AN OFFICIAL PRESS RELEASE
February 14, 2020

PEG Companies Submits Application for the Redevelopment of the Base of Park City Mountain

The Utah-based commercial real estate leader’s proposed project would include workforce housing, structured skier parking, traffic fixes, and a luxury hotel.

PARK CITY, Utah — After more than a year of community outreach and city staff meetings, commercial real estate leader PEG Companies (“PEG”) has submitted its application for the redevelopment of the surface parking lots at the base of Park City Mountain.

 

Proposed plans for the 10-acre site include for-sale condominiums, affordable housing, employee housing, day-skier parking garages, a hotel, retail and restaurant offerings (to complement current commercial activity), a ski club, public ski lockers for day and seasonal use, skier services, state-of-the-art wayfinding, the ability for the National Ability Center to build its new facility, current green building opportunities, and open space plazas.

 

Over the past year, PEG has prioritized community meetings alongside its project planning work. To date the PEG team has met with more than 100 individuals, including neighbors; business owners, from local ski shops to the hospital; community groups such as the National Ability Center; multiple HOAs; and local residents from throughout Park City.

 

“We have received feedback and observations that have been very helpful to us, much of which we have specifically incorporated into our proposal,” says Robert Schmidt, President of PEG Development, the development arm of PEG Companies. “We will conduct ongoing, additional community-wide public meetings to discuss our proposed redevelopment in greater detail, including how our plan has evolved based on community and City staff input, and ensure we receive community feedback throughout the public review process.”

 

Schmidt said the team—that in addition to PEG includes HKS, architect; Anderson Wahlen & Assoc., civil engineer; MGB+A, landscape architect; Hales Engineering, traffic engineer; Okland Construction, construction manager; Terracon Engineering, soils engineer; Panic Button Media, communications and community outreach; and CooperWynn Capital, community and government relations consultant—has worked extremely hard to make sure the project reflects the Park City community’s goals.

 

Several proposed details of the plan based on community feedback include:

 

  • Constructing day skier parking and on-site affordable and employee housing in the first phases of the project
  • Utilizing paid parking as a traffic management tool
  • A one-way circulation loop to improve transit flow
  • Structured parking that is not affected by the elements
  • Bike lane added on Lowell Avenue and Empire Avenue connecting back to the trail on lower Empire Avenue
  • Dedicated crossings established across Lowell Avenue
  • Sidewalks added on Empire Ave, Manor Way, Shadow Ridge Road, Silver King Drive, and Lowell Avenue
  • View corridor from Empire Ave and Silver King Drive toward the mountain preserved
  • Outdoor plazas, upper and lower, created for winter and summer activities
  • Improvements to the bus transit center on Lowell Ave to improve efficiency

 

“We have created a mix of creative residential, lodging, traffic, and parking solutions to enhance the experience for everyone who enjoys this wonderful place to live and play,” said Schmidt. “We have also included more than 70,000 square feet of affordable and employee housing in the plans, which meets the affordable housing guidelines and fulfills previous unmet obligations.”

 

Buildings will follow sustainability guidelines and have been designed to preserve the harmony of the current landscape as well as the mountain views. The project’s transit solutions will incentivize carpooling and public transit that are eco-friendly and address the primary local concerns about traffic and ease of access.

 

“This is a large and complex undertaking, and we are excited to dive in deeper with the City and the greater community to bring a redevelopment we can all be proud of to fruition,” says Schmidt.

 

Open house times and locations will be announced in the weeks to come. The review process by Park City Planning Commission is expected to begin in the spring.

 

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About PEG Companies:
PEG Companies (“PEG”) was founded in 2003 and is now one of the fastest-growing commercial real estate investment, development, and asset management firms in the West. PEG’s mission remains constant: create opportunities through grit, ingenuity and expertise – providing the premier real estate experience. The PEG team offers considerable experience in project design, engineering, financing, city entitlements, tax incentives, construction management, marketing, and property management and offers a strategic combination of acquisition, rehabilitation, and development capabilities. PEG owns and manages more than 4,900 hospitality keys across the U.S. and Canada, with over 2,800 multifamily housing units and additional office, retail, and industrial space across the West. The firm sponsors multiple investment products on behalf of its investors and has produced net annualized returns of over 25% for the strategies it pursues. For more information about PEG, visit www.pegcompanies.com.
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