Mammoth's Arrested Developments

Since Intrawest successfully launched Juniper Springs Lodge in 1998, new developments have provided the spark to Mammoth's real estate market. But last year, for the second year in a row, no major new projects were launched. Unless reservations for the planned 131 Ritz-Residences continue at a satisfying pace, 2009 could be dry year number three.

Only The Chadmar Group, owners of future Snowcreek developments, is actively building. But work on Creekhouse near the Athletic Club will reportedly stop after the three buildings under construction are completed. Below is an update of projects planned for Mammoth:

Westin Monache--Mammoth's first four star hotel opened on the 27th of November. The 230 unit condo/hotel sold out quickly at prices up to $1200 per square foot in the brisk, speculative market of 2005. When Phase I escrows finally began closing last Fall market conditions had deteriorated and a number of buyers simply walked away from non-refundable 10% deposits. 30 units are back on the market priced from $399,999 in a tightening lending environment.

Ritz-Carlton Residences--Reservations are now being accepted for 131 luxury 1-4 bedroom Ritz Residences planned for the corner of Lake Mary Road and Canyon Boulevard. Roger Staubauch and Cypress Equities paid a reported $53 million for the 6.9 acre site last summer. According to local representatives, reservations are running ahead of expectations following a series of 'meet and greet' events the developer held in Southland locations from Laguna to Santa Barbara in mid-March. Cypress hopes to begin construction of the 1200 to 4000 square foot condo units following a planned late May sales event. Interiors of the residences may be customized by individual buyers. Prices kick off at $1.7 million and reservations may be held with a $10,000 fully refundable deposit. The finished product will be operated as Ritz Residences by Ritz-Carlton Hotels.

The "1" Hotel--In 2006 Mammoth Mountain owner, Starwood Capital, announced plans to roll out a new line of 5 star eco-friendly hotels dubbed "1". The first iteration got underway in June of 2007 in downtown Seattle near famed Pike Street Market. Mammoth's version was slated for 2008-2009 in The Village at a site across from White Mountain Lodge. Construction in Seattle has been on hold for six months according to the Seattle Times. Lenders insisted on a redesign of the project that will replace 132 condo/hotel units with 192 traditional hotel rooms. Meanwhile, the Mammoth "1" has fallen off the dance card. Lending standards for condo/hotel properties have tightened up recently due, in part, to heavy speculation in this type of property during the real estate boom. With larger down payments and more rigorous qualifying required "investors" no longer populate the launches of properties classified as condo-hotels.

Eagle Lodge--In 1998 Intrawest used the promise of a new base lodge at Eagle Express to help sell the Juniper Springs Lodge, Sunstone and the Eagle Run condo projects. 10 years later Starwood Capital announced that construction of Eagle Lodge would commence in 2009 and offered up two elevations for the real estate community's approval. One version of the 68 unit condo/hotel featured a nearly flat roof, the other a traditional sloping gable roof. According to assistant town planner, Sandra Moberly, earthwork for the 544 understructure parking will begin next summer. And it will be the traditional gable design. In addition to all skier services from ticket sales and rentals, to ski school and day care the lodge will feature a market, restaurant and ice rink.

Mammoth Crossing--Two years ago the proponents of Mammoth Crossing paid $67 million for three pivotal corners at the intersection of Lake Mary and Minaret Roads. Planned for up to 1020 residential rooms, with street level commercial and parking for 750 cars, this development will determine how the Village advances. Unhappily, Tanavista, the Crossing's first effort, misfired. Despite an "irresistible" sub $300,000 price entry point, the 45 unit quarter share fractional ownership condo project got the hook within weeks of being offered. Like other fractional projects in Mammoth it suffered from a lack of buyer enthusiasm. Undeterred, the developers are forging ahead with a project wide Environmental Impact Statement which should be completed by June according to local project manager Mark Dowd.