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Real Estate Updates

Extell Development Company and the Stitching Mayflower Parcel

Posted on 17 November 2017 | 11:24 am

It’s official! Extell Development Company closed on their acquisition of the Stichting Mayflower parcel of land neighboring Deer Valley Resort on November 3rd after an extensive and exhaustive due diligence process. The 2,300-acre parcel in Wasatch County is just south of Deer Crest and west of the Jordanelle Reservoir and Highway 40. This acquisition, coupled with Extell’s Blue Ledge parcel, which consists of 40 acres north of the Mayflower land, is anticipated to provide an unparalleled platform for a new resort village and ski improvements.

“The combination of these two prime parcels, in close proximity to the Deer Valley Resort and the Jordanelle State Park recreational area, offers a unique opportunity to create a year-round master-planned luxury resort destination, including, and perhaps, most importantly a new ski portal and alpine village,” said Van Hemeyer, Vice President of Acquisitions for Extell.

Development of the Mayflower and Blue Ledge parcels is anticipated to occur in multiple phases spanning three decades. “A strategic phased approach will allow us to meet market demands with new inventory and improvements ensuring that we do not outpace absorption, while managing our capital needs accordingly,” said Gary Barnett, President of Extell.”

Extell has been working with Deer Valley Resort® and ski engineering firm SE Group on possible additional mountain improvements, including new ski pods, lifts, day-skier amenities, and dayskier parking. Extell’s master plan will ultimately provide over 1,000 acres of new ski terrain and mountain recreation land.

Deer Valley's own expansion plans call for adding more than 1,000 acres of in bound skiing to the east side of Bald Mountain, below the Mayflower and Sultan Express lifts—which would add more steep terrain to the resort profile and essentially turn nearby Heber into a ski town. As Deer Valley Resort's President and General Manager Bob Wheaton has voiced in several public meetings, "the north facing terrain within the Mayflower parcel will add some of the nicest terrain and glade skiing available."

This winter, Extell will work with Wasatch County planning officials updating and processing the pending development application which encompasses the Mayflower land and includes residential and commercial development on the site. Extell’s planning emphasis will be on a four-season resort focused on first-class outdoor living supported by upscale amenities, utilities, services and access.

For more information contact me at 453-901-2171 and or joel@FineProperty.com

 ...  more»

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