Comprehensive Park City Real Estate and Development Update - June 2024

Welcome to the comprehensive update on the latest developments in Park City, Utah, as of June 2024. This vibrant mountain town continues to grow and evolve, with significant advancements in real estate, infrastructure, and amenities that promise to enhance the area's appeal. From luxury residences to world-class facilities, Park City is setting new standards for mountain living.

One of the most exciting projects nearing completion is the Grand Hyatt Deer Valley®. Scheduled to open in Q4 2024, this luxurious resort has already sold 54 of its 55 private residences. Construction is progressing rapidly, with the majority of the hotel's key areas such as the lobby, restaurant, and fitness center already 75% complete. The executive team is in place, and the booking engine is live, allowing guests to reserve rooms for an unforgettable stay starting November 20, 2024.

In addition to the Grand Hyatt, the Marcella development is making significant strides. Marcella features 144 private ski estate lots, with 92 already closed and 20 under contract. This exclusive community is also introducing two new golf courses, including an 18-hole Championship course designed by Tiger Woods. With amenities designed by renowned architects and engineers, Marcella is poised to offer an unparalleled living and recreational experience.

Grand Hyatt Deer Valley® Update

Status and Sales:

  • Target Opening: Q4 2024
  • Private Residences: 54 out of 55 sold

Construction Progress:

  • Scaffolding: 80% removed
  • Façade Materials: To arrive by end of June
  • Roofing: On Top Roofing 90% complete
  • Ballrooms and Conference Spaces: 90% complete with carpet installation starting soon
  • EHS Inspections: Begin end of June
  • Hotel Rooms: Floors 2 and 3 at 95% completion; floor 4 installations ongoing
  • Other Areas: Lobby, restaurant, coffee shop, fitness center, ski locker rooms, and pool at 75% completion

Operations:

  • Executive Team: Hired and in place, including General Manager, CFO, Marketing Director, Engineer, Director of Food & Beverage, and Executive Chef
  • Booking: Website and booking engine are live, accepting reservations for initial occupancy on November 20, 2024
  • Licenses: Liquor and business license applications in progress

Marcella Developments

Ski Estate Lots:

  • Total Lots: 144
  • Sales: 92 closed, 20 under contract, 32 remaining
  • Custom Homes: 10 in design, first under construction

Golf Courses:

  • Location: South end of Jordanelle Reservoir
  • Design: Tiger Woods’ design for one 18-hole Championship course
  • Club House: Currently in design

Lodge Amenity:

  • Design: By Olson Kundig
  • Site Plan: To be reviewed in June 2024
  • Excavation: Scheduled for Summer 2024

Cormont & Marcella Landing

Cormont Condominiums:

  • Total Units: 349 with underground parking
  • Village Core: Redesigned for pedestrian-based retail and F&B
  • Architects: Gomez Vazquez International and FFKR

Village Plaza and Ice Ribbon:

  • Consultant: Murray Twohig
  • Retail and F&B: Owned and operated by Extell, developed with REEF

Marcella Landing:

  • Townhomes: 50 with ski amenities
  • Infrastructure: Part of Marcella Phase 2
  • Architect: Olson Kundig

Velvaere

Sales and Infrastructure:

  • Estate Lots Sold: 8
  • Sales Gallery: Open daily
  • Model Homes: Open for public viewing
  • Wellness and Ski Amenity: In design
  • Infrastructure: Utilities and roads completed

Pioche Village Condominiums

Sales and Units:

  • Units Sold: 71 within Baton building
  • Future Sales: MIDA to purchase Lunettes building with 42 units, closing anticipated on June 14, 2024
  • Bulk Deals: Underway in Patin, Building C

Wye Parcel

Infrastructure:

  • Permits: Infrastructure and foundation permits ready for issuance
  • Excavation: Expected to begin on June 17, 2024
  • Brand Agreement: Letter of Intent with an internationally-recognized brand executed

Marina West Parcel

Development:

  • Partnership: Public-private
  • Architects: Elliott Work Group
  • Site Plan: Submission anticipated by July 14, 2024
  • Parking: Temporary lot paved for construction

Civil Infrastructure

Bridges and Tunnels:

  • Ski Bridges: Several nearing completion
  • Water Storage: 3.6M gallons completed
  • Water Treatment Plant: Operational by Fall 2024

Day-Skier Parking Lot & Mountain Ski Facility

Parking:

  • Spaces: 1,200 to be completed by end of summer 2024
  • Mountain Facility: Design in process, construction pending

Lift Terminal Installation

Progress:

  • Lifts Installation: Initiated by Alterra Mountain Company
  • Completion: Lifts 2, 3, and 4A to be operational by mid-December 2024

For more information and current offerings, contact Laura Willis at Summit Sotheby's International Realty. As a top 1% producer in 2023, Laura brings unparalleled expertise and dedication to the Park City real estate market, ensuring you receive the best service and insights for your property needs.

Information sources from the following: 

 Disclaimer: The information provided in this blog post is based on the latest updates as of June 2024. All details are subject to change and should be verified with the respective developers and official sources. This post is for informational purposes only and does not constitute professional advice or an offer to sell real estate.

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