Funding For Third Ski Area for Park City Secured
Started by J2SkiNews in Ski News 06-Jun-2021
J2SkiNews posted Jun-2021
Local media is reporting that up to $260 million in bond funding from the Military Installation Development Authority has been secured by the developers of Mayflower Mountain Resort in Utah, USA.
Mayfair Mountain, first announced in 2019, is planned to be built on land next to the existing Deer Valley Resort, one of Park City's two major ski resorts, along with the Vail-run Park City Mountain, the largest ski area in the US, which combines the two former ski areas of Park City and The Canyons (formerly Park West).
The famous ski town also has a number of smaller winter sports areas dedicated to freestyle, ski jumping and cross-country skiing.
Mayflower plans to build lifts on its own land that summit on land managed by Deer Valley but it is currently unclear if the two will be formally joined as one area or operate separately. Developers say they're currently in "very active discussions" about that.
Deer Valley is one of the world's very few ski only (no snowboarding) ski areas.
The $260 million represents less than 10% of the intended $3.2 billion the developers Extell Development are reported to be planning to spend in just the first year of a five-year construction plan, with the rest coming from private finance.
$170m is reported to have already been spent by the developers on groundworks infrastructure ahead of construction with a groundbreaking ceremony planned later this month.
The resort will have two base areas, three hotels (one of them including 100 rooms for military personnel) and 1,560 homes.