Reed Hastings, who’s the co-founder of Netflix, became majority owner of the Utah ski resort last month. His latest change has paused real estate sales at Powder Mountain. The Salt Lake Tribune reports that Powder Mountain is now taking all available real estate off the market. This means that the twenty-five lots in the Overlook area will no longer be on the market. Ultimately, the move shows that they believe that the land will be worth more when they rebrand the ski resort in the summer of 2024.
With the Powder Next rebrand, Reed Hastings will chart a vision for the future of developments at the mountain, making the plots of land more valuable. Here was Reed’s explanation to Julie Jag of the Salt Lake Tribune:
“That’s a big step that you do when you have confidence that it’s going to be a lot more successful in a year. So we kind of don’t want to sell those lots at current prices.”
In terms of what to expect in the future, it sounds like they’re assembling The Avengers of real estate development. Reed has hired Amy Dee, who was once the director of global real estate for Netflix. In addition, Powder Mountain has entered a ten-year partnership with Meriwether. One of the major luxury developments that Meriwhether has done was Kelly Slater’s surf ranch in Coachella Valley.
Lots of changes are on tap for Powder Mountain. Additions for the 2023-24 season will include a new beginner surface lift, snowmaking, a cross-country ski trail network, and a temporary ski school building in the Sundown base area, among other major changes. During the 2024-25 season, the Timberline chairlift will be replaced by a fixed-grip quad chairlift.
Image Credits: Powder Mountain
