A New York City firm has acquired more than 2,300 acres of land in Wasatch County next to Deer Valley Resort, a deal expected to hasten development on ground that has for decades been seen as a prime location for a large project.
Extell Development Company acquired the land from two firms under the corporate umbrella of Netherlands-based Stichting Mayflower. The acreage is on the Deer Valley Resorts side of U.S. 40 at the Mayflower exit. It is just south of Deer Valley's Jordanelle Express Gondola.
When the Mayflower land was put on the market, in the spring of 2014, it was publicized the acreage may have Wasatch County development rights involving approximately 2,400 units. A precise number was not available at the time. A co-listing agent at the time said the development rights included several hotels, houses and condominiums. A golf course was said be possible.
The property was listed without a price in 2014. The acquisition price was not publicized. Extell Development Company also holds a 40-acre piece of land, known as the Blue Ledge parcel, north of Mayflower, according to the firm. The two properties combined are "anticipated to provide an unparalleled platform for a new resort village and ski improvement," a release from Extell Development Company says.
"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," Van Hemeyer, the firm's Vice President of acquisitions, said in a prepared statement.
An Extell Development Company release said the firm is in discussions with Deer Vally about upgrades to the resort. It says the plans call for adding more than 1,000 acres of skiing terrain and unspecified mountain recreation land.
Please contact me if you would like to know more about how this development could affect the Greater Park City Real Estate Market: 435.901.4309
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