Development agreement signed for The Point’s Phase One infrastructure will start this springJan 04, 2024 03:23PM ● By Mimi Darley Dutton
A rendering of the River to Range Courtyard at The Point. A Phase One development agreement was signed in November and Draper’s Wadsworth Development Group is one of three companies working together as “Innovation Point Partners” on the project. (Courtesy The Point)
The Point will start taking shape this spring after a development agreement was signed for Phase One. Leaders attribute that progress to fewer regulations in Utah allowing for innovation and people working collaboratively.
Phase One is approximately 100 acres centrally located among the 600 acres at the Point of the Mountain where the prison once stood. It will include more than 3,300 multi-family residential units (400 deemed affordable), 16 acres of parks including a Central Green for activities like concerts and skating, six miles of roads and more than 12,000 parking stalls, 10 miles of sidewalks and trails, more than 2 million square feet of office space, 540 hotel rooms, an event center with 2,000 seats, shopping, restaurants and grocery stores, and a large hall for facilitating relationships among universities, businesses and entrepreneurs. The Point’s officials anticipate the eventual creation of 14,000 local jobs.
“The entire Point is in Draper City. It’s been a long time coming…it’s very innovative. In a few months, you’ll see this place transform into the future,” Draper Mayor Troy Walker said.
Walker serves on The Point of the Mountain State Land Authority (POMSLA), a board that selected Innovation Point Partners (IPP) for the project. IPP is comprised of international firm Lincoln Property Company and Utah’s Colmena Group and Wadsworth Development Group.
The Point’s Executive Director Alan Matheson said input from 16,000 Utahns has shaped development because it is taxpayer owned land. Renderings of Phase One were on display at the ceremonial signing. “The public picked the most-dense development,” Walker said.
South Jordan Mayor Dawn Ramsey credits “Utah’s secret sauce” of collaboration, a phrase she heard from Gov. Spencer Cox, as the reason The Point is progressing. “We’re kind of weird here in Utah…we collaborate,” Ramsey said.
The Point falls within the district of Congressman Burgess Owens who said taking away regulations for the sake of innovation “gives people in Utah the best life.” Owens noted that Utah is the fastest growing state in the union. “I’ve never seen a state that is as innovative and forward thinking. What we’ve done here is going to attract so many people. Knowing we’re going to grow, let’s do it smart. Making sure our kids can afford to stay—that’s the end goal,” Owens said.
Patrick Gilligan, executive vice president of Lincoln Property Company, echoed Ramsey’s and Owens’ statements. “This collaboration with the state wouldn’t happen in Washington or California. It’s easier to do things in the private sector normally,” Gilligan said.
IPP will invest more than $2.3 billion in private sector financing to construct buildings and amenities. The Utah State Legislature has invested $165 million toward the creation of infrastructure, a loan that will be paid back with interest through revenues from future ground lease payments. “Over time, it will generate enough revenue to cover the cost of the new prison. It’s paid for but this is a way to backfill the budget,” Walker said. The Legislature also invested in a new FrontRunner station for the purpose of connecting to regional transit.
Walker anticipates The Point will likely contract with Draper City for public safety, emergency services and road maintenance. “We’ll strike a price that works,” he said. And he projects Draper property values to rise. “It’s certainly not going to impact values in a negative sense…that place is going to be desirable.”
Draper’s current population hovers around 55,000. Walker thinks it will rise to 80,000 when The Point is fully built, but slowly over time.
Since he first took office 10 years ago, Walker envisioned high-rises at The Point, now he thinks they’ll be 10 or 12 stories tall. Because it’s state-owned, none of the property development will go through Draper’s planning commission, but “our city staff will get input.” He doesn’t think the growth will negatively affect his city. “It’s pretty unique for Draper residents. Our established community is quiet and then right across the freeway we’re going to have a vibrant downtown. It’s the best of both worlds.”
Walker continues to hope to attract an NFL or NHL team to have a stadium at The Point.
Infrastructure will begin this spring with vertical construction starting in 2025.
“It’s nothing but up,” Walker said. λ