The University of Utah’s board of trustees approved a $43.5 million land purchase for a healthcare campus in Draper, Utah.
Four things to know:
1. The board approved the purchase of 46 acres of land June 10 for a proposed healthcare campus at The Point, a spokesperson for Salt Lake City-based University of Utah Health said in a statement shared with Becker’s.
2. The Point includes 600 acres of state-owned land where a new community for innovation and technological advancement is being built, including housing, retail and entertainment, according to its website.
3. The campus would include a full-scale hospital, with more details to be determined in the development agreement, which will be negotiated during the due diligence period, according to a recording of a June 10 Mountain State Land Authority board meeting. The land authority board approved the purchase sale agreement at the meeting. The deal could close around November or December, according to attorney Kerry Owens. The system’s exclusivity period will be for 12 years, with an automatic extension of an additional 30 years if it meets development standards, including the construction of a 200,000-square-foot medical facility. Mr. Owens said construction could begin within five to 10 years.
4. The purchase price, aligned with the appraisal report, totaled $43,472,017, according to the June 10 university board meeting agenda. The system is seeking to create an expansive healthcare ecosystem at The Point and expand access to high-quality care closer to patients while strengthening connectivity to its main campus, the agenda said.
“This strategic acquisition allows U of U Health to serve as the exclusive healthcare provider for this rapidly growing corridor,” the spokesperson said.
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