Georgia real estate firm acquires notable former Talisker assets
February 23, 2018
A Georgia real estate firm has acquired some of the most notable Park City-area assets once held by the Talisker corporate family, another deal that illustrates the large footprint the company had prior to a massive foreclosure case brought by lenders.
Storied Development, LLC said this week it purchased the 450-member Talisker Club in Empire Pass, 533 housing lots in the Tuhaye golf-course development in Wasatch County and four Empire Pass sites with development approvals for a combined 75 condominiums. The price was not released.
Redus, LLC, a firm tied to Wells Fargo, was the seller. It is the same entity that sold Bonanza Flat to Park City in a $38 million conservation deal. Bonanza Flat was once under the ownership of the Talisker corporate family as well, and the City Hall acquisition was made possible through the foreclosure case.
A partner in Storied Development, LLC said in an interview the Park City area is a desirable place for resort real estate. Mark Enderle said Park City is easier to reach than some other mountain resorts like the Colorado destinations of Aspen, Vail and Telluride. He noted the proximity to the international airport in Salt Lake City.
"Frankly, Park City is one of the locations in the second-home marketplace that's incomparable," Enderle said, describing Park City as being "as good as any mountain destination in America."
Enderle said the vacation-home market was depressed in the years after the recession and has started a comeback. He said sales of vacation homes in Park City have accelerated over the past two years.
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"You feel like you're in small-town America," he said about Park City.
He said Storied Development, LLC had discussions about an acquisition with Talisker's leadership prior to the foreclosure case. He said Storied Development, LLC was interested in Bonanza Flat as well at the time. There was also chatter about a different high-end developer's interest in Bonanza Flat as City Hall considered whether to pursue a conservation deal for the land. Enderle said Storied Development, LLC intends to build and sell the real estate in Tuhaye and Empire Pass.
"The properties associated with the Talisker Club are among the premier residential offerings in the West. With a refreshed vision, an infusion of new capital, and a commitment to providing remarkable experiences for members, their families and guests, there is no limit to Talisker Club's potential," another Storied Development, LLC partner, Mark Yarborough, said in a prepared statement.
Redus, LLC and Wells Fargo indicated they contributed to the release announcing the deal with Storied Development, LLC and declined further comment.
The Talisker corporate family more than a decade ago aggressively entered the Park City real estate market, eventually acquiring United Park City Mines and the owner-operator of what was once Canyons Resort. United Park City Mines is the modern-day successor of Park City's historic mining industry and a major landowner.
The 2015 foreclosure case brought by lenders against the Talisker corporate family centered on $163.8 million in loans and accrued interest dating to the fall of 2010. The case did not involve land at the mountain resorts.