Local News
The Point prison redevelopment project announces phase one plans
The Point of the Mountain State Land Authority (POMSLA) held a ceremonial signing with developers on Monday November 27 at the Clearlink Headquarters in Draper. The ceremonial signing signifies the start of a $2.3 billion investment into the 600-acre former Utah State Prison site.
On Monday, the POMSLA released the phase one plan which encompasses approximately 100 acres of the property and will include:
• 416,000 square feet of retail and event space
• 3,300 multi-family units (about 412 will be affordable units for tenants earning 80% of the area median income)
• 540 hotel rooms
• 60,000 square foot event center (2,000 seating capacity)
• 16.2 acres of green space and trails
• 12,650 parking spots
The developers will have 1,000 vested residential units to start the project but will need to meet development triggers to continue. Those triggers include:
• Prior to development of the 1,001st multi-family unit, the developer must have
-At least 325,000 gross square feet of office space
-At least 80,000 gross square feet of retail space, provided that only 25,000 gross square feet of use is devoted to a single grocer or discount retailer
-At least 75 affordable housing units for households earning under eighty percent of the area median income.
• Prior to development of the 2,301st multi-family unit, the developer must have
-At least 1,025,000 gross square feet of office use
-At least 250,000 gross square feet of retail, provided that only 125,000 gross square feet of use is devoted to a single grocer or discount retailer
-At least 288 affordable housing units, 87 of which are for households earning under sixty percent (60%) of the AMI.
• Prior to development of the 2,801st multi-family unit, thedeveloper must have
-At least 1,325,000 gross square feet of office use
-At least 250,000 gross square feet of retail.
Along with the development triggers, there are also additional criteria required by the state including:
• Non-Formula Restaurant Tenants – 40% of restaurants on site will have fewer than 20 locations outside of Phase One at time of completion.
• Businesses new to the State – 20% of businesses within Phase One will be new to the state.
• Fortune 500 / Fortune 100 Companies – While not required, the Developer is incentivized to recruit Fortune 500 and Fortune 100 companies to The Point.
• Local hiring during construction – 60% of construction contracting dollars should be spent on contractors/subcontractors with an office in Utah.
• Minority, women, and veteran-owned businesses – 10% of construction contracting dollars should be spent on contractors/subcontractors recognized minority, women, and veteran-owned businesses.
