The Point Partners, a private development team, has broken ground on the first vertical development project at The Point in Draper, Utah, US.
The consortium, led by Lincoln Property Company, Colmena Group and Wadsworth Development Group, held a ceremony with state and local leaders.
Located at the centre of Utah’s population hub, The Point is a 104-acre site set to become a mixed-use downtown district.
The project forms part of a larger, state-led plan designed to transform state-owned land into a destination for residents and visitors.
According to The Point Partners, the initiative focuses on delivering economic opportunities and public amenities across multiple development phases that will eventually span 600 acres.
The first phase of development features a $165m infrastructure investment from the Utah Legislature along with $2.3bn in private funding from The Point Partners.
Planned features in the opening phase include mixed-use residential and retail buildings, a 2,000ft central walkway called The Promenade, a 5,000-seat event centre, structured parking, and public spaces intended to support future expansion.
Mountain America Credit Union has been announced as the naming rights partner for the event centre, which will be named the Mountain America Event Center.
According to project officials, the venue will accommodate concerts, sporting competitions, family shows and other events.
Oak View Group, overseeing venue management, secured the naming agreement through its Global Partnerships division.
The mixed-use residential complex is set to provide 363 apartments with 42,000ft² of ground-level retail, and The Promenade is planned to serve as a focal point for dining, shopping and public gatherings.
State authorities expect these amenities to create an active district from the outset.
Lincoln Property Company senior executive vice-president Patrick Gilligan said: “This groundbreaking is more than the start of construction. It is the moment The Point moves from a generational vision into a place people can see and experience.”
Plans for a University of Utah Health campus adjacent to the site's first phase were also announced.
The new health facility is intended to serve as a key element in the broader vision of a health innovation district within The Point.
