The Point Utah: What Draper's $2.3 Billion Development Means for Homebuyers and Investors

Utah's Next Major Community Just Broke Ground

On June 29, 2026, shovels finally hit the ground at The Point, the 600 plus acre site in Draper that once housed the Utah State Prison. Governor Spencer Cox, President Stuart Adams, Speaker Mike Schultz, and development partners Colmena Group, Lincoln Property Company, and Wadsworth Development Group came together to mark the start of vertical construction on Phase I, a $2.3 billion private investment.

If you are watching the Wasatch Front market, this is not a small local story. This is one of the largest planned communities in state history, and it sits in the middle of a corridor that already drives significant demand in Draper, Lehi, Sandy, and South Jordan. Whether you are a buyer weighing where to plant roots, a seller wondering how this affects your home's future value, or an investor tracking growth corridors, The Point deserves a spot on your radar.

What Is Actually Being Built in Phase I

The first wave of construction includes three anchor projects that will define the character of the site for years to come.

Mountain America Credit Union Event Center. A 5,000 seat venue, the largest of its kind in the South Salt Lake Valley, positioned to bring concerts, sports, and large gatherings to the area.

A 363 unit multifamily residential complex. This building includes 42,000 square feet of ground floor retail, signaling the kind of walkable, live work environment the master plan promises.

The Promenade. A 2,000 foot walkable street designed as the social core of the development, built for dining, shopping, and gathering rather than car traffic.

Beyond Phase I, the state has also finalized plans for the University of Utah and University of Utah Health to purchase approximately 46 acres within The Point for a future health campus. That includes new research space, high skill job creation, and expanded healthcare access, all of which tend to support long term property values in surrounding neighborhoods.

The River District: 800 to 900 New Owner Occupied Homes

For anyone tracking housing supply in Salt Lake County, this is the section to watch closely. The Point has issued a Request for Statements of Qualifications seeking developers to deliver roughly 50 acres of for sale housing within what is called the River District.

The plan calls for 800 to 900 owner occupied homes, a mix of single family homes, townhomes, and condominiums, connected to parks, trails, and transit. A mandatory pre proposal meeting for interested developers is scheduled for July 16, 2026.

This matters for buyers in a few concrete ways. New for sale supply of this scale is rare along the Wasatch Front, where inventory has been tight for years. A development built around walkability, transit access, and connected trails also tends to appeal to the same buyer profile drawn to Draper, Lehi, and Sandy today, which means it could shape pricing and demand across those markets as units come online.

What This Means If You Own Property Near Draper

The state retains ownership of the land itself, with private partners building and operating the individual projects. That structure is designed to protect long term public value while still delivering private sector speed and investment, which is part of why this project has moved from planning into vertical construction after more than a decade of work.

For current homeowners in Draper, Sandy, Bluffdale, and Riverton, large scale job creation and a future healthcare campus are generally the kind of catalysts that support home values over time. New retail, dining, and entertainment options at The Point also reduce the need to drive into Salt Lake City or Sandy for the same amenities, which adds convenience value to homes already in the area.

For buyers who have been priced out of tighter markets closer to Salt Lake City, the River District's future owner occupied homes are worth watching as an entry point into a brand new, master planned community with employment and healthcare access built in from day one.

Who Is Building The Point

Three private developers are leading Phase I:

• Lincoln Property Company, founded in 1965, a privately owned national real estate firm.
• Colmena Group, founded in 2008 and headquartered in Salt Lake City, focused on development and investment.
• Wadsworth Development Group, founded in 1996 as an investment arm of Ralph L. Wadsworth Construction Co.

Retail and office leasing opportunities are also open now for restaurants, retailers, office users, and service providers through Colliers, Centennial, and Newmark Mountain West.

What Buyers, Sellers, and Investors Should Do Next

If you are considering a move in the Draper, Lehi, Sandy, or South Jordan area, this is a good moment to talk through how The Point could affect timing. If you already own in the area, it is worth understanding how new supply and new amenities could shift your home's positioning over the next several years. And if you are an investor watching Utah growth corridors, the River District RFSQ process is one of the more significant near term signals of where builder interest is heading next.

Reach out to the Red Sign Real Estate Team for a personalized look at how The Point fits into your buying, selling, or investment plans along the Wasatch Front.

FAQ

Where is The Point located in Utah? The Point is located in Draper, Utah, on the former site of the Utah State Prison.

How much is being invested in Phase I of The Point? Phase I represents a $2.3 billion private investment, funded by development partners alongside infrastructure investment from the Utah Legislature.

How many new homes will The Point add to the Utah housing market? The River District portion of The Point is planned to include approximately 800 to 900 owner occupied homes, including single family homes, townhomes, and condominiums, in addition to the multifamily units already part of Phase I.

Will The Point have a hospital or healthcare campus? Yes. The University of Utah and University of Utah Health are purchasing approximately 46 acres within The Point for a future health campus.

Who are the developers building The Point? Phase I is being delivered by Lincoln Property Company, Colmena Group, and Wadsworth Development Group, with the State of Utah retaining ownership of the land.