Utah might finally have a chance at luring artists like Taylor Swift, Kendrick Lamar and Beyoncé.

At a Tuesday meeting, the board of The Point of the Mountain State Land Authority approved a proposal from Blackwell Ventures for a sprawling outdoor entertainment venue in Draper.

The project’s goal is to fill the gap of “the missing venue” in Utah’s music market.

Initial capacity is projected to be 40,000 attendees. All events with more than 20,000 attendees will require approval.

Earlier estimates showed the venue capable of hosting up to 75,000, but overall capacity will be limited by parking and traffic management constraints, a spokesperson for the board said.

The proposal hints that the venue at The Point could also be used for the 2034 Winter Olympics.

The state’s current music landscape for large-scale shows in Salt Lake and Utah counties include venues like the Utah State Fairpark and Rice-Eccles Stadium in Salt Lake City, America First Field in Sandy and LaVell Edwards Stadium in Provo.

Dan Reeves, partner at Blackwall Ventures, said the project will cost $36.5 million, which Blackwall will invest. More than $22 million of that will be for in-venue and open-space improvements, The venue will be on land at The Point that would have been vacant for the next decade.

This project promises no taxpayer burden. The bond that will fund it will be paid back through venue fees.

Method Studio is slated to be the design and architecture firm for the project. The firm designed the Mid-Valley Performing Arts Center in Taylorsville and the Noorda Center for the Performing Arts at Utah Valley University.

This project is different from the indoor, 5,000-capacity venue at The Point that was proposed last year.

An early version of the proposal for the “world-class” outdoor venue named some of music’s biggest stars as the types of acts it hopes to attract.

A tentative schedule projects that the first festival at the venue could happen next fall.

The proposal also outlines parking and traffic logistics, with plans for a parking lot that can accommodate 40,000 people on other vacant land at The Point.