The Provo-based firm that intends to acquire the Park City Mountain Resort parking lots for a major development submitted an application to City Hall on Thursday outlining the ambitious plans to essentially remake the base area of one of the nation’s top-tier mountain resorts.

PEG Companies in the spring of 2019 reached an agreement with PCMR owner Vail Resorts to acquire the parking lots and the application that was submitted on Thursday was expected. The acquisition would not be finalized until after a City Hall decision regarding the project.

The firm outlined the 10-acre proposal in a prepared statement on Friday, saying a project would involve an unspecified number of condominiums as well as housing for employees and housing that is set aside as affordable. A hotel, retailers and restaurants are also included, the statement said.

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The project would also involve the construction of garages for skiers and snowboarders, which would be needed to account for the loss of the current parking spaces in the lots that would be developed. A paid-parking system would be adopted in an effort to better manage traffic, the statement said.

Other highlights, as described in the release, include:

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• a one-way traffic loop. The release does not provide details about the roads that would be impacted by a one-way route.

• bicycle lanes on Lowell Avenue and Empire Avenue

• sidewalks on nearby roads like Empire Avenue and Lowell Avenue

• plazas in the upper and lower sections of the project

• more than 70,000 square feet of housing that will be classified as employee or otherwise affordable

• a location for a National Ability Center building

• transit improvements on Lowell Avenue

“We have created a mix of creative residential, lodging, traffic and parking solutions to enhance the experience for everyone who enjoys this wonderful place to live and play,” Robert Schmidt, the chief development officer of PEG Companies, said in the prepared statement.

The firm said it has held numerous meetings with people who live nearby, businesses, homeowners associations and others over the last year as it continued the internal planning. Open houses are also planned.

The Park City Planning Department said on Friday it anticipates the project could be put before the Planning Commission as early as late in April. The Planning Commission will likely delve into issues such as the traffic a project would be expected to attract, the road designs and the size and layout of the buildings, standard Planning Commission topics during a review of a large development.

A former owner of PCMR in the 1990s won an overall approval for the redevelopment of the base area. The overall approval included what was built as Marriott’s Mountainside and the Legacy Lodge. The 1990s-era approval, though, contemplated a much larger project, leading to the concept crafted by Peg Companies.

Vail Resorts has moved away from the role of developer, instead reaching agreements with others to build projects. The strategy allows the Colorado-based firm to concentrate on the operations of the mountain resorts.