Canyons Village redevelopment underway
February 15, 2018
Replay Resorts, the master developer of the Canyons Village at Park City Mountain Resort, recently announced the second project it will construct as part of the village's reconfiguration.
Last week, more than 50 people attended a private event at Canyons Village to learn more about the Yotelpad, a 144-unit project situated in the upper village. Todd Burnette, an independent consultant with Replay Resorts, said the project fits in with the reconfiguration because it will "encourage more people to stay at Canyons Village, filling the restaurants and shops."
"It helps create that après skiing experience," he said. "One thing that we have heard a lot of is that there is not really any après skiing experience. Yes, there is Main Street, but there is no real ski village where at the end of the day it's a party. That's not for everybody, but this helps create that space where there are more people."
The event on Thursday was designed to educate Park City's brokerage community and surrounding residents about the new luxury condominiums. The condominiums will range in size between 340 square feet and 1,000 square feet, with the units starting at $275,000.
The fully furnished units are designed to be "small and compact," with extensive amenities, such as outdoor pools, fitness and game rooms, and communal spaces, Burnette said. Each unit will be equipped with bathrooms and kitchenettes.
"When we started this, we were trying to determine what could be unique for the market and in Park City," he said. "We noticed it is becoming increasingly difficult to buy in Los Angeles, New York and Vancouver, so what is happening in those markets is the apartments and condos are going smaller and having more amenities."
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Gary Raymond, managing director of Replay Resorts, said the project at the Canyons Village will be the firm's first development of its kind.
"We saw an opportunity to bring innovation and luxury living at an affordable price to ski resort towns, and the Yotelpad design provides the perfect solution," he said in a release. Replay Resorts will begin construction on the project this summer. It is slated to be complete in the spring of 2020.
The Yotelpad is the second condominium project the firm is constructing in the Canyons Village. Lift, a 61-unit project adjacent to the existing Sunrise Lift at the Canyons Village, is currently under construction. It is expected to be complete toward the end of the year.
Other projects are also underway, including the Apex Residences near the Red Pine Gondola. The project covers about 161,000 square feet and includes 63 townhome units.
Replay Resorts is working closely with TCFC Finance Co., the development company that owns the land on which Vail Resorts operates the Canyons Village side of PCMR, to design the remaining 70 percent of the build out of the resort's base area.
Last year, the Summit County Council approved the new Canyons Village Master Plan to reconfigure approximately 2.3 million of square feet of development in the upper and lower village. The change in layout of the base area will include more hotels, a parking garage, workforce housing and additional amenities for guests.
TCFC and Replay Resorts have been working on the plans since February 2015. The completion of Canyons Golf and an upswing in the real estate market put developers in a position to review the design and development of numerous projects.
Key elements of the reconfiguration show plans for a transit hub, skier plaza, aquatic center, a Village Walk that will include stores, cafes and bars, and a new lift to serve as an anchor to the Village Walk.