Monday, June 16, 2014

Summit Group Posts Powder Mountain Development Plans

Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The Summit Group, which recently purchased Powder Mountain Ski Resort, has launched a website, "Summit Powder Mountain", which depicts a planned development of more than 500 home sites with access to the ski resort and a "village core".

According to the website, much of the development is located around the Hidden Lake area of Powder Mountain, where there is currently a day lodge and restaurant, and where the Hidden Lake chairlift terminates.  This is also the area of Powder Mountain above the infamous poma lift that accesses some of the best tree and glade skiing to be found in the Rockies.  There will be "mountain homesites" known as "The Ridge," which each contain a half-acre of land.

Summit Powder Mountain will also construct a "core village" that, according to the website, will include restaurants and shops.  "The Village" will also play a role in the Summit Series, the group's gatherings of artists, entrepreneurs, tech startups, non-profits and others, now planned as a series of annual events at Powder Mountain.

The development plans, on the south side of the mountain, mirror what Summit Founder Elliot Bisnow said in an interview last year with local Utah station FOX 13.

Some residents of Eden, the small town in the Ogden Valley just below Powder Mountain, have viewed Summit's development plans with a degree of suspicion, while others have praised them for what they are planning.  The Summit Group has done outreach with locals to keep them appraised of their plans, which include modernizing ski lifts and expansion of ski runs at the resort.

More Powder Mountain/Ogden Valley News

In another significant development related to Powder Mountain and the Summit Group's plans for the resort, the Weber School District's Board of Education recently approved an interlocal agreement that will positively affect the development of infrastructure at the resort.

So what does this mean in layman's language?  It means that over the next twenty year period Weber County and the Weber School District will allow 50 percent of the tax increment for the Powder Mountain property to be used for specific components of the development project, including roads, bridges, and sewer.

The thinking of Weber County and the School District is that tax revenue should go up as the property is developed, and the 50 percent allocated for development costs will act as a development incentive, which in turn will create more tax revenue for the school board.  The Board of Education said no to a request in the original proposal that the tax increment could also be used for the development of natural gas and fiber optic services, as the Board stated that those services would not benefit residents of the Ogden Valley.

More Utah Ski Country Real Estate News

In other Utah Ski resort real estate related news, the number of units sold at some resorts jumped dramatically over the past month.  In this month's update of Utah Ski Country Real Estate Comparative Statistics, units sold shot upward in both Big Cottonwood Canyon (home to Brighton and Solitude), Little Cottonwood Canyon (Alta and Snowbird) and the adjacent Salt Lake City benches and areas.