DRAPER, Utah — A new outdoor entertainment venue with an initial capacity of up to 40,000 attendees could begin hosting concerts, festivals, and other events at The Point as early as 2027. The privately funded venue, to be developed and operated by Blackwall Ventures, will generate significant revenue for The Point while establishing a new regional entertainment destination
Under the proposed 10-year ground lease agreement, Blackwall Ventures would pay approximately $4.46 million in rent over the lease term, subject to the final land survey. The Point is also projected to receive an additional $3 million in shared parking revenue, along with revenue from qualifying subleases. Blackwall Ventures would be responsible for venue construction, operations, taxes, utilities and other site-related expenses, minimizing financial obligations for The Point and Utah taxpayers.
“This is an opportunity to put land to productive use while the larger vision for The Point is being realized,” said Dan Reeve, partner at Blackwall Ventures. “Through private investment, we can activate the site, create new economic opportunities and establish a destination where Utahns can gather for memorable experiences.”
Blackwall Ventures anticipates investing approximately $36.5 million in the project, including $22.5 million in venue and open-space improvements. Certain improvements would become the property of The Point at the conclusion of the lease, providing long-term value to the development. Over the 10-year lease term, the project is projected to generate $3.9 billion in economic impact and $163.5 million in new tax revenue, providing substantial benefits to the surrounding community and the state.
“The Point is a critical part of Draper’s future, and we are committed to ensuring it becomes a vibrant destination that serves residents and visitors alike,” said Draper Mayor Troy Walker. “This thoughtfully planned outdoor venue will bring people to The Point, support nearby businesses, and create a new and engaging community destination while long-term development continues.”
Blackwall Ventures plans to finance the venue privately. The proposed agreement also establishes requirements for parking, traffic management, event planning, security and insurance to help minimize impacts on surrounding neighborhoods and businesses. Event attendance would be limited based on available secured parking, and events exceeding 20,000 attendees would require advance approval.
The Point of the Mountain State Land Authority Board approved the revised proposal on approximately 39.4 acres at The Point during its November 10, 2026 board meeting. The proposed ground lease and sub-campus development agreement remain subject to final approval and execution.
About The Point
The Point is a once-in-a-generation redevelopment project on the site of the former Utah State Prison. Guided by a framework plan that envisions a mixed-use development across 600 acres, The Point is being transformed into a mixed-use innovation-focused community featuring housing, employment, healthcare, retail, entertainment, parks and public spaces. Established by the Utah Legislature, the Point of the Mountain State Land Authority oversees planning and private-sector-led development of the project to maximize long-term value and deliver a strong return to Utah taxpayers.
About Blackwall Ventures
Blackwall Ventures is a real estate development and entertainment company focused on creating dynamic destinations that bring together entertainment, recreation, and economic opportunity. As a development partner for the proposed outdoor venue at The Point, Blackwall Ventures is helping transform underutilized land into a vibrant entertainment destination that will attract visitors, support local businesses, and contribute to Utah’s growing economy.
About The Point Partners
The Point Partners is the Phase I master development team responsible for bringing the vision of The Point to life. Led by Colmena Group, Wadsworth Development, and Lincoln Property Company Group, the partnership is working alongside the Point of the Mountain State Land Authority to transform the former Utah State Prison site in Draper into a world-class, mixed-use community featuring residential neighborhoods, commercial development, entertainment, innovation, and public gathering spaces.
