Two articles in the Salt Lake Tribune provided public details of The Point – a 600 acre multi-use, smart growth, energy-efficient repurposing of the old Utah prison site in Draper. The Point joins two other micro-communities that are underway along the Wasatch Front that feature higher-density housing and public amenities – Daybreak in South Jordan and Utah City in Vineyard in Utah County,
A feature article on 11/29/2023 entitled “$2.3 B deal fuels next step for The Point in Draper“, by Tony Semerad and a follow up article on 12/13/2023 by Shannon Sollitt entitled “Housing, trails,retail: Backers aim to pack a lot into The Point“, explain what the project is and why it’s unique. On 12/17/2023 the Tribune Editorial Board published an article entitled “Keep an eye on The Point, so it lives up to its promise”. In this UPDATE, I will use the initial two articles to explain this project further. In the second UPDATE I will use the Tribune Editorial Board’s comments to point out their cautionary message.
The Point is unique because it will be built on state-owned land and is based on years of public input. The legislation that created The Point of the Mountain State Land Use Authority (POMSLA) was based on a years-long study of the area and the project’s signature elements include:
* Providing more transportation.
* Allowing higher-quality amenities and more open space and recreational trails.
* Ensuring sustainability.
* Providing an affordable housing component.
* Including green streets and car-free pedestrian zones.
* Building high-density housing in the central downtown area and single-family housing in the later stages.
The 600 acre project will start construction of the 98.5-acre central core first phase in the spring of 2024 and will include:
* 2.3 million square feet of high-end office space including an Innovation District devoted to fostering research and commercialization of new technologies
* Hotels.
* Retail shopping districts located along the Jordan River featuring 16 acres of open space and a 10-mile trail system plus a 3,000 seat entertainment facility.
* Up to 3,300 new housing units, of which 400 would be affordable-priced for people who make 60 – 80% of the area’s median income.
* A new FrontRunner station will be built which would provide a 15-minute train ride to and from Salt Lake City.
* Phase one will also lay down critical backbone infrastructure for the sites on the remaining 500 acres including water, sewage, electricity, gas, and telecommunications. The Utah legislature has devoted $165 million toward that vital infrastructure.
Utah state leaders have chosen private-sector development partners – a consortium of companies called “Innovation Point Partners”.to begin the initial 98.5 acre phase one. The top-notch developers chosen for the project in 2022 include Lincoln Property Company (Dallas), Colmena Group (SLC), and Wadsworth Development Group (Draper).Innovation Point Partners has a 99-year ground lease on the land and the state will retain ownership of the land with the exception of the single-family homes that the state and developers plan to sell outright, land included, After 99 years, ownership of the buildings will transfer to the state. That deal takes the cost of land in Phase One out of the equation for developers. There is also an idea being discussed that would have private developers pay the equivalent of their property taxes to the city, county, and school district, even though as state-owned land, it technically won’t owe property tax. Such a scheme certainly requires further investigation; however, details were not cited in the Salt Lake Tribune articles.
After more than a year of negotiations, the mayors of Draper which encompasses the site and nearby South Jordan welcomed the kickoff with praise for the years of well-planned public input and the benefits they expect for both communities.