THE POINT BREAKS GROUND ON MAJOR PUBLIC-PRIVATE DEVELOPMENT IN DRAPER

This milestone marks the transition from planning to vertical progress for the first phase of a thoughtfully planned district at The Point

DRAPER, Utah, June 29, 2026 /PRNewswire/ -- The Point Partners (TPP), a private development team led by Lincoln Property Company, Colmena Group and Wadsworth Development Group, joined state and local leaders today to celebrate the groundbreaking of The Point's first vertical development project at The Point, marking the start of visible progress on the 104-acre downtown district in Draper.

Located at the heart of Utah's population center, The Point is a thoughtfully planned, state-guided and privately delivered district designed to transform one of Utah's most significant state-owned land assets into a long-term economic engine, gathering place and quality-of-life asset. The initial downtown core is the first chapter of a broader multi-phase, 600-acre vision for housing, jobs, retail, restaurants, entertainment, health care, innovation, parks, trails and public gathering spaces.

"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," said Patrick Gilligan, senior executive vice president for Lincoln Property Company.

The Point is being delivered through a public-private partnership between TPP and the Point of the Mountain State Land Authority (The Point), the state entity overseeing the broader site. Utah retains ownership of the land, while TPP brings private-sector capital, development expertise and execution. Utah Gov. Spencer Cox joined state, local and project leaders at the groundbreaking, underscoring The Point's role in shaping Utah's long-term growth, economic competitiveness and quality of life.

Phase one is backed by a $165 million infrastructure investment from the Utah Legislature and a $2.3 billion private funding commitment from TPP. Elements are expected to include mixed-use residential and retail buildings, a walkable street, an event center, structured parking, public spaces and infrastructure supporting future district growth. Immediate plans include:

• A 5,000-seat event center, the largest of its kind in the South Salt Lake Valley.
• A 363-unit multifamily residential complex with 42,000 square feet of ground-floor retail.
• A 2,000-foot walkable street, called The Promenade, designed to be the social heart of The Point and a destination for dining, shopping and gathering.

Mountain America Credit Union was announced as the naming rights partner for the event center, demonstrating the business community's enthusiasm for the project. The Mountain America Event Center will host concerts, sporting events, family shows and special events. Oak View Group, which will manage the venue, secured the naming rights agreement through its Global Partnerships division.

Other recent announcements include plans for a University of Utah Health campus happening adjacent to phase one of The Point, expected to serve as a catalytic anchor for a broader health innovation district.

The Mountain America Event Center, recently announced University of Utah Health campus, public spaces, housing, retail and commercial spaces are intended to create a district that is active from the beginning and supports daily life, employment, wellness, entertainment and community connection.

"The Point represents a different model for growth in Utah, one that brings together state stewardship, private-sector execution and a long-term commitment to public value," said Lance Bullen, partner and CEO of Colmena Group. "On behalf of The Point Partners, we are extremely honored to be a part of bringing this to life."  

Media resources are available in a digital press kit here. For more information, visit ThePointUT.com.

About The Point

The Point is a thoughtfully planned, state-guided and privately delivered district designed to transform one of Utah's most significant state-owned land assets into a long-term economic engine, gathering place and quality-of-life asset for generations of Utahns. Located in Draper, Utah, The Point's initial 104-acre downtown core is part of a broader 600-acre vision designed to bring together housing, retail, restaurants, entertainment, innovation, parks, trails and public gathering spaces within a walkable, mixed-use district.

About The Point Partners

The Point Partners is the development team delivering phase one of The Point and includes Lincoln Property Company, Colmena Group and Wadsworth Development Group. Together, the partners bring experience in real estate development, investment, infrastructure, construction delivery and mixed-use placemaking.

Media contact: [email protected]

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SOURCE The Point Partners