New York City firm acquires Mayflower land next to Deer Valley
Extell Development Company intends to develop the land over three decades
November 3, 2017
Extell Development Company acquired the land from two firms under the corporate umbrella of the Netherlands-based Stichting Mayflower. The acreage is on the Deer Valley Resort 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 to 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 improvements," 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.
Gary Barnett, the president of Extell Development Company, said in an interview the acreage represents a portion of the Mayflower land that is for sale. The tract of land involved in the deal stretches upward from U.S. 40 on the Deer Valley Resort side of the highway, he said.
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"In our opinion, it's the best part of it," Barnett said, adding there is the potential of "beautiful terrain" for skiing.
The price involved a "substantial sum of money," he said. Barnett said a groundbreaking on a development could occur as early as the spring of 2018, depending on the timeline of the Wasatch County approval process.
An Extell Development Company release said the firm is in discussions with Deer Valley 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.
It is almost certain Park City officials will closely follow the Wasatch County discussions about the project. The prospects of a large development at Mayflower have been well known at City Hall and in Park City development circles. There could eventually be concerns in Park City about issues like traffic a project could generate along U.S. 40 and S.R. 248.