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Sorenson Group starts development in Heber Valley

The Sorenson Group of Real Estate Companies has started construction on a mixed-use development in Heber Valley, just south of the Jordanelle Reservoir.

The 9,000 acre River View at Jordanelle Ridge will include townhouses, single family homes, retail and commercial space along with a resort.

After 10 years of planning the development and receiving approval, plots are now being sold and construction is beginning, said James Lee Sorenson, chief executive officer of The Sorenson Group. The first section of development will include 72 lots, which will contain single-family homes, and 72 townhouses. The company hopes the proximity to Park City will be a draw to future homebuyers.

Sorenson said the development, in the future, will feature a resort town with hotels, as well as condominiums for rent. The development eventually will also play on multiple themes — golf, village and equestrian.

Only 5,000 of the 9,000 acres will be developed; the other 4,000 acres will be kept as open space, featuring several golf courses. About 5,000 units will be built by the time the development is completed. Lots for sale range in price from $232,400 to $420,500 and the lot size ranges from 8,000 square feet to one acre, Sorenson said.

Sorenson said the company isn't worried about the bear market the housing industry has recently fallen into. He estimates about half of the homes purchased will be second homes.

"Qualifying for loans is not as critical (for our buyers); they aren't first-time home buyers," Sorenson said.

The Sorenson family has owned the land for about 20 years, along with 61,000 other acres in the area.