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intrawest utah

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Intrawest announced its first real estate foray into Utah this week, with plans to develop a four-season destination resort village at the base of the Solitude ski area. Through an agreement with Solitude Ski Corporation, Intrawest will acquire and convert land at the base of the mountain into a "unique, self-contained village." Intrawest has the option to acquire the land in three separate development phases as the village is built. Solitude will retain ownership of the mountain, all resort facilities and operations, common areas, and commercial and residential management services and will be heavily involved in the envisioning of the resort. About 250 residential units and 40,000 square feet of commercial space will be developed, with an estimated value of US$100 million at buildout. The first phase of development is expected to be offered for sale in the spring of 1999. Substantial completion is planned prior to the 2002 Olympic Winter Games in Salt Lake City. Solitude is half an hour from Salt Lake City International Airport. The mountain has 2,030 vertical feet of skiing on 63 trails and bowls. Solitude was ranked 16th in North America by Ski magazine in 1997, with gold medals for snow quality, terrain, challenge, value, weather and accessibility. It did not make Ski’s top 30 this year. Solitude joins Keystone in Colorado and Squaw Valley in California as mountain resorts where Intrawest is developing villages without having a stake in the ownership of the resort. Intrawest is also developing alpine villages at resorts it owns, including Stratton, Vermont, Snowshoe, West Virginia; Copper, Colorado; Mammoth, California; Mountain Creek, New Jersey; Mont Tremblant, Quebec; and Panorama. Intrawest also owns Whistler/Blackcomb.

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