PHOENIX (April 6, 2000) - Phoenix-based Pivotal Group today announced its plans to develop Promontory, a $500 million resort-style master planned community in Summit County, Utah. The 6,500-acre second-home community will add year-round recreational amenities to what has traditionally been a wintertime resort area.
Located just three miles east of Park City and 25 miles east of Salt Lake City, Promontory will include up to 1,675 residential lots that will be available for sale in late 2000. Home sites in the upscale, gated community will range in size up to five acres.
Promontory's first phase will feature two signature championship 18-hole golf courses, with the capacity for two additional courses. The first course, designed by Pete Dye, will open in summer 2001. Jack Nicklaus is designing the community's second course.
Promontory will offer private country club facilities and a host of recreational amenities designed to complement a high-end, family-oriented community. It will include extensive trails for hiking, riding and cross-country skiing; an equestrian center; fishing lakes; and a ski lodge. Pivotal Group also is planning to include a 100-room "boutique" resort with spa facilities.
"Our goal is to create an upscale four-seasons retreat that embraces the perennial opportunities of this area," said Francis Najafi, CEO of Pivotal Group. "Promontory's exclusive resort amenities, coupled with a strong demographic demand and the natural beauty of southern Utah, will help make this one of America's premier second home resort communities."
Promontory's low-density design will provide the community with more than 60 percent open space. Meadows, rugged rock outcroppings and aspen stands will be preserved through comprehensive architectural and aesthetic guidelines.
Conveniently located with direct access to Interstate-80, Promontory will be 30 minutes from Salt Lake City's international airport and 10 minutes from the amenities of Park City, as well as high-end entertainment such as the Sundance Film Festival.
Promontory's site also lies only 10 minutes from world-class ski resorts at The Canyons, Deer Valley and Park City, host to the major Nordic events of the upcoming 2002 Winter Olympic Games. Community residents and guests will enjoy shuttles to and from the resorts as well as ski club facilities "on the mountain."
Pivotal has hired Rich Sonntag to serve as the general manager of Promontory. Sonntag was formerly president of Desert Mountain Properties, developer of the world-renowned Desert Mountain golf community in Scottsdale, Ariz., which has been recognized with the "Urban Land Institute Award of Excellence" and Golf Digest's "America's 100 Greatest Courses."
"With its remarkable natural surroundings, Park City is poised to become one of the country's most dynamic upper-end second home markets. It is our hope that Promontory will soon be considered among the elite second home communities of Vail, Aspen and Scottsdale," Sonntag said. "I am thrilled to be a part of bringing such a community to the Park City area."
Based in Phoenix, Pivotal Group is a diversified investment company dedicated to the quality development of resort, residential and office properties in Arizona and the Southwest. Widely recognized for its ability to create high-quality communities and business environments, the firm has worked closely with some of the nation's premier real estate companies, including Los Angeles-based William E. Simon & Sons Realty, Boston-based AEW Capital Management and Phoenix-based DMB Associates.
Recent activities of Pivotal Group include the acquisition of The Century Plaza Hotel and Tower in Los Angeles; Red Mountain Spa in southwestern Utah; Ritz-Carlton Phoenix; Camelback Esplanade in Phoenix; and the Talley portfolio with properties in California, Arizona and Texas.
For more information about Pivotal Private Equity, visit www.pivotalgroup.com |
