DRAPER — Draper city leaders are eager to say goodbye to the prison that has locked up prime real estate for more than 50 years.

As Gov. Jon Huntsman Jr. moved forward Monday with a feasibility study on moving the Utah State Prison, south valley city planners began eyeing the nearly 700 acres they say could be a "regional hub" if the facility pulls its Draper roots.

"Draper is ready to become an employment center as well as a bedroom community," said Eric Keck, Draper city manager. "The ultimate move of the prison will be a good thing for this end of the valley because that is some of the most valuable commercial property in the state."

A request for proposals on the study went out Monday, the first step in possibly removing the prison from Draper's west side. The Draper prison has sat at the Point of the Mountain since 1951, but Keck said the spot no longer makes sense as residential and retail developments press closer to the facility.

"We're no longer the end of the world," Keck said. "The state has got to be thinking about the value of this property because of its strategic location."

That location includes visibility and access from both I-15 and Bangerter Highway. Keck, who envisions a mix of office space and industrial uses at the site, said the prison acreage could be the linchpin in a continuos commercial corridor between Utah and Salt Lake counties.

But relocating the prison comes with a price tag. Last year, Huntsman estimated the prison move could cost between $250 million and $300 million. The feasibility study alone is pegged at $140,000.

But Bill Rappleye, CEO of the Draper Chamber of Commerce, said that expense is small compared with the money the state could make from mounting land values in the area.

An acre of residential property in Draper currently sells for between $500,000 and $750,000. With retail property values soaring even higher, Rappleye said the prison land could translate into billions for the state and the city.

"That could more than double the possibility of economic space in Draper," he said. "It had its purpose many years ago when this was just a rural farming community, but things have changed so rapidly."

But the prison is still a major economic force in Draper, Keck said, employing roughly 1,150 people. Much of that workforce comes from Draper residents who may have to uproot along with the prison.

The trade-off for more retail jobs makes up for that loss, however, and could create an "employment nucleus" for the state, Keck added.

And Draper isn't the only city hoping to benefit from a prison move. Bluffdale city leaders are also making plans for development on the site that would abut the city's boundaries.