Landmark redevelopment plans announced for The Point
Draper, UT—The Point of the Mountain State Land Authority (POMSLA) has released detailed plans for the first phase of redevelopment for The Point that reflect Utahns’ vision. For redevelopment efforts to start in earnest, POMSLA will sign a landmark agreement with its private-sector development partner, Innovation Point Partners. Members of the media are invited to attend the ceremonial signing and get a firsthand look at the never-before-seen details. The event will be held today at 1 p.m. at Clearlink headquarters in Draper and live streamed on The Point YouTube Channel, X Profile, and Facebook Page. More information, including maps, renderings and metrics regarding the plans can be found in the digital media kit.
The agreement formalizes ties between POMSLA and its partner, establishes vigorous design and performance standards, and outlines terms and conditions that will ensure The Point becomes a world-class community. Innovation Point Partners will invest more than $2.3 billion in private-sector financing to construct the buildings and amenities at the site. They will produce an annual report card that showcases their progress toward achieving the measurable outcomes outlined in the agreed-upon standards.
“The significance of this moment cannot be understated. Signing this landmark agreement today marks the culmination of many years working diligently to reflect Utahns’ vision for The Point,” said Lowry Snow, POMSLA co-chair and former state representative. “It is an inflection point that catalyzes myriad opportunities for future generations and signals a major step forward in establishing Utah’s Innovation Community.”
Located at the heart of the site, the approximately 100 acres will include high-end office space, multi-family housing, premier retail, shopping and entertainment venues, a people-focused main street called “The Promenade,” and a place for the Innovation District dubbed “Innovation Alley.” Plans also include a large gathering area called the “Central Green,” an extensive regional trail called the “River-to-Range” and a new FrontRunner station. Phase I Development Plans include the following:
● Housing- Over 3,300 multi-family residential units, including approximately 400 affordable housing units
● Parks and Open Space– 16 acres of parks, including a Central Green, where every home is within two blocks of a park or a trail
● Roads- Six miles of roads
● Trails– Ten miles of sidewalks and trails, including the River-to-Range trail
● Office Space- More than 2,320,000 sq. ft.
● Hospitality- 540 hotel rooms
● Events Center- 60,000 sq. ft. venue that seats 2,000 people
● Retail- 356,000 sq. ft. of world-class shopping, restaurants and grocery stores
● Convergence Hall- A building that represents the first piece of the Innovation District at The Point.
● Water- 100% drought-tolerant landscaping
● Jobs- 14,000 high-quality local jobs created
● Parking- 12,650 stalls in multi-level parking garages
Phase I plans include the first elements of the Innovation District, which will serve as an ecosystem that advances technological innovation, fosters a startup environment, and facilitates meaningful relationships among universities, businesses, and entrepreneurs. It will nurture new ideas from the research stage through to commercialization, with the goal of solving some of Utah’s unique challenges and creating a more prosperous future.
“Our team of national and local experts are well respected for developing transformative, leading-edge projects centered around the culture and values of the areas we serve. We don’t just build projects; we build communities,” said Patrick Gilligan, executive vice president at Lincoln Property Company, and a principal at Innovation Point Partners. “We are dedicated to ensuring our partnership with the public results in an enduring and positive legacy that generations of Utahns can enjoy.”
The Utah State Legislature has invested $165 million, which is a loan that will be paid back with interest through revenues from future ground lease payments. The funding will be used for critical backbone infrastructure that addresses existing regional transportation needs and accelerates development. POMSLA will extend Porter Rockwell Boulevard, construct the “River-to-Range” trail, and install major utilities such as water, sewer, gas, electric and telecommunications. In addition, the Legislature has invested in a new FrontRunner station at The Point, connecting the site to the regional transit system.
“The Point is the premier development happening in the country right now and puts Utah on the map as a global destination,” said Jordan Teuscher, POMSLA co-chair and state representative. “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.”
About The Point
The Point is the 600 acres of state-owned land in Draper near Point of the Mountain. It is known as “Utah’s Innovation Community.” It will enhance Utahns’ quality of life by advancing innovation and cutting-edge technologies, offering a balanced mix of housing choices, connecting communities through regional trails, roads, and transit options, providing parks and open space, and creating tens of thousands of high-quality jobs.
The Point of the Mountain State Land Authority was established by the Utah State Legislature on May 8, 2018. It is a 12-member board composed of state legislators, agency executives, local elected officials and business leaders with a mandate to plan, manage and implement development at The Point.
About Innovation Point Partners
Innovation Point Partners represents a partnership between Lincoln Property Company, the lead developer for The Point, and two local firms, Colmena Group and Wadsworth Development Group. The three firms bring extensive experience building large-scale, sustainable communities and innovative, mixed-use projects and collectively have delivered 175 million square feet of development valued over $125 billion across the United States.