The Colorado-based owner of Park City Mountain Resort, Vail Resorts, is currently in the early stages of looking for a developer to see its vision for an enhanced base area come to fruition. Vail Resorts has looked to CBRE Group, Inc., a commercial real estate firm, as well as IMI Worldwide Properties for assistance in the project.
Kristin Kenney Williams, vice president of mountain community affairs for Vail Resorts, says the two firms will “seek qualified developers interested in purchasing the land parcels and partnering with us to carry out a vision for the base area.” While Williams did not indicate a proposed timeline for the project, she did expand on the company’s vision for the base area. “That vision for an enhanced base area includes city and community priorities: more parking, traffic and transit improvements, employee housing and significant tax revenue generation for the school district and city.” Given that Vail Resorts
The land in question totals a little more than 10 acres and dates back to the 1990s, when the previous owner of the resort secured development approval from City Hall. Both the Marriott’s MountainSide and the Legacy Lodge were part of that original development plan. Now, Vail Resorts is looking to the rights associated with the main PCMR parking lot as well as the Silver King lot along Lowell Avenue and Empire Avenue.
Kenney Williams also explains why the company is enlisting outside real estate firms in the project. “Vail Resorts has shifted away from being a developer and is focused on our core- operations of our resorts and base areas. Instead of developing prime parcels of Vail Resorts’ land ourselves, we’re looking for third parties who can lend their expertise in development by working with our communities and local governments. We have a vested interest in ensuring that projects enhance the entire resort community and carefully consider our guests and local residents.”