Development Partner Selected to Build America's Newest 15-Minute City

The country's most significant development opportunity in modern history selects partner

DRAPER, Utah, July 12, 2022 /PRNewswire/ -- The Point of the Mountain State Land Authority (Land Authority) has selected Lincoln Property Company (Lincoln), a top national developer, and their local partners, Colmena Group (Colmena) and Wadsworth Development Group (Wadsworth), to execute the first phase of development at The Point in Draper, Utah. The announcement comes after a months-long competitive selection process to identify a partner with demonstrable experience building large-scale, sustainable communities.

Lincoln and its partners (Lincoln-Colmena-Wadsworth) bring decades of experience developing transformative, leading-edge projects centered around the culture and values of the communities they serve. By leveraging Lincoln's national development expertise and tapping into the team's critical local relationships and knowledge, Lincoln-Colmena-Wadsworth will deliver a vibrant development that serves the needs of the community for generations to come.

"Through a rigorous competitive process that engaged qualified firms from across the country, Lincoln-Colmena-Wadsworth rose to the top as a partner who will build what Utahns say they want at the site," said Alan Matheson, The Point executive director. "Their extensive experience, technical expertise, and passion for Utah uniquely positions them to support development that will directly improve Utahns' quality of life for decades to come."

On December 15, 2021, the Land Authority issued a Request for Qualifications and Request for Proposals. A dozen firms initially submitted responses. In March 2022, The Point's selection committee narrowed the field to three outstanding finalists: Catellus Development Corporation, Boyer-Gardner, and Lincoln-Colmena-Wadsworth. The finalists were asked to demonstrate how their proposed approach for the first phase of development at The Point called "The Hub" would align with the public's vision for the site.

"Lincoln and its partners are honored that the Land Authority chose our team to deliver an innovative, community-centric development that leverages sustainable, transit-oriented solutions and celebrates the area's natural beauty and wealth of outdoor opportunities," said Patrick Gilligan of Lincoln Property Company. "We are committed to Utah for the long-term and look forward to continuing to grow our presence in the market."

In addition to their alignment with The Point's Key Vision Elements, Lincoln-Colmena-Wadsworth stood out for their proven success with public-private partnerships, their ability to maximize the public's return on investment, and their commitment to engage with Utahns throughout the development process.

"The Point represents the single largest development site in the country in recent years. Lincoln and our partners are honored that the Land Authority has chosen our team to deliver an innovative, community-centric development that leverages sustainable, transit-oriented solutions and celebrates the area's natural beauty and wealth of outdoor opportunities," said Abbey Ehman, vice president with Lincoln Property Company and spokesperson for the collective team. "We are committed to Utah for the long-term and look forward to strengthening our relationships in the community."

In addition to their alignment with The Point's Key Vision Elements, Lincoln-Colmena-Wadsworth stood out for their proven success with public-private partnerships, their ability to maximize the public's return on investment and their commitment to engage with Utahns throughout the process.

"We are truly grateful to have a team of national and local experts who will help us develop the site 'The Utah Way,'" said Utah State Representative Lowry Snow, co-chair of the Land Authority. "This land is owned by all Utahns, so we look forward to working with the public and our development partner to ensure The Point's unique heritage and promising future are well represented in everything we do."

About The Point
The 600 acres of state-owned property at the current site of the Utah State Prison in Draper is known as "The Point." The site is owned by all Utahns and represents a once-in-a-generation opportunity to create an iconic Utah development. It is anticipated that The Point will offer affordable housing options, advance innovation, catalyze robust economic growth, provide parks and regional trail connections, demonstrate sustainable practices, protect the environment, and ultimately enhance Utahns' quality of life. More information, including live-streaming, recordings and materials of all public meetings, is publicly available on The Point website at www.thepointutah.org. Follow The Point on Facebook, Twitter, Instagram and YouTube.

About Lincoln Property Company
Lincoln Property Company (Lincoln), founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm offering a full-service platform that includes real estate investment, development, construction management, property management, leasing, asset management, and accounting services. With offices in all major markets across the U.S. and throughout Europe, Lincoln provides the depth and breadth of expertise needed to deliver successful projects worldwide. Lincoln's cumulative development efforts have produced over 150 million square feet of commercial space and over 225,000 multifamily residential units. The firm is one of the Top 10 U.S. Developers of office, industrial, retail, and mixed-use properties, and the second-largest apartment manager in the country. Visit www.lpc.com for more information.

About Colmena Group
Founded in 2008, Colmena Group (Colmena) is a privately-held real estate development and investment company headquartered in Salt Lake City, Utah. The managing partners of Colmena have more than 65 combined years of real estate experience, building their reputation on thoughtful stewardship of investment opportunities. Colmena's mission is to build a legacy of quality, long-lasting communities by investing in various real estate asset classes throughout the Intermountain West. Colmena's portfolio includes multifamily, assisted living, commercial office, student housing, research parks, retail, hotel, industrial warehouses, and mixed-use properties. Since its inception, Colmena has developed and invested in real estate projects that built a current portfolio value of more than $1.6 Billion. More information about Colmena and the team can be found at www.colmenagroup.com.

About Wadsworth Development Group
Wadsworth Development Group (WDG) was founded with humble beginnings in 1996 as a vehicle for alternative investments from the leading civil construction company, Ralph L Wadsworth Construction Co. WDG is now a leading, full-service commercial real estate development and management firm. WDG owns and manages multiple platforms including Alpha Development Group, Roots Management Company, and the Salt Lake City Global Logistics Park wherein we develop and manage industrial, multifamily, mobile home communities, office, and hospitality CRE assets. The family's concrete reputation of integrity and quality is key to its success.

About CRTKL
CRTKL is a global architecture, planning, and design practice that began over seven decades ago, and has evolved into a cultural agency to advance positive outcomes in our communities. Focusing on People, Planet, and Positive Design allows us to realize an equitable, climate-positive future; dedicated to inspiring experiences, human wellbeing, and socially responsible outcomes through research-empowered and data-driven design.

SOURCE The Point of the Mountain State Land Authority