The Point Announces Landmark Redevelopment Plans
The Point of the Mountain State Land Authority (POMSLA) has released detailed plans for the first phase of redevelopment for the area of the former state prison site known as The Point. Today, POMSLA also signed a landmark agreement with its private-sector development partner, Innovation Point Partners, pictured above, kicking off redevelopment efforts at The Point. The event took place today at Clearlink headquarters in Draper overlooking The Point. It was live-streamed on The Point's media channels: The Point YouTube Channel, X Profile, and Facebook Page.
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. It will also include a central art feature whose details have not yet been decided.
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 between 2.000 to 3,000 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—2,650 stalls in multi-level parking garages
"I'm a Utahn of ten years. All of my six kids and 17 grandkids are here. What's happening to Utah's growth, the pull of people across the country, and some of the very best, is not by accident. I've never seen a state that is as innovative, collaborative, with forward-thinking, budget-conscious stewards of taxpayer's income as Utah," said Rep. Burgess Owens, Representative in the US Congress for Utah's 4th district, who shared brief remarks at today's signing event hosted by Clearlink.
"In Utah you're managing to hold on to the legacy, the culture that your parents, grandparents and so forth, fought so hard to develop."
And he added, half-jokingly, "I warn my buddies in DC, 'Listen, if you come out to Utah too often and stay too long you will become a Utahn...just know that."
He continued, speaking about legislation and projects to spur innovation, "Our goal is make sure there is a runway so that when entrepreneurs take off they can know that there's a plan, and a place where they don't have to stop every two or four years to figure out what's next. That's what entrepreneurs do and what they deserve. And doing that in Utah gives the people here the best lifestyle they can ever have."
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 Alan Matheson, Executive Director of POMSLA, who kicked off the event.
Matheson continued, “In an agreement like this, we're trying to balance a number of things: a high quality development, a high return to the state, and a timely process. We're building this development so it's flexible to respond to market conditions, while setting really high standards."
Matheson added that the state of Utah has created a loan fund of $165 million to help establish key backbone infrastructure that will help kick off the project and also connect it to regional destinations. According to the plan, Matheson clarified that this state fund will be paid back with interest through revenues generated from the project's future ground lease payments.
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.”
"We looked at this deal and we wanted to be sure we could do something that one was authentic to Utah, as all great developments require authenticity, said Patrick Gilligan, Executive VP at Lincoln Property Company, and a principal at Innovation Point Partners. "We wanted to do something that was scalable and sustainable, as those are goals are important to Utah, ourselves, our partners, and our investors.
He summed up, "At the end of the day, we want to tell a good story. Every great real estate project anywhere in the world tells a story, and that is important for us to do here."
Innovation Point Partners represents a partnership between Lincoln Property Company (Dallas headquarters and offices in many countries), the lead developer for The Point, and two local firms, Colmena Group (Salt Lake City) and Wadsworth Development Group (Draper, Utah).
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.
They will begin constructing the backbone infrastructure of The Point in the Spring of 2024.
For additional background information on The Point, see the TechBuzz overview here.
