So long, Telemark Park. Hello, Deer Crest.
After nearly a decade of planning by developers and review by Park City and Wasatch County officialdom, the venerable proj-ect formerly known as Telemark Park has a new name, new owners, apparently new financing and a new vision for what is being touted as the most significant development in this area since the opening of the Deer Valley complex in 1981.How significant? The new developers say the completed project could come close to $1 billion in value.
Deer Crest, the new name for the 600-acre real estate development contiguous to the Deer Valley resort, will add eight new ski runs, two and possibly three ski lifts, a seven-mile mountain bike trail system open to the public, a hotel and spa, a culinary school, condominiums and some of the most expensive single-family housing lots ever offered in Utah.
That's the plan now being finalized by Deer Crest Associates I, L.C., the new developers who bought the project on July 1, for an undisclosed price, from Trans-Wasatch and its president McKay Edwards, who spent years bringing the massive project to the point where construction could begin.
"We are now incorporating all the hard work done by McKay, Wasatch County, and Park City into our vision for this exceptional property," said David M. Luber managing member of Deer Crest Associates.
"In essence," said Luber, "Deer Crest will be a gated, private wooded community with almost every amenity imaginable. We believe it is the finest mountain resort property available anywhere in North America. It is a truly unique opportunity."
Sound like a lot of development for 600 acres of pristine moun-tain-land? Actually, it's not, says Luber, noting that less than 10 percent of the land will be covered by buildings, with the rest remaining open space.
"In many respects, Deer Crest is a resort within a resort," said Jack Johnson, creator of the Deer Valley Resort master plan and one of the designers, with Ken Chang, of Deer Crest.
Luber says the budget for the overall infrastructure of roads, sewers, electrical service, ski runs and such is $50 million. Value of the hotel, homes and condos, upon completion, he estimates "in excess of $500 million. But that's a conservative number. It's probably closer to $1 billion."
The new owners, said Luber, is a "very small group" of domestic and international private investors" who reside "mainly in Southern California, New York and also offshore." The managing company for the project is LCC Properties Group.
In addition to the private investors, Luber said the company "will be working with one or two well-known Utah banks" in financing the heavy construction phase of the project. He expects to begin taking reservations on home sites by October.
Luber said the group has developed other real estate projects in the United States and abroad, including Mulholland Estates, a very exclusive residential community on Mulholland Drive in Los Angeles. Luber also says the group has "other interests" in Utah but declined to say what they were.
Luber has offices in Park City and Heber City and maintains homes in Deer Valley and Los Angeles.Since taking over on July 1, Deer Crest has been finishing up the first phase of gaining final entitlement of the property. Construction on roads is scheduled to begin this month, with work on the infrastructure to get under way next May. First phase construction is expected to be completed by the end of 1997.
First phase lot sales also could begin next year with the first 40 lots offered for sale at $650,000 to $1.5 million. Luber terms those prices "very value oriented" considering that the last lots for sale at the nearby Bald Eagle development went for $2 million.
By the year 2001, Luber believes the bulk of the project will be completed, just in time for the 2002 Winter Olympic Games.
Under the development plan, Deer Crest will pay for construction of the new ski runs and lifts and then Deer Valley Resort will operate them, as part of the existing complex, under a 50-year operating agreement.
"Essentially, we pay the initial costs and they pay to run it," said Luber. "The point is to add value to our lots that will be enhanced by 90 percent ski in/ski out access."
But Luber and his associates want Deer Crest to be more than just a winter playground, thus the emphasis on the mountain bike trail system that will wind through the project - bike in/bike out.
The area's status as a mountain bike haven was secured last month when some 8,000 spectators gathered at Deer Val-ley/-Deer Crest for one of the largest mountain biking events in Park City history, the four-day National Off-Road Bicycling Association Downhill Races.
The event featured 1,600 mountain bike enthusiasts ranging from children to professionals.
"My partners are enthused at the idea of a year-round community," said Luber. "Mountain biking is as natural as skiing."
Although the public will have to park its cars outside the gated Deer Crest community, the bike trails will be open to the public during daylight hours and several access points will be available, said Luber.
Other aspects of the development include a 100-suite hotel and spa to be located just east of Deer Valley's Snow Park Lodge. A funicular rail system, which is planned to depart directly from the hotel lobby, will connect the hotel to the Roosevelt Gap penthouse suites planned for the ridge 300 feet above the hotel entry.
The base of the eight new ski runs will be anchored by Deer Hollow Village, comprising commercial property and 83 condominiums.
Jordanelle Village, 172 multifamily units, is planned for Deer Crest's eastern side with direct access to U.S. 40 and the Jordanelle Reservoir.