The Redevelopment District is the culmination of more than a decade of hard work by local business leaders, environmental groups and government agencies. It involves the demolition and redevelopment of a 34 acre site in the downtown area of South Lake Tahoe, California.
Last autumn, the South Lake Tahoe Redevelopment Agency was cited by President Clinton as an example of public/private partnerships working together to enhance the economy while improving the environment.
The deal gives Heavenly and American Skiing Company the opportunity to build more than 750 units in the heart of downtown South Lake Tahoe, with direct access to skiing at Heavenly provided by a high-speed gondola from the center of the Redevelopment District. The gondola will access some of Heavenly's finest high-mountain terrain.
On June 16, the Summit County, Utah, Planning Commission unanimously recommended approval for the first phase of American Skiing Company's master development plan at The Canyons. The approval centers on two properties -- 358-room quartershare Grand Summit Resort Hotel and Conference Center, and the 149-unit Sundial Lodge.
Both the Grand Summit Resort Hotel and the Sundial Lodge continue to experience extraordinary sales activity. The Sundial Lodge property stunned Utah realtors in April, when it scored what could result in the biggest single-day real estate sale in ski industry history. Potential buyers started lining up at midnight to place $5000 deposits on the rights to first picks at the Sundial Lodge property.
"People were shocked that it happened so quickly," said Ann MacQuoid, a realtor with Sotheby's affiliate Lewis, Wolcott and Dornbush, "I started getting calls from all over the country. American Skiing has excellent credibility, and they worked closely with realtors."
The green lights at Heavenly and The Canyons properties marks the third major go-ahead for American Skiing Company in the past three weeks. Recently, the City Council at Steamboat Springs, CO, unanimously approved the construction of the first 419-room Grand Summit Resort Hotel and Conference Center quartershare property at the Steamboat Ski Resort.
"We've seen unprecedented interest in slopeside vacation homes," said American Skiing Company Senior Vice President and Chief Administrative Officer, Chris Howard. "We've built highly successful projects at our resorts in the East, and we're now able to extend our expertise to our western resorts. Presale activity continues to be very strong."
The American Skiing Company is the largest operator of ski resorts in
the United States. Its resorts include Heavenly, CA, The Canyons, UT and
Steamboat, CO in the West. In the East, its holdings include Sunday River
and Sugarloaf/USA, ME; Attitash Bear Peak, NH; and Killington, Mount Snow
and Sugarbush, VT. Also, the company is a publicly traded (NYSE: SKI).