A developer in Deer Valley has reached an agreement to brand the project with the Stein Eriksen name and has tapped the company that operates Stein Eriksen Lodge and The Chateaux Deer Valley to manage the property.
The developer is building a 54-unit project, a mix of condominiums and houses, on land close to the Evergreen and Bellemont neighborhoods. The project has long been referred to as North Silver Lake. Under the terms of the agreement, the development will be called the Stein Eriksen Residences.
The deal comes as the developer, known as Regent Properties, restarted work at the site this summer after the project languished and required approval from City Hall to continue under the same development permit after the delays mounted. A representative of the developer said this week the work this summer has included putting in the infrastructure and building a model home. The developer wants the model completed by Christmas.
"We wanted to work with the pre-eminent leader in luxury hospitality service, that's why we have chosen to join forces with Stein Eriksen Lodge at our North Silver Lake development," the managing partner of Regent Properties, Jeff Dinkin, said in a prepared statement. "Their experience and expertise managing properties in Park City are second to none."
Richard Lichtenstein, who represents the project, said in an interview a sales office will be opened in Stein Eriksen Lodge to complement one at the site. He said the developers anticipate starting work on one of the buildings in 2014. It will house residential units, a pool, a spa and a gym, he said.
The deal was inked with an entity called the Stein Eriksen Lodge Management Corp. Russ Olsen, the CEO, said the sides were in discussions for more than a year. He said the deal covers an initial term of 10 years with a 10-year automatic renewal. He declined to discuss financial terms.
Olsen said Stein Eriksen Lodge is "complementing our brand" with the agreement. He noted that the project will offer residential properties that will be available for rent as compared to the hotel rooms available at Stein Eriksen Lodge and The Chateaux Deer Valley. He said he anticipates between 60 percent and 70 percent of the condominiums in the project will be made available for rentals on a nightly basis.
Olsen's firm will manage the property, including providing housekeeping services, operating a restaurant, snowplowing and landscaping. He said high-end hotel services will be provided in a residential setting. Olsen said the Stein Eriksen Residences will be attractive, perhaps, to VIPs who are in Deer Valley for conventions.
People who are staying at Stein Eriksen Residences will enjoy access to the spa at Stein Eriksen Lodge and will have preferred status at facilities there like the restaurant and bar. Van service will be provided between the lodge and the residences.
Olsen said the condominiums could be built over the course of five to seven years while the houses will be put up as the parcels are sold.
Stein Eriksen Lodge, named after the skiing legend with a longtime affiliation with Deer Valley Resort, has been one of Park City's top lodging properties since its debut in the 1980s. It has remained among the elite properties even as a series of high-end hotels opened during the Olympic era and afterward.