DRAPER, Utah — The redevelopment of the area that was formerly the site of the old Utah State Prison took a big step forward Monday with the signing of an agreement to bring a multi-billion dollar housing, office, shopping and entertainment venue to Draper.
On Monday, the Point of the Mountain State Land Authority signed the agreement with Innovation Point Partner, the private-sector partner that says it will invest over $2.3 billion of private money to construct the 600-acre site.
The developers shared images and details of what will be included in the Phase I of The Point which will include:
- 3,300+ multi-family residential units
- 16 acres of parks
- 10 miles of sidewalks and trails
- 2,320,000 sq. ft. of office space
- 540 hotel rooms
- 60,000 square ft. events venue that seats 2,000 people
- 356,000 sq. ft. of shopping, restaurants and grocery stores
Of the residential housing units to be built, the developers, Innovation Point Partners, say 400 will be affordable housing units. In addition, they promise there will be 14,000 "high-quality" jobs created at the site.
Phase I will be at the heart of the site, with central green areas and gathering places for residents and workers to enjoy. According to plans, every home at The Point will be within two blocks of a park or trail.
Crews will start working on the infrastructure this spring. Construction won’t begin on Phase 1 for another two to three years.
“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, a principal at Innovation Point Partners.
“I think the affordable housing is going to be really good,” said Draper resident Kelly Mower. “And if they put in walking trails, a lot of people are going to like that.”
“It’s sometimes difficult to go out and spend half an hour getting downtown, then half an hour getting back just to go to dinner,” added Angela Rice.
“I’ve been in real estate for over 31 years and I’ve seen things develop. I’ve been amazed at how much it's grown. As long as they handle it and can handle the growth there, I think it’s really a good thing,” Mower said.
