Draper Development Spotlight
The Point Breaks Ground: Draper's $2.3 Billion Downtown Starts to Rise
A ceremonial groundbreaking marks the shift from planning to construction on the 104-acre downtown core of one of Utah's largest public-private developments.
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104 acres
Downtown Core
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$2.3B
Private Investment
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600 acres
Full District Vision
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2028
First Openings
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On June 29, 2026, state and local leaders gathered on the site of Utah's former state prison in Draper to break ground on The Point, the mixed-use district poised to become the new center of the Salt Lake Valley. The ceremony, led by The Point Partners — a development group made up of Lincoln Property Company, Colmena Group, and Wadsworth Development Group — drew Governor Spencer Cox, Senate President Stuart Adams, Draper Mayor Troy Walker, and representatives from the University of Utah and the local business community.
The event capped years of planning and underground infrastructure work, and formally kicked off vertical construction on the first phase of the project: a 104-acre downtown core that is part of a broader, 600-acre district envisioned to bring housing, retail, offices, entertainment, and public gathering space to the heart of Draper. The State of Utah retains ownership of the land, while The Point Partners is contributing private capital and development expertise to bring the vision to life — an arrangement backed by $165 million in state infrastructure funding alongside a $2.3 billion private commitment.
Speakers framed the groundbreaking as a turning point for the region's economy and identity. Draper Mayor Troy Walker called it a milestone the community had been working toward across multiple state administrations, and Senate President Adams pointed to Utah's rapidly growing household incomes and Silicon Slopes' rising national profile as evidence of the state's momentum. Governor Cox closed the program by reading from the 2018 legislation that created the Point of the Mountain State Land Authority, underscoring that the project's mandate extends beyond real estate returns to air quality, transit, open space, and long-term housing affordability.
What's Going Vertical First
| Mountain America Event Center | A 5,000-plus seat venue — the largest of its kind in the south Salt Lake Valley — built to host concerts, sporting events, and community gatherings. Oak View Group will manage the venue under a naming-rights partnership with Mountain America Credit Union. |
| Chroma Multifamily Residences | A 363-unit residential building with roughly 42,000 square feet of ground-floor retail, designed to anchor daily foot traffic along the district's main street. |
| The Promenade | A 2,000-foot walkable street conceived as the social heart of the district, built for dining, shopping, and gathering rather than car traffic. |
| University of Utah Health Campus | A nearly 50-acre health campus adjoining Phase 1, positioned as a long-term anchor for jobs and expanded care access in the southern Salt Lake Valley. |
Tentative Construction Schedule
| June 2026 | Groundbreaking ceremony held; vertical construction begins first on the Mountain America Event Center. |
| Late 2026 – Mid 2027 | Vertical work extends to the Chroma multifamily building and Promenade streetscape infrastructure; Convergence Hall, a state-backed education hub, is expected to break ground around December 2026. |
| By Summer 2027 | Four projects are expected to be under vertical construction simultaneously: the event center, the Chroma residential building, an office building, and Convergence Hall. |
| 2028 | The first buildings, public spaces, and district anchors — including the earliest completed residences — are anticipated to begin opening. |
Schedule is tentative and based on developer and state timelines shared at the June 2026 groundbreaking; dates are subject to change as construction progresses.
Why It Matters for the Draper Market
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For Draper homeowners and buyers, The Point represents a generational shift in what "downtown Draper" means — a walkable district with jobs, healthcare, retail, and entertainment where a state prison once stood. As vertical construction ramps up over the next two years, it's worth watching how proximity to the district shapes demand and values in surrounding neighborhoods.
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Curious how The Point could affect your property's value? Let's talk about what this development means for your neighborhood. |
