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New Billion Dollar Ski Resort Coming to Utah!

marzNC

Angel Diva
#2
Oh my!

This article includes a video. Expectation is that the skiable terrain will be 2/3 of what's available at Deer Valley, which is nearby. Feels like a project to build a convention center with hotels for 4-season use, with some trails close by for skiing in the winter. The expansion of the SLC airport is due to be completed in 2020, so before this resort is supposed to open. Extell bought the Four Seasons at Vail in 2016. None of the other properties owned by Extell have anything to do with snowsports.

https://www.ksl.com/article/46616589/new-billion-dollar-ski-resort-coming-to-utah
"PARK CITY — A New York City developer announced plans Monday for a new ski resort that is slated to be built west of U.S. Highway 40 above the Mayflower exit near Jordanelle Reservoir.

Extell Development Company has already started building the roads that will lead to the Mayflower Mountain Resort and Village, according to Gary Barnett, founder and chairman of the company. In recent years, the company bought 5,000 acres of private land for the project.

“We’re starting on the infrastructure — putting in roads and clearing the ground for putting in roads,” Barnett said. “We’ve cleared the ski routes to some extent.”

The village will have three hotels, one of which will include a convention center and another will be a five-star hotel. The convention center, slated to be built first, will include 100 subsidized rooms with discount rates for active duty and retired military personnel and their families.
. . ."
 

marzNC

Angel Diva
#4
Hmm, turns out that Extell bought land under Deer Valley lifts in 2017, a year before Alterra bought DV. The change in ownership has clearly made the development of Mayflower more complicated than what was being discussed with the former CEO of DV.

June 3, 2019, KPCW (NPR)
Mayflower Operating Agreement Still Under Negotiation
" . . .
When Extell Development Company purchased the 2,300 acres of the Mayflower property, which is west of U.S. 40, abutting the southeast boundary of Deer Valley Resort, it was planned that this development, with three hotels, 250,000 square feet of commercial and a 60,000 square foot conference center, would be part of the Deer Valley experience.
. . ."


August 12, 2019, KPCW (NPR)
Deer Valley Announces 199-Year Lease Agreement With Extell
 

marzNC

Angel Diva
#5
I like the military discount! It's nice to see someone planning that in before construction even starts.
Agreed. But the reason is partially because of how the project is being funded.

This project has been around for a few years, with a large land purchase next to DV in late 2017. Of the 5600 acres bought by Extell for Mayflower, the skiable terrain sounds like it might be under 1000 acres. DV has about 2000 skiable acres. Park City has 7300 acres.

August 13, 2019, Park Record
Mayflower Mountain Resort’s plans take shape as relationship with Deer Valley remains murky
" . . .
Financing for Mayflower Mountain Resort is in place thanks to the involvement of the Military Installation Development Authority (MIDA), a curious wrinkle in a story that began when a small U.S. Air Force ski chateau at Snowbasin called the Hill Haus was shuttered in the run-up to the 2002 Olympics.


Though MIDA is bonding for the money, Barnett [Extell President] is still guaranteeing it will be paid back. MIDA’s involvement enables a financing technique that leverages future tax growth to allow more money to be spent upfront.

“Wouldn’t be here today without MIDA, plain and simple,” Barnett said.
. . ."


November 3, 2017, Park Record
New York City firm acquires Mayflower land next to Deer Valley
 
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marzNC

Angel Diva
#7
The more I read about Mayflower, the clearer it is that having a few lifts and snow covered trails is only because the land is next to Deer Valley. Reminds me of the huge resorts proposed for Canada (Jumbo, Valemount) and New England (Balsams) a few years ago.

If Utah didn't have a lot of land controlled by MIDA, this real estate project wouldn't exist. It's taken over 10 years to get to this stage of planning. Now that Alterra owns DV . . . hard to say what happens next.

Jan 2019, Hollywood Reporter
First Look: Sundance's New "Resort Mecca" to Feature Luxury Homes, 5 New Ski Lifts

http://utahopia.com/blog/mayflower-mountain-extell-update
Screen Shot 2019-08-15 at 8.26.05 AM.png Screen Shot 2019-08-15 at 8.26.17 AM.png
 

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