“The New York-based developer pursuing the project, Gary Barnett, flew in to attend the MIDA board meeting on Tuesday, telling officials he was ‘very, very confident’ the project would be built and appealing to them to issue the debt.”
2023 is starting to look like a reality for a new ski resort to open in Park City, Utah. The currently under construction Mayflower Mountain Resort has received up to $250-60 million dollars in bonds to accelerate the construction of the massive ski resort located adjacent to Deer Valley as reported by The Park Record. The construction of the hotel will begin this fall. With the project expected to be around $3.2 BILLION dollars to create, the recently approved bonds will only be a fraction of the money needed to make this plan a reality. The developers have also secured $170 million dollars for construction infrastructure.
The funds from the bonds will be distributed as follows: $115 million to the moral welfare recreation conference hotel, $53 million for other hotels planned for the base village, and the other portions of the bonds will go towards restrooms, a public plaza, a loading dock, and infrastructure for the back of house facilities. The complete plans for the mountain include multiple ski lifts, two base areas, over 1500 residential units, and 250,000 square feet of commercial space. The developers have the experience too: Extell has constructed skyscrapers and huge hotels in New York City and other major destinations.
A construction update video from a local Park City realty firm is below:
Image Credits: The Park Record, Skimap.org, Mayflower Mountain Resort.
