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MAMMOTH LAKES, CA-With the first two phases nearly sold out, resort developer Intrawest Corp. next month will break ground for the third phase of The Village at Mammoth, the mixed-use core of Project Sierra, a 10-year, billion-dollar mountain resort development that so far includes 634 of 2,300 planned housing units, an 18-hole golf course and a pedestrian-only retail center on 250 acres at the base of the Mammoth Mountain.

The 43-unit third phase of The Village is the second half of Grand Sierra Lodge, which Intrawest describes as “a combination of full-ownership vacation real estate with the features and amenities of a luxury resort.” Prices for the turnkey one-, two- and three-bedroom condominiums in Phase III of The Village are expected to range from $370,000 to $1 million. Owners will have the opportunity to place their property into an established rental arrangement.

The first half of Grand Sierra Lodge, which included 66 condominium units, is 95% pre sold at an average sale price of more than $633 per sf. The first phase of The Village–the 77-unit Lincoln House and the 89-unit White Mountain Lodge–are complete and also 95% sold.

Lincoln House and White Mountain Lodge are the mixed-use core of the project. The street level of the two buildings contain most of the project’s 60,000-sf of commercial space in 32 storefronts, of which 28 have been leased. Grand Sierra Lodge is designed as The Village’s hotel. The units will be sold to individual owners, but it will be run as a hotel, with most of the owners opting to rent their units through Intrawest’s rental program. The Village is connected to Mammoth Mountain Ski Area via a new 15-passenger express gondola.

The ground breaking and the start of pre-sales for Phase III of The Village are scheduled for Nov. 15. Vertical construction is expected to begin in the spring of 2004, with completion slated for mid-2005.

The first ski lift at Mammoth Mountain was installed in 1955. Project Sierra began in 1996 when Vancouver, BC-based Intrawest purchased 33% of the Mammoth Mountain and June Mountain ski operations and all developable real estate owned by Mammoth Mountain Ski Area. In 1998, Intrawest upped its ownership to 58% and launched Project Sierra with Juniper Springs, a ski-in/ski-out neighborhood located at the base of the ski area.

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