The Point In Draper, Utah

Exploring the Future: Development Plans for The Point in Draper, Utah Unfold

The Point in Draper, Utah, is poised to pivot from its past to a state-of-the-art urban destination. This article pulls back the curtain on the groundbreaking development plans to boost the community and regional economy and elaborates on the infrastructural innovations at the helm of this transformation.

Key Takeaways

• The Point is a transformative development emphasizing technological innovation, mixed-use areas, and green spaces, with the first phase including offices, housing, retail, and entertainment connected by a new FrontRunner station.

• Strategic partnerships with Lincoln Property Company, Colmena Group, and Wadsworth Development Group ensure expert-driven progress at The Point, leveraging their combined experience in luxury housing, urban redevelopment, and innovation districts.

• The Point prioritizes infrastructure that will provide affordable housing, reduce traffic, and offer ample recreational activities, with expectations to generate significant economic growth, support tens of thousands of jobs, and enhance Utah's high-tech and outdoor recreation industries.

Unveiling The Point: A Visionary Project at the Former Utah State Prison Site

The Point is a visionary project aiming to become a world-class development. It's not just about constructing buildings; it's about fostering technological advancement, creating mixed-use urban areas, and preserving parks and open space. The Point of the Mountain visioning process has been led by Envision Utah, a trusted partner in shaping the future of our communities. The project's reflection of Utahns' vision and enhancement of our quality of life are overseen by the Mountain State Land Authority.

Strategically located in the Point of the Mountain area, a 600-acre state-owned property, The Point is recognized as one of Utah's most pivotal economic development opportunities, impacting the surrounding area. But what can we look forward to in its initial phase?

High-end office space, multifamily housing, and premier retail and entertainment venues spread across approximately 100 acres are promised in the first phase of The Point's development. Imagine strolling down The Promenade – a people-focused main street, or exploring Innovation Alley, part of the innovation district. The Central Green gathering area and the River-to-Range regional trail will add to the charm of this future community. A new FrontRunner station will further enhance the site's connectivity.

Strategic Partnerships Driving Progress

Utah State Forges Forward with $2.3 Billion Real Estate Development Deal.

Utah State leaders officially sealed a significant Draper real estate development deal on November 27th, 2023, in a groundbreaking move. Partnering with the esteemed private-sector consortium Innovation Point Partners, the state is set to channel investments exceeding $2.3 billion into the inaugural phase of The Point in Draper, strategically positioned along Interstate 15. This collaboration marks the commencement of the construction phase for the pivotal 100-acre segment, laying the foundation for the expansive public project. The future of The Point in Draper is poised for remarkable growth and prosperity with this momentous agreement.

Strategic partnerships with Lincoln Property Company, Colmena Group, and Wadsworth Development Group guide The Point's ambitious vision, serving as private sector development partners. Each private sector development partner brings unique strengths to the development.

Take Lincoln Property Company, for example. Known for its outstanding luxury multifamily housing and mixed-use development development, it has deep market knowledge and well-established industry relationships. The exceptional project execution of Lincoln Property Company is demonstrated by over $22 billion in commercial projects they've acquired and developed in the last five years.

Another partner, Colmena Group, flaunts a current portfolio value of more than $1.6 Billion, reflecting their extensive expertise in developing and investing in real estate projects in Salt Lake County and beyond. This showcases their strong capacity for urban redevelopment.

Wadsworth Development Group, which remarkably succeeded in creating an 'innovation district' to foster research and economic expansion in the mountain region, is another integral part of this alliance. Their commercial real estate projects have been valued at an impressive $1 billion. These partnerships are driving progress and ensuring the authenticity of The Point's redevelopment.

Infrastructure: The Backbone of The Point

Like any other development, The Point relies heavily on its infrastructure. The focus is reducing traffic congestion, providing affordable housing, and promoting recreational opportunities for residents and visitors. These initiatives are part of the critical backbone infrastructure that will make The Point a vibrant and inclusive community.

In transportation, The Point boasts an innovative plan to alleviate traffic congestion. This includes a strong focus on public transit and enhancing air quality. The development also includes a people-focused main street, providing residents and visitors with a vibrant, walkable environment.

Emphasis on affordable housing is another highlight at The Point. Around 12.5% of the new housing units in the first development phase will be designated affordable housing. This, along with:

• A pedestrian-priority area

• Central Green Park

• Region trail connections

• Transit-oriented development

will provide a balanced mix of jobs, housing, and retail.

The Point plans to establish a 2.5-acre park at the heart of an outdoorsy urban hub featuring interconnected trails, open spaces, and many recreational opportunities. These facilities will contribute to the future community's well-being, attracting residents and visitors alike.

Rendering of Central Green Park at The Point.  

Economic Impacts and Regional Advantages

Significant economic growth in the region is anticipated due to The Point's development. The development can:

• Attract investments

• Create job opportunities

• Stimulate economic activities

• Contribute to the growth of the tax base

This can significantly benefit the local and regional economy, including rapidly expanding housing options.

An impressive count of 46,500 jobs are expected to be supported by The Point project. At total capacity, an estimated 30,000 FTE jobs are anticipated to be available at The Point. This project is being developed in collaboration with Innovation Point Partners, a consortium of experienced developers.

Positive change and advancement in Utah's high-tech industry, particularly in Salt Lake City, are also anticipated outcomes of The Point. The development of critical infrastructure will play a key role in supporting this growth.

The Point will greatly enhance the outdoor recreation industry by providing parks and open space, maintaining and expanding access to outdoor activities, and fostering innovation. These factors will contribute to economic growth and improved quality of life.

Designing The Point: Aesthetic and Functional Aspects

The Point's design brilliantly integrates the 12 signature elements, highlighting the potential for remarkable development and complementing the Point of the Mountain vision. One such element is the Central Green Park space, designed around the Chapel by the Wayside, a historic building reflecting the prison's history.

Chapel Green now includes:

• A linear green space that is part of interconnected parks

• A pedestrian promenade

• Shops and restaurants

• Outdoor gathering spaces

• A habitat

Every home is within two blocks of a park or trail, making it a true urban oasis.

The flexible construction plan of The Point stands out as another critical design aspect, incorporating development plans that allow buildings to be adapted and modified over time. This promotes long-term sustainability by avoiding the need to destroy and rebuild structures. This approach will contribute to the resilience and adaptability of the future community.

Summary

The Point presents a beacon of growth and innovation for Utah. Its visionary project, strategic partnerships, vital infrastructure, economic impacts, and aesthetic design combine to create a vibrant, world-class development. As The Point unfolds, it promises to revolutionize Utah's landscape and economy, setting a benchmark for future developments.

Frequently Asked Questions

What is the vision for The Point project?

The vision for The Point project is to become an internationally renowned job center and high-quality living space, fostering technological advancement and mixed-use urban areas while preserving parks and open space.

Who are the strategic partners in The Point's redevelopment?

The strategic partners in The Point's redevelopment include Lincoln Property Company, Colmena Group, and Wadsworth Development Group. These are the key partners driving the project forward.

What infrastructure development initiatives are focused on at The Point?

The Point is focused on reducing traffic congestion, providing affordable housing, and promoting recreational opportunities for the community. These initiatives aim to improve residents' and visitors' overall quality of life.

How does The Point impact the regional economy?

The Point's development is expected to significantly impact the regional economy by attracting high-tech firms and boosting outdoor recreation industries. This will lead to economic growth and increased opportunities for the community.

What are some design aspects of The Point?

The design of The Point includes 12 signature elements, such as the Chapel Green Park space and flexible construction plans. It offers a variety of well-planned and flexible design aspects to the community.

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