Artist rendering of a planned portion at The Point. (Courtesy of The Point Partners)
The project has been discussed for years, property has been secured and remnants of the previous Utah State Prison have been removed. Now, funding for the first phase for development of The Point in Draper is in place.
It’s money for construction of streetscapes, landscaping, utilities and parking for a new 5,000-seat event center to be built on the site. The Point Partners — a joint venture among Lincoln Property Co., Colmena Group and Wadsworth Development Group — has closed on a $250 million special revenue bond.
In a release from Lincoln Property, the bond will be used for development of the first 35 acres of the 600-acre site, with a focus on housing. The plan for The Point includes residential, retail, entertainment, office and hospitality venues once fully developed.
“The issuance of these bonds is a big milestone for the project, as it will enable the PID (public infrastructure district) to begin work on the key infrastructure and public spaces that will make The Point one of the most vibrant and accessible mixed-use communities in the country,” Patrick Gilligan, senior executive vice president at Lincoln Property, said in a release. “This major investment into public infrastructure will not only benefit those that live and work here, but will create a destination where all Utahns can gather to enjoy arts, entertainment, and shared public spaces.”
“The Point of the Mountain will generate spending, support jobs, and produce tax revenue that wouldn’t otherwise exist in Utah. The innovation district will attract high-paying companies and support job growth, while the entertainment venue will address a gap in Utah’s music and entertainment market by attracting new acts and visitors to the state,” said Benj Becker, head of the special district group for Piper Sandler in Utah.
The arena will host concerts, sporting events, conferences, community celebrations and more, with plans to hold over 100 events annually on the site. The former state prison location is part of a 15-year, $3 billion project focused on what developers call a “dynamic walkable community.”
The Point Partners were selected in 2022 by the state of Utah as its partner for Phase 1 of The Point, which in its entirety will span 99 acres, including the 100,000-square-foot entertainment venue, 2 million square feet of office space, over 3,000 multifamily units, 450,000 square feet of retail and other entertainment offerings, 380,000 square feet of hospitality space, and 16 acres of open space with walking trails and public parks.