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Draper Expects Landmark 600,000-Square-Foot Class A Office Center by Sorenson Associates to Bring High-Paying Jobs, Prestigious Corporations to City

Business Wire, Sept 18, 2006

DRAPER, Utah -- Sorenson Associates

--First-class amenities of "The Pointe" will appeal to corporate U.S.A. and prime location will allow employers to draw from abundant high-quality work force in both Salt Lake Valley and Utah Valley. A major tenant has already signed to occupy 30,000 square feet of first phase when it opens September 2007. Office center will become a Draper landmark and one of the first structures people see when entering Salt Lake Valley from the south.

Sorenson Associates today will officially break ground to begin construction of "The Pointe," a 600,000-square-foot Class A commercial office center that Draper officials anticipate will create more than 3,000 high-quality jobs within their city when completed.

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"Only 20 years ago, Draper's Point of the Mountain incline was a barrier that separated Salt Lake Valley from Utah Valley," said James Lee Sorenson, partner at Sorenson Associates. "But today Provo, Orem and Salt Lake have expanded toward each other. Draper's location is now central -- at the junction of three major traffic arteries, I-15, Highland Drive, and Bangerter Highway -- and this allows employers who relocate here to draw from talented labor pools in both Salt Lake and Utah valleys." A TRAX light rail stop is tentatively slated for the west edge of the development as well.

Designed to capitalize on its strategic location, The Pointe is less than a half-mile from I-15, at 65 E. Highland Drive, and situated on the lower slope of Draper's most prominent geographical feature, Point of the Mountain. As Class A office space, it is built to attract prestigious tenants from corporate America. Class A designation means it is the highest-quality office space available including the best building techniques and materials, excellent location, plentiful parking and amenities, and professional management. When completed it will be Draper's largest Class A commercial office development.

The Pointe is the result of years of planning and of analysis of the best use of the land, said Sorenson. "We considered many uses for this property, but Class A office space was clearly the best for the community. It will be a gateway for Draper and the city has been very helpful working with us on it."

The first phase of The Pointe will be completed September 2007 and the entire complex will eventually include six buildings of three or four floors on 43 acres. HealthEquity, a consumer-driven health care company, is the project's first major tenant and will lease 30,000 square feet. Included in the new office development's first phase will be 24,000 square feet of retail space for stores that will serve the influx of office workers, such as restaurants, dry cleaners, and a package delivery and mail service. Parking will be ample, with five parking stalls for every 1,000 square feet of office space, rather than the more typical number of four.

The Pointe's economic effect on Draper will be energizing. "Bringing in this high-caliber office development will have a ripple effect throughout our city," said David Baird, economic development manager for Draper City. "This development will help attract high-quality retailers and fine restaurants because of the large daytime market populations associated with The Pointe. Also, it will buoy our already strong residential real estate market.

"Those who work at The Pointe can readily find housing opportunities that run the entire continuum," said Baird. "South Mountain and Suncrest developments offer luxurious executive level housing within a five-minute drive of The Pointe. But in addition to executive housing, Draper and surrounding communities also offer housing opportunities for the entire work force. We already have an abundance of executives living in the area whose own companies are located elsewhere. I hope many of them will now consider relocating their businesses here."

Each building at The Pointe will be set to take advantage of Salt Lake Valley vistas. "The office space will have sweeping views of the valley on one side, while on the other side you'll have views of the Wasatch Mountains and partial views into Utah County," Baird said.

"The Pointe is a wonderful branding opportunity for Draper," said Baird. "It will be one of the first things everyone sees when they enter the Salt Lake Valley from the south. Point of the Mountain once divided the Salt Lake Valley from Utah Valley like the pinch point in an hourglass. But today, The Pointe will be strategically placed to link the two valleys together."

Business Services Industry

Draper Expects Landmark 600,000-Square-Foot Class A Office Center by Sorenson Associates to Bring High-Paying Jobs, Prestigious Corporations to City

Business Wire, Sept 18, 2006

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