WORLD-CLASS LAKE TAHOE DEVELOPMENT OPPORTUNITY

Transcription

1 WORLD-CLASS LAKE TAHOE DEVELOPMENT OPPORTUNITY KIRKWOOD MEADOWS DRIVE, KIRKWOOD, CA. Entitled Residential Project Slope-Side at Kirkwood Mountain Resort Multiple Development Options DEVELOPMENT SITE FOR SALE INVESTMENT CONTACTS: LOCAL CONTACT: JASON PARR ANDREW WINBERRY SCOTT FAIR CA License No CA License No CA License No CA License No Market Street, Suite 2300 San Francisco, CA

2 EXECUTIVE SUMMARY Address KIRKWOOD MEADOWS DR KIRKWOOD, CA APNs & -022 Site Area 2.34 AC / 101,930 SF Zoning PLANNED DEVELOPMENT MULTIFAMILY & COMMERCIAL Number of Approved Units 67 The Opportunity A RARE OPPORTUNITY to acquire a world-class development site in the heart of the legendary Kirkwood Mountain Resort, one of the most desirable ski resorts in the Lake Tahoe region. The superior slope-side location of the Property, combined with its current entitlements and zoning, provides an investor with the opportunity to build up to 67 residential units to the highest construction standards in order to tap into the upper echelon of luxury multifamily demand. The Property has the potential to be developed into the finest ski-in / ski-out project at Kirkwood. Existing entitlements are in place through May, 2016 with extensions possible. ALTERNATIVELY, the property could be taken in a multitude of different directions with its sky'sthe-limit development options. Zoning and Kirkwood Specific Plan land use designations are Planned Development and MultiFamily / Commercial respectively, allowing for a wide range of mixed-use development options. The purchaser will benefit from Vail Resorts recent purchase of Kirkwood Mountain Resort and subsequent infrastructure improvements planned for the mountain. Vail Resorts is a world class operator with the global reach, resources, and infrastructure improvement plan to bring Kirkwood into a new era as a premier four-season destination resort. Executive Summary Cushman & Wakefield, as exclusive advisor, is pleased to present the extraordinary opportunity to acquire the 100% fee simple interest in the former Thunder Mountain Lodge development site (the Property), a 2.34 acre entitled ski-in / ski-out development site located at Kirkwood Meadows Drive, at the famous Kirkwood Mountain Resort, one of North America s top mountain resort destinations. The Property anchors the Timber Creek Village area at the base of Timber Creek Express, the new high speed quad chairlift. The parcel s size, flexible land use designations, and highly desirable slopeside location present an outstanding mixed-use residential development opportunity. The increasingly limited supply of true ski-in / skiout residential real estate in the Northern California and Lake Tahoe markets makes this opportunity truly special. The Property s ground zero location is irreplaceable given its unique visibility, access, and exposure at Kirkwood Mountain Resort. The site is currently tentatively approved for the project formerly known as Thunder Mountain Lodge, a 67 unit, five-story luxury condominium project with ski-in / ski-out access. Planned amenities include 3 furnished lobby / sitting areas, 3 spa areas, fitness center, business center, private ski storage lockers, units with private deck or patio, covered parking and direct access to Timber Creek Express, a new high speed quad chairlift located only 75 feet from the property. The current plan includes thirty-seven (37) two-bedroom units, twelve (12) two-bedroom loft units, twelve (12) three-bedroom units and six (6) three-bedroom loft units.

3 INVESTMENT HIGHLIGHTS ENTITLED SKI-IN / SKI-OUT LOCATION: The Property is entitled for sixty-seven (67) luxury condominiums at the Timber Creek Village Base Area of Kirkwood Mountain Resort. The Timber Creek Village is located at the base of the Timber Creek Express and Bunny Chairlifts directly adjacent to the Kirkwood Ski & Ride School. The offering includes a Tentatively Approved Subdivision (Condo) Map and an approved Conditional Use Permit from Amador County, California as well as intellectual material related to the existing project. The limited supply of entitled slope-side development sites in the Lake Tahoe region makes this property unique and provides investors the rare opportunity to build a signature project at the legendary Kirkwood Mountain Resort. ENTITLED PROJECT WITH FLEXIBLE USES: Though Tentatively Approved through May 2016 for a luxury condominium project, the Property features a flexible land-use designation allowing a wide range of uses, and the project could be altered to suit the vision and desire of the new owner. In addition to the Multifamily housing option, other allowable uses include office/ professional and many general commercial uses. Additional Map extensions may be possible. INSTITUTIONAL OPERATOR - VAIL RESORTS: In 2012, Vail Resorts purchased Kirkwood Mountain Resort, as well as selected commercial development opportunities adjacent to the Resort. Long known as a small, local mountain, the change in ownership brings significant changes in capital and infrastructure improvements as well as on-mountain operational improvements to the Resort. Vail is a world-class operator with decades of experience managing four-season resorts and it is clear they have a vision to take Kirkwood into a new era. The synergy with the other Vail-owned Resorts at Lake Tahoe, Heavenly and Northstar, will quickly bring Kirkwood to the attention of ski enthusiasts from around the globe and make it a must-ski destination. FUTURE DEVELOPMENT: Property and the former project concept of Thunder Mountain Lodge represent the first two phases of a five phase master planned community known as Timber Creek Village. As the anchor of the Timber Creek Village, this Property possesses the highest profile and largest opportunity in the area for a signature development. PRIME LOCATION: The town of South Lake Tahoe is a 35 minute drive from Kirkwood and the resort is within a 3 hour drive of nearly 13 million residents in key Northern California and Nevada markets, specifically the San Francisco Bay Area, the Sacramento/Stockton/Modesto Area and the Reno/Carson City Area.

4 SITE PLANS & LOCATION SITE PLAN 7 Subject Property

5 LOCATION OVERVIEW Kirkwood Mountain Resort is a major ski and summer destination in the Lake Tahoe region attracting approximately 400,000 skiers annually. Kirkwood is the shortest distance to travel (3 hours or less) of any Lake Tahoe area resort from the majority of the San Francisco Bay Area (8 million residents including the San Francisco peninsula, Silicon Valley and the Central/Sacramento Valley). Kirkwood sits at an elevation of 7,800 feet (over 1,500 feet higher than other destinations at Lake Tahoe) and is consistently ranked among the top ski resorts in America for snow quality and terrain. Kirkwood s unique blend of location and product, along with Vail s acquisition, has made it the most intriguing opportunity in the regional real estate market. Vail has significantly increased the levels of service being offered at the resort. Most of Kirkwood s buyers come from Silicon Valley including many technology company investors and senior executives - a market currently experiencing a significant renaissance in terms of capital allocations and job growth. Kirkwood counts among its more prominent homeowners senior executives and board members of ebay, Yahoo and Google, and Kirkwood has the highest concentrations per capita of Venture Capitalists of any resort in North America.

6 LOCATION OVERVIEW Regional Location Map Since 1972, Kirkwood Mountain Resort has constructed six additional ski lifts for an existing total of 10 lifts and three surface lifts (rope tows). Commercial development resulted in the two current day lodges, which include restaurants, bars, ski sales/ rental shops and related services. Other commercial development at the south end of the resort includes a small General Store/Post Office, Kirkwood Lodging Services, a real estate office, several food service outlets and a retail sports apparel shop. A ski-touring (cross-country) facility was developed at the north end of the resort in the early 1980s. Other facilities include a service station and a bar/restaurant in the old Kirkwood Inn located on the north side of SR 88. The following map shows the distribution of ski resorts in Tahoe.

7 KIRKWOOD MOUNTAIN RESORT KIRKWOOD MEADOWS DRIVE Entitled Ski-In / Ski-Out Development Opportunity INVESTMENT CONTACTS: LOCAL CONTACT: JASON PARR Jason.Parr@cushwake.com CA License No ANDREW WINBERRY Andrew.Winberry@cushwake.com CA License No SCOTT FAIR Sfair@century21.com CA License No CA License No Market Street, Suite 2300 San Francisco, CA No warranty or representation, expressed or implied, is made as to the accuracy of the information contained herein, and same i s submitted subject to errors omissions, change of price, rental or other conditions, withdrawal without notice, and to any speci fi c listing conditions, imposed by our principals.