We detect the optical afterglow and host galaxy of GRB 070714B. Our observations of the afterglow show an initial plateau in the lightcurve for approximately the first 5 to 25 minutes, then steepening to a powerlaw decay with index alpha= 0.86 +/- 0.10 for the period between 1 to 24 hours post burst. This is consistent with the X-ray light-curve which shows an initial plateau followed by a similar subsequent decay. At late time, we detect a host galaxy at the location of the optical transient. Gemini Nod & Shuffle spectroscopic observations of the host show a single emission line at 7167 angstroms which, based on a grizJHK photometric redshift, we conclude is the 3727 angstrom [O II] line. We therefore find a redshift of z=0.923. This redshift, as well as a subsequent probable spectroscopic redshift determination of GRB 070429B at z=0.904 by two other groups, significantly exceeds the previous highest spectroscopically confirmed short burst redshift of z=0.546 for GRB 051221. This dramatically moves back the time at which we know short bursts were being formed, and suggests that the present evidence for an old progenitor population may be observationally biased.
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