There Is a Luxury Development Boom Happening in Park City

There is a development boom sweeping the Park City ski market, about 30 minutes outside of Salt Lake City. Five years ago, Vail Resorts entered the Park City ski market and connected Park City and Canyons Mountain, essentially creating the largest ski mountain in the United States. Now, developers are fulfilling the demand for high-end luxury housing and hotels with a slew of new projects under development.

“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.