor Brothers Building is once again a symbol of the potential of downtown Provo. As Steve Densley, president of the Provo/Orem Chamber of Commerce, explained, "Mr. Bancroft's renovation project has been a tremendous boost to the central business district. It has provided an attractive and central location for several businesses. Just as important, the project has set an example for others to follow as Provo encourages reinvestment and rehabilitation of the downtown building stock."