#United States #Draper #Lincoln Property Company #The Point #Draper Utah

The Point Breaks Ground on Exciting Development in Draper

In a landmark achievement, The Point Partners (TPP) held a groundbreaking ceremony to initiate the first vertical development project at The Point, a transformative district in Draper, Utah. This event signifies not only the start of construction but a tangible shift from planning to implementation, making the vision for this ambitious project a reality.

The Point is strategically situated in one of Utah's most populated areas, covering a sprawling 104-acre site within a larger 600-acre plan. This initiative is meticulously designed to transition a significant portion of state-owned land into a vibrant hub that promotes economic growth, social interaction, and enhanced quality of life. The first downtown core is set to lead the way in this multi-phase development project, expected to include a range of amenities like housing, retail stores, restaurants, recreational spaces, and health facilities.

Patrick Gilligan, senior executive vice president for Lincoln Property Company, emphasized the groundbreaking's significance, stating, "This groundbreaking is more than the start of construction. It is the moment The Point moves from a generational vision into a place people can see and experience."

This groundbreaking event was attended by various state and local leaders including Utah Governor Spencer Cox, who highlighted The Point's role in fostering long-term growth, enhancing economic competitiveness, and improving the quality of life for residents in Utah. The development is structured as a public-private partnership between TPP and the Point of the Mountain State Land Authority, with the state maintaining land ownership while TPP contributes funding and development expertise.

To kickstart this endeavor, phase one has garnered robust financial support, with a $165 million investment from the Utah Legislature paired with a whopping $2.3 billion commitment from TPP. Among the key features anticipated in this initial phase are:

• - A 5,000-seat event center: The largest of its kind in South Salt Lake Valley, the Mountain America Event Center will serve as a venue for concerts, sporting events, and other family-oriented shows, further enriching the local cultural scene.

• - A multifamily residential complex: Comprising 363 units, this complex will also incorporate 42,000 square feet of retail space, creating a dynamic living and shopping environment.

• - The Promenade: A pedestrian-friendly walkway stretching 2,000 feet, designed to become the social hub of The Point, offering an exceptional destination for dining, shopping, and community gatherings.

The announcement of the Mountain America Event Center's naming rights marks strong support from the business community. Oak View Group, which will manage the venue, secured this partnership through its Global Partnerships division, reinforcing the project's community-focused approach.

In addition to the event center and residential areas, plans also include creating a University of Utah Health campus adjacent to phase one. This development is poised to act as an essential anchor for a thriving health innovation district, promising health-related advancements in the region.

As Lance Bullen, partner and CEO of Colmena Group, remarked, "The Point represents a different model for growth in Utah, one that brings together state stewardship, private-sector execution, and a long-term commitment to public value." The collaborative efforts between the public and private sectors will not only aid in the successful delivery of The Point but will also serve as a template for future developments across the state.

With a blend of residential and commercial offerings, vital public spaces, and infrastructure that encourages a vibrant community life, The Point's unique model could redefine urban living in Utah. As plans move forward, the local community eagerly anticipates the transformation that this vision promises, making The Point a significant driving force for economic prosperity and improved quality of life for all residents.

For more updates on the project and to view additional media resources, visit ThePointUT.com.