Financial Feasibility Analysis | Implementation Strategy | Market Analysis | Growth Strategy | Economic Development | Developer Solicitation
Mixed-Use | Economic Development
Brownfield | Redevelopment
The Challenge
Utah has a once-in-a-lifetime opportunity to redevelop the 700 acres of state-owned property called “The Point”, currently used as the state prison, in a way that is economically robust and environmentally sustainable. Located in the Point of the Mountain area, The Point is well-served by vital infrastructure, centrally located at the heart of Utah’s fast-growing technology industry and surrounded by more than 20,000 acres of undeveloped land in area communities. Widely recognized as one of the most important economic development opportunities in state history, POMSLA was created by the Utah Legislature to lead redevelopment efforts and ensure that the site achieves its dual mandate of economic and social impact for the broader state and generating value from the underlying real estate. The Point offers unprecedented potential to create an innovation hub that fosters technological advancement, facilitates mixed-use urban areas and preserves parks and open space. In addition, The Point’s natural assets provide an opportunity for the site to develop in an environmentally friendly way that enhances Utahns’ quality of life.
Solution
POMSLA began planning for redevelopment in 2019, and engaged RCLCO as its real estate advisor in 2020. RCLCO began its work focused on the Point’s two greatest challenges: how to achieve the state’s economic development goals with development on site, and what role POMSLA ought to play in future real estate development. As the framework planning process begins in 2021, RCLCO will work alongside the planning team to conduct market and financial analysis and help POMSLA evaluate the trade-offs inherent in achieving its social and economic goals through site planning while creating an economically feasible development that can attract one or more development partners.
Impact
Our work has already provided critical direction to the board on their organization’s role in redevelopment going forward, and the opportunities for an innovation district at the site to drive economic growth throughout the region and state. We are excited to continue working with the State to guide development and implement the framework plan.