Plans were released last week for The Point, a mixed-use community planned for the former site of the Utah State Prison in Draper. An artist's concept drawing depicts a courtyard along an extensive regional trail called the "River-to-Range" that will be a public living and dining venue within the development. The "River-to-Range" name refers to the east-west direction of the trail — from the Jordan River in the direction of the Wasatch Mountain Range.
'UTAH’S INNOVATION COMMUNITY'
Brice Wallace
Concepts have turned into plans for The Point, a 600-acre, state-owned property in Draper near Point of the Mountain.
The Point of the Mountain State Land Authority and its development partners last week officially signed an agreement and unveiled plans for the property, formerly home to the Utah State Prison. The 100-acre first phase of the redevelopment will be at the heart of the property and over the years will become home to housing, parks, trails, roads, offices, hotel rooms, an event venue, retail, an “Innovation District,” parking, a new Frontrunner station and 14,000 jobs.
At a ceremony marked by the signing of an agreement between the authority and developers, Alan Matheson, The Point’s executive director, said The Point will be “one of the great developments in our state’s history.”
“This will be a great place to live, work, play, visit. We want it to be a place that people can be proud of and enjoy,” he said, describing everyone involved in the project as “committed to delivering a place that will be special for generations to come — for our families and for yours.”
Phase I will feature more than 3,300 multifamily residential units, including approximately 400 affordable housing units; 16 acres of parks, including a Central Green gathering area, where every home is within two blocks of a park or a trail; 6 miles of roads; 10 miles of sidewalks and trails; more than 2.3 million square feet of office space; 381,000 square feet of hospitality space in the form of 540 hotel rooms; a 60,000-square-foot events center seating 2,000 people; 356,000 square feet of shopping, restaurants and grocery stores; 12,650 parking-garage stalls; and a “Convergence Hall” that will be the first piece of the Innovation District at The Point.
“It’s a lot of space,” Draper Mayor Troy Walker said of the 600 acres. “This Phase I is going to really launch it and move it forward.”
The redevelopment plans are based on input from thousands of Utahns, who preferred it be dense, he said. “They picked the most-dense development, so that’s why it’s like this,” Walker said.
The next step in the process is the construction of infrastructure, which will begin in the spring. “In just a few months,” Walker said, “you’re going to see this place transform into our future.”
Phase I is envisioned to be the springboard for development of the 600 acres, which in turn is expected to lead to development of more than 20,000 undeveloped acres nearby.
“We’re going to start right at the epicenter,” Matheson said of Phase I. “We’re going to build the exciting part of this development that will create the place that will attract opportunity.”
The Point authority signed a 20-year Phase I agreement with its private-sector development partner, Innovation Point Partners, which Matheson said was selected through a “really rigorous, competitive, transparent process” that resulted in “world-class partners ready to build a world-class development.”
IPP is a partnership among Lincoln Property Co., the lead developer for The Point; and two local firms, Colmena Group and Wadsworth Development Group. The three firms have delivered a total of 175 million square feet of development valued over $125 billion across the United States.
If IPP meets the conditions in the agreement, it will have the exclusive option to develop Phase II of The Point. That phase will consist of at least 99 acres, although its location at The Point has not yet been determined.
IPP will invest more than $2.3 billion in private-sector financing to construct the buildings and amenities at Phase I.
Patrick Gilligan, executive vice president at Lincoln Property Co. and an IPP principal, said the Phase I plans represent something “authentic to Utah” that would be scalable, sustainable and “tell a good story.”
“We’re up for the challenge,” Gilligan said. “We know that this is a big one and we’re excited to be here. … We’re thrilled to be here. We’re excited for the journey and the challenges ahead and are committed to making this deal happen.”
Matheson said the authority wanted a development with “balance,” that would be high-quality, provide a high return on investment to the state and ensure a timely process.
“We’re trying to build this so it’s flexible to respond to market conditions while setting really high standards,” he said.
Among the business-related components are the Convergence Hall, the Innovation District hub. The district will serve as an ecosystem that advances technological innovation; fosters a startup environment; and facilitates meaningful relationships among universities, businesses and entrepreneurs.
“It’s a place where ideas will come together, be generated, be nurtured, commercialized and help solve some of the problems in our state while creating new job and business opportunities,” Matheson said of the Convergence Hall.
South Jordan Mayor Dawn Ramsey said Phase I is a “perfect example” of how Utahns collaborate to move forward and noted it resulted from “robust public engagement” to determine what Utahns wanted at the site. The redevelopment will benefit all Utahns, in part by reducing traffic congestion, improving air quality and providing affordable housing, she said.
“What we’ve done here is going to attract so many people,” said U.S. Rep. Burgess Owens, R-Utah. “We’re going to be the destination for folks to finally see that Utah is the place to come to visit. They’ll come here, they’ll visit, they’ll leave their money and they go home and maybe come back and find a home here. That’s kind of the way I see it, so we just have to make sure that we are being very smart in that process.”
The Utah Legislature has invested $165 million in The Point, which is a loan that will be paid back with interest through revenues from future ground lease payments.
Matheson said in August that Phase I buildings could rise as soon as 2025. The state Division of Facilities and Construction Management and IPP will work on the infrastructure needed for Phase I.
“The Point is the premier development happening in the country right now and puts Utah on the map as a global destination,” Jordan Teuscher, the authority’s co-chair and a state representative, said in a prepared statement. “Once the first phase of redevelopment is complete, The Point will be open and accessible to everyone, enabling Utahns the freedom to choose from a wide variety of game-changing opportunities like obtaining a high-paying job, enjoying family-friendly recreational activities, and obtaining a world-class education.”
“The significance of this moment cannot be understated,” said Lowry Snow, the authority’s co-chair and a former state representative. “Signing this landmark agreement today marks the culmination of many years working diligently to reflect Utahns’ vision for The Point. It is an inflection point that catalyzes myriad opportunities for future generations and signals a major step forward in establishing Utah’s innovation community.”