Canyons Village Update

A Stay & Play Environment by Winter of 2021

In just a year, this area will be transformed into a very different environment. Developers have always wanted to create a place to stay – walk, eat, play, sleep, repeat – and that’s what they will deliver.

Check out this link to a map to follow up along with all the updates outlined below.

The Anchor Managers – for example, Pendry, Waldorf, Hyatt, Westgate, Yotel - all want to provide DIFFERENT unique experiences for each place. These Developers are pretty savvy, so consumers can feel confident they’re not going to cannibalize themselves - if they flood the market with the same product, they’re only going to shoot themselves in the foot with too much inventory.

Columbus Pacific is the perfect example. They took their time in moving from selling out Apex and started Pendry. They know what the consumers are looking for and what they’re responding to, so they’re not going to compete with their own product. They’re currently looking at other parcels to purchase. They just purchased Hyatt and four attached townhome parcels behind the building - they really wanted control of this anchor so it didn’t blight Pendry or Apex (plus, there's only one Hyatt developer condo left that CP absorbed, so it’s all resale now). The Hyatt “hotelier” management agreement goes to 2029 and if you can believe it, this property is one of the top performing Hyatt’s in the country! Owners are very satisfied and rentals are high (it’s probably top 5 in PC market for ROI).

^{Rendering of Pendry Residences Park City as a lifestyle anchor of the Canyon Village}

Replay has been crucial to rethinking the area - their well thought out village plan included light studies (where the shadows will be at certain times of day!) because they know people follow the sun (in any season), so it’s designed based on congregating around sunlight. The long term plan includes an ice rink where the Umbrella Bar is located now (and to draw pedestrians with architectural retails huts around rink like sunglasses, gloves, etc. to keep people walking). Down the way (closer the The Farm) will be the “Ski Beach”. Replay also designed the area based on the fact that pedestrians and consumers don’t like a straight line of sight, so you’ll be able to meander along the walking path past shopping, restaurants, and hang out spaces. In 5-10 years, this will be a great space for the entire family to enjoy.

Park City’s Historic Main Street will always be a draw, and Canyons will soon be a place to stay and recreate, in any season.

How Built Out Is Canyon Village Currently?

30%. It’s based on completed square footage and many projects are still under construction.
However, the "Resort Core" only has a few more parcels that are currently empty and will be built out eventually:

RC 15 – stacked condos

RC16 A – stacked high rise (high density)

RC 20 – timeshare approved

RC21 – stacked condos

When Will the New Lifts Be Installed at the Base?

New High Speed Lift - in by next winter 2021 (in time for Pendry!), it might pivot @ Lookout.
New “Exit Only” lift from Tombstone to Village to download – will be online this winter to help alleviate the pressure off the Redpine area.

How Is Traffic Going to Work With All These New Buildings?

There will be new roads around the core of the Village (around Pendry and up past Lift and Apex, to shift traffic patterns).
It’s envisioned to be a "Stay & Play village, the goal is to not have a need for a car.
The main traffic conversation seems to be from locals and getting in/out of town.
New Employee Housing to be built, below Blackstone, #10 on map, by Columbus Pacific and they’ll start this next summer.
Owners and guests can utilize Canyons Village Connect (on-demand transportation) that will take you anywhere within the Village. (ex. Pick-up at Pendry to go to Waldorf Spa). PLUS, anchor properties are starting to run their own private complimentary transportation (ie. Waldorf runs their own on-demand shuttle which goes into town and to the junction. Pendry will have their own as well for owners and guests.).

How Are All These Beds Going to Be Filled?

The Vail/Epic pass has increased the rental capacity, awareness, and overall higher flow of vacationers to the area – for example, Hyatt seems to be booked at capacity ALL the time and more nightly rental locations are needed, and trying to promote the fact that renting a car isn't necessary.
Super easy to get to the Canyon Village, especially with the brand new SLC International airport (to be completed by 2022), unlike Colorado resorts and driving from airport through I-70, etc. to get to the mountains.

What's the Newest Development in the Area?

The Ridge: 44 new mountain contemporary townhomes, all direct ski-in/ski-out (ski trail goes behind Hyatt).
2 Design Packages to choose from (dark v. light).
4 & 5 bedrooms (2,600 to 3,600 SQ FT) with 2 car Garage (Apex is the only other competitor in terms of size).
No “clubhouse” which translates to low cost of ownership (estimated at $3 per SQ FT).
Allowing nightly rentals (on own, no management selected).
Prices start at $1.6M with first release of 5 units, construction starting Spring 2020 (final design choices for these must be selected by December 2019... NOW!)

^{Location of new development at Canyons Village}

Once developers complete their product (if any units are left!) they tend to raise prices, so let's connect about pre-construction (and during-construction) pricing. Now is a great time to consider an investment property.

Check out this link to a map to follow up along for all the updates in the Canyons area, information dated November 2019:

Lift Park City - 59 of 61 developer residences under contract [new construction & closing NOW]
Hyatt Centric - 3 active | 9 sales in the last 12 months
Pendry Park City - 61 of 150 developer residences under contract [close to $80M in pre-construction sales volume, scheduled to open Winter 2021]
Sunrise at Escala - Hilton Timeshare property
Westgate - Timeshare and Whole Ownership, 7 active | 9 sales in the last 12 months
Silverado - [all resales] 6 active & 3 pending | 10 sales in the last 12 months
Red Pine Condos & Townhomes - 4 active & 3 pending | 16 sales in the last 12 months
White Pine Canyon Village - 5 of 30 homes available
Blackstone - 60 units, 10 active & 22 pending | 5 sales in the last 12 months
Canyons Village Employee Housing - accommodations located on eight acres in the Lower Village adjacent to the Cabriolet [Columbus Pacific is the developer, 1,107 pillows, and will begin Summer 2020]
Cabriolet Parking Lot - to be renovated with new pavement, lights, flower boxes, electric car chargers, and marked entry/exit points [renovations expected to begin Spring 2020]
Hidden Creek - 1 active & 1 pending | 12 sales in the last 12 months
Ascent Hotel - 120 unit Hilton Tapestry condo-hotel; rooms will be studio & one-bedroom mountain contemporary style that can sleep up to four guests [pricing available December 2019]
Viridian - 22 homes | 4 pending
Waldorf Astoria - 11 active & 1 pending | 13 sales in the last 12 months
Frostwood Villas - 26 homes | 6 active & 2 pending
Juniper Landing - 5 active & 1 pending | 13 sales in the last 12 months
Fairway Springs - 46 homes | 6 active & 1 pending | 7 sales in the last 12 months
Canyon Residences - 3 townhomes | pricing not yet published
Yotel Pad - 82 of 144 units pending [scheduled to open Fall 2020]
Grand Summit Hotel - Fractional Ownership available
Sundial Lodge - 6 active & 2 pending | 11 sales in the last 12 months
Apex Residences - 8 active & 32 closed | 63 homes
Vintage on the Strand - 1 active | 1 sale in the last 12 months

More questions about all the Real Estate opportunities and upcoming development plans at the Canyons Village? Connect with me at 435.901.1280 or [email protected].