PARK CITY, Utah (June 8, 2001) - Phoenix-based Pivotal Group today announced that it has broken ground on the first championship golf course at Promontory, a 6,500-acre, $500 million second-home and private club community to be developed near Deer Valley and Park City. The course designer, legendary golf architect Pete Dye, spent the day Thursday in Park City supervising rough grading of the course and putting the finishing touches on his shaping plan and hazard locations. Dye also participated in an on-site groundbreaking ceremony yesterday evening that was attended by local government officials and other invited dignitaries.
Scheduled to open on July 4, 2002, the Pete Dye Canyon Golf Trail is one of two signature championship 18-hole golf courses to be developed as part of Promontory's first phase. Jack Nicklaus is designing the community's second course, named the Jack Nicklaus Valley Golf Trail, which is tentatively slated to open in 2006. Promontory also has the approvals for two or three additional courses depending on the demand for The Promontory Club's Golf Memberships.
"The groundbreaking event was our way of acknowledging Pete (Dye) and everyone else who is working to make outstanding golf an integral part of the Promontory experience," said
Francis Najafi, CEO of Pivotal Group. "A remarkable four-season mountain setting, coupled with a championship-caliber design by one of the world's finest golf architects, will help create an unparalleled golf experience to add to world-class skiing for our members and residents."
In addition, Najafi said that the community's initial offering of custom homesites will be available for Reservation Holder selection on the weekend of July 21 and 22. Promontory began accepting homesite reservations earlier this week.
Located just three miles east of Park City and 25 miles east of Salt Lake City, Promontory's initial offering of residential lots will be priced from approximately $200,000 to $750,000. Homesites in the upscale, gated community will range in size from approximately one to ten acres and feature breathtaking lake, mountain and golf vistas. Early property owners will have the opportunity to become Charter Members of The Promontory Club.
As a resort-style master planned community, Promontory will create upscale, year-round family appeal by adding diverse year-round recreational amenities to what has traditionally been a wintertime resort area. The development will offer private country club facilities and a host of recreational amenities designed to complement a high-end, family-oriented community.
Created by world-class designers, Promontory's amenities will include the club's Mountain Lodge at Upper Deer Valley; extensive trails for hiking, riding and Nordic skiing; an equestrian center; fishing lakes and tennis and swimming facilities.
"Our goal is to create an upscale four-seasons retreat that will allow multi-generation families to embrace the perennial opportunities of this area," said Rich Sonntag, Promontory's Managing Director. "Exclusive club amenities, created with an emphasis on the preservation and enhancement of Promontory's unparalleled natural beauty and resources, will help make this a compelling second home community on a par with those in Aspen, Vail, Beaver Creek and the Lake Tahoe area. And as you know, access to Promontory through Salt Lake is much more convenient."
Developed and maintained under the environmental stewardship of The Promontory Conservancy, Promontory's low-density Master Plan will provide the community with more than 5,000 acres of 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 is just 30 minutes from Salt Lake City's international airport and 10 minutes from the amenities of Deer Valley and Park City, including high-end entertainment such as the annual Sundance Film Festival.
Promontory also lies only 10 minutes from world-class ski resorts at Deer Valley, Park City Mountain Resort and The Canyons. Two of those venues will host major alpine events during the upcoming 2002 Winter Olympic Games. Promontory members and their guests will enjoy shuttles to and from the resorts, including Promontory's Mountain Lodge at Deer Valley.
Pivotal Group is an institutionally based diversified real estate investment and development firm widely recognized for its ability to create high-quality resort, residential and business environments. In recent years, Pivotal's notable acquisition and development activities include the landmark Century Plaza Hotel and St. Regis Hotel in Los Angeles; Red Mountain - The Adventure Spa, a luxury spa resort near St. George, Utah; West Wing Mountain, a 1,300-acre master planned community in northwest Phoenix; Ritz-Carlton Phoenix; and Camelback Esplanade in Phoenix.
For more information about Pivotal Private Equity, visit www.pivotalgroup.com |
