In regards to vacating the street to allow for the new office development, I have no issue with that. That seems perfectly reasonable especially given that the access provided by the street will still be there in the parking lot. It seems silly to block the project because of little used section of frontage road.
One concern is if the nearby interchange to the North is redeveloped in the future, this project could be in the way; however, I that's not likely. The closest part of the project, is 0.3 miles away. The only way the interchange would reach the development is if the interchange doubled in size, secondly, in the unlikely case that it did, it would be meeting a parking lot which would not be hard to redevelop into whatever features are needed to make the interchange work.
Furthermore, I think the issues of traffic at this interchange are overblown. In my experience they only occur at certain times of day during certain times of year (e.g. between sessions of general conference), but other wise this interchange functions well.
Our need for housing and job opportunities is of great importance here in Provo and concerns of small increases in traffic or "ugly" housing should not stop a developer from providing such a service to those in need of their services.
I support this as the road is not used very much as is. This development will be a nice addition to this part of Provo and will bring some much needed Class A office space.