Intrawest Sells Off Mountain Resort Condos

MAMMOTH LAKES, CA-Intrawest Corp. this week sold out the final release of homes in Grand Sierra Lodge, the third phase of The Village at Mammoth. Fifty-two one-, two-, and three-bedroom resort condominiums were sold at the four-hour sales event at prices ranging from $380,000 to more than $1.3 million.The Village at Mammoth is the mixed-use core of Project Sierra, a 10-year, billion-dollar mountain resort development that so far includes 634 of 2,300 planned housing units, an 18-hole golf course and a pedestrian-only retail center on 250 acres at the base of the Mammoth Mountain.

The just-sold-out third phase of The Village at Mammoth is the second half of Grand Sierra Lodge, which Intrawest describes as “a combination of full-ownership vacation real estate with the features and amenities of a luxury resort” where owners can place their property into an established rental arrangement. Vertical construction of the second half of Grand Sierra Lodge is expected to begin in the spring of 2004, with completion slated for mid-2005.

The first half of Grand Sierra Lodge, which included 66 condominium units, has been 95% pre sold at an average sale price of more than $633 per sf. The first phase of The Village at Mammoth–the 77-unit Lincoln House and the 89-unit White Mountain Lodge–are complete and also 95% sold.

Lincoln House and White Mountain Lodge comprise the mixed-use core of the project. The street level of the two buildings contain most of the project’s 60,000-sf of commercial space in 32 storefronts, of which 28 have been leased. Grand Sierra Lodge is designed as The Village’s hotel. The units will be sold to individual owners, but it will be run as a hotel, with most of the owners opting to rent their units through Intrawest’s rental program. The Village is connected to Mammoth Mountain Ski Area via a new 15-passenger express gondola.

The first ski lift at Mammoth Mountain was installed in 1955. Project Sierra began in 1996 when Vancouver, BC-based Intrawest purchased 33% of the Mammoth Mountain and June Mountain ski operations and all developable real estate owned by Mammoth Mountain Ski Area. In 1998, Intrawest upped its ownership to 58% and launched Project Sierra with Juniper Springs, a ski-in/ski-out neighborhood located at the base of the ski area.