There Is a Luxury Development Boom Happening in Park City
“The supply is coming quickly,” says Brian Shirken of Columbus Pacific Properties, a developer in pre-development on its second project in the market.
“Most of the growth was stimulated five years ago when Vail came into Park City and connected the Park City Mountain to Canyons Mountain to create the largest ski mountain in the United States,” Brian Shirken, president and co-founder of Columbus Pacific Properties, tells GlobeSt.com. “They have now increased the skier visit on an annual basis. Vail drives a pretty high-end skier, although historically, the demographic of the skier in Park City is similar to the skier in Vail. So, there has always been a demand for high-end housing and hotels in Park City, but it has gone unfulfilled. With Vail coming into the market, the demand has become obvious and there are now new projects developed to meet that demand.”
Columbus Pacific Properties is currently in pre-development on the Pendry Residences Park City, a ski-in, lift-out resort and residential development in the heart of Canyons Village at the base of Park City Mountain. This will be the first full-service hotel in the Canyons Village, and will supply pent-up demand for lodging. “We see our buyer base as being discerning families, and we thought Pendry would be the most appropriate hotel to meet the needs of that demand,” says Shirken. “We thought that it would be compelling to both the skier and summer visitor.” Pendry will break ground this summer, but the developer has already sold $100 million at the project—illustrating the strong demand.
This is the developer’s second project in Park City. Last year, it delivered Apex, a high-end condo project and has already sold 70% of the property. “We have been overwhelmed by the demand, and it has validated our theory as to what people were looking for in the market,” says Shirken. “We have projects across a broad price range with studios selling for as low as $400,000 up to a penthouse that sells up to $3.7 million. There is a wide-range of units, so it makes the project very accessible.”
While they have been pioneers in developing the market, they see more developers quickly arriving. Shirken expects several more condo and hotel developments, and the developer itself has two other projects in the works. “Pendry is the first full-service hotel in Canyons Village, but we certainly don’t think it will be the last. We expect at least two or three more hotel projects,” he adds. “The supply is coming quickly.”