DRAPER, Utah — The Point Partners, a joint venture between Lincoln Property Company, Colmena Group, and Wadsworth Development Group, announced the successful closing of a $250 million special revenue bond financing transaction led by The Point Phase 1 Public Infrastructure District (PID) and Piper Sandler.
This funding, secured by the Special District Group at Piper Sandler, a specialty financing group that leads the nation in special district financing, marks a major milestone in the advancement of The Point—a landmark redevelopment of the former Utah State Prison site—and enables the launch of public infrastructure and major public amenities in Phase 1 of the project.
Proceeds from the bond issuance will allow the PID to fund a range of public improvements including internal roadways and utilities, fully integrated streetscapes and landscaping, structured public parking facilities, and the development of a state-of-the-art 5,000-seat multipurpose event venue. These investments will transform the first 35 acres of the 600-acre site into an activated public realm, laying the foundation for a walkable and connected community where future residential, retail, entertainment, office, and hospitality uses will take shape.
“The issuance of these bonds is a big milestone for the project, as it will enable the PID 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,” said Patrick Gilligan, Senior Executive Vice President at Lincoln Property Company. “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. “This project is widely recognized as one of the most important quality-of-life opportunities in Utah history, and we are honored to be a part of bringing it to fruition.”
Construction of the event venue, which will be operated by Oak View Group, is scheduled to begin in 2026. The venue will host concerts, sporting events, conferences, community celebrations, and more, with over 100 events and more than 200,000 visitors expected annually.
Redevelopment of the massive, 600-acre former Utah state prison site is a 15-year, $3 billion project that will create a dynamic walkable community, where Utahns can live, work, and play thanks to intelligent city planning, a network of bike- and pedestrian-friendly linkages, and public transport accessibility.
The Point Partners were selected in 2022 by the State of Utah and POMSLA 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, two 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.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional and private clients includes more than 680 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 170 million square feet of development since its inception in 1965 and has another $21 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.
About Colmena Group
Colmena Group is a real estate development and investment company headquartered in Salt Lake City, Utah. The managing partners of Colmena Group have more than 65 combined years of real estate experience, building their reputation on thoughtful stewardship of investment opportunities. Founded in 2008, Colmena’s mission is to build a legacy of quality, long-lasting communities. Since its inception, Colmena has developed, co-developed and invested in real estate projects that built a current portfolio value of more than $1.6 Billion (exceeding six million square feet and 12,000 apartment units). Colmena’s success is rooted in our ability to understand market need, source capital and work successfully with local and national partners.
About Wadsworth Development Group
Wadsworth Development Group is an exceedingly rare combination of family-owned boutique firm and experienced national brand. With a reputation for minimizing risks and maintaining long-term relationships across the industry, we are cementing our future as a leading strategic partner in commercial real estate.
About the Special District Group at Piper Sandler
The Special District Group at Piper Sandler has a 45-year track record of raising capital for early-stage real estate development. The team is comprised of 30 dedicated professionals with market-leading experience that have underwritten more than $25 billion in debt. Serving clients across the nation from offices in Denver, Salt Lake City and Houston, the group creates unique financing structures in partnership with local governments to fund the public infrastructure needs of growing communities. Leading the charge in raising capital for the full-range of development types including residential, commercial, industrial, and mixed-used projects, the Special District Group provides exceptional knowledge, un-matched experience, and industry-leading distribution capabilities to navigate an increasingly complex market.
About Piper Sandler
Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates. For additional information, visit www.pipersandler.com.
About Oak View Group
Oak View Group (OVG) is the global leader in live experience venue development, management, premium hospitality services, and 360-degree solutions for a collection of world-class owned venues and a client roster of arenas, stadiums, convention centers, music festivals, performing arts centers, and cultural institutions. Founded by Tim Leiweke and Irving Azoff in 2015, OVG is the leading developer of major new venues either open or under development across four continents. Visit OakViewGroup.com, and follow OVG on Facebook, Instagram, LinkedIn, and X.