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The Initial Phases of Redevelopment at The Point Landmark Agreement Signed

The Point of the Mountain State Land Authority (POMSLA) has unveiled detailed plans for the first phase of redeveloping the former state prison site, known as The Point. The organization has also taken a significant step forward by signing a landmark agreement with private-sector development partner, Innovation Point Partners, officially kick-starting the redevelopment efforts at The Point.

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The POMSLA and Innovation Point Partners have celebrated this milestone by signing the agreement at Clearlink headquarters in Draper, with the event being broadcasted on various media channels. The agreement solidifies the partnership between POMSLA and its private-sector counterpart, outlining design and performance standards, and ensuring the creation of a world-class community at The Point.

Innovation Point Partners has committed to investing over $2.3 billion in private-sector financing for the construction of buildings and amenities at the site. They will provide annual progress reports to showcase their adherence to the agreed-upon standards and measurable outcomes.

The event featured remarks from key figures such as Lowry Snow, POMSLA co-chair, and former state representative, highlighting the significance of the agreement and its alignment with the vision for The Point. The comprehensive plans for the area include high-end office spaces, multi-family housing, retail, entertainment venues, and an innovation district. Additionally, there are plans for a Central Green, an extensive regional trail, and a new FrontRunner station.

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The impressive scope of Phase I Development Plans includes the construction of housing, parks, roads, trails, office spaces, hospitality venues, an events center, retail spaces, and significant job creation. These developments aim to establish The Point as an innovative community and global destination.

Congressman Burgess Owens, who joined the signing event, expressed his admiration for Utah’s innovative and collaborative approach to development and shared legislative efforts to foster innovation. His remarks emphasized the goal of creating a conducive environment for entrepreneurs and promoting a high quality of life in Utah.

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The plans for The Point also include the establishment of an Innovation District, which will promote technological innovation and foster meaningful relationships among various stakeholders. This ecosystem aims to nurture new ideas and address Utah’s unique challenges, creating a more prosperous future for the state.

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The signing event also featured remarks from Alan Matheson, Executive Director of POMSLA, who highlighted the multifaceted approach taken to balance high-quality development, a high return to the state, and a timely process. Matheson also outlined the state’s investment in key infrastructure and the repayment mechanism through revenues generated from the project’s ground lease payments.

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The Point’s groundbreaking plans and innovative approach have been hailed as a premier development, positioning Utah as a global destination. The development aims to provide a wide range of opportunities for Utahns, including high-paying jobs, recreational activities, and access to world-class education.

Patrick Gilligan, Executive VP at Lincoln Property Company and a principal at Innovation Point Partners, emphasized the authenticity, scalability, sustainability, and storytelling aspects of the development. His remarks underscored the importance of creating a meaningful and impactful project that aligns with Utah’s principles and values.

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Construction of the backbone infrastructure for The Point is set to commence in the Spring of 2024, marking a significant milestone in the realization of the redevelopment plans.

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