mammoth lakes, california - loopnet lakes, california matthew t. lehman ... 1949 sierra park road,...

$2,400,000

A .67 acre development opportunity centrally located on Old Mammoth Road. This parcel is zoned Commercial General and is one of the last parcels of land located in the Old Mam-moth Corridor.

540 Old Mammoth Road

APN 35-200-23

• .67 Acres

• Zoned Commercial General

• Located on Old Mammoth Road

• Adjacent to two major malls in Mammoth

The Old Mammoth Road Parcel Mammoth Lakes, California

Matthew T. Lehman

760-822-5845 Cell 760-934-1110 Office

[email protected]

1949 Sierra Park Road, 2nd Floor, Box 1445, Mammoth Lakes, CA 93546 760-934-1110 Office or 760-934-0112 Fax

Offering Overview The Town of Mammoth Lakes is a unique, 4 mile square, ski resort community located in the Central Eastern Sierra Nevada Mountains of California. Mammoth Lakes has become popular for its majestic views, hiking, camping, fishing, proximity to Yosemite National Park and it’s incredible skiing.

In addition to the towns popularity among visitors, Mammoth Lakes has also become popular for investors and developers. The popularity among investors is largely due to Mammoth’s limited building area. The town is completely surrounded by Forest Service and other government owned lands, making Mammoth’s available building area finite.

The .67 acre Old Mammoth Road site is located adjacent to two of Mammoth’s largest and busiest centers in town. The first center is the Sierra Center Mall, which is home to most of Mono County’s government offices as well as the location of the local favorite Matsu Restaurant. Across the street is the Minaret Mall or better known as the Vons center. This centers traffic allows Vons to be one of the largest grossing food stores in the chain and is home to the Town of Mammoth Lakes government offices.

The property’s current zoning of Commercial General is intended retail, wholesale com-mercial, and other such activities which offer services to both permanent residents and visi-tors. This is effectively the highest allowable commercial zoning designation for Mam-moth Lakes.

With the upcoming regional flights to Mammoth Lakes in late 2009 (Horizon Air), the completion of the Westin Monache and the announcement of the Ritz-Carlton Residences in the new North Village, Mammoth is showing strong signs of anticipated growth.

Offering Overview

Duck Lake


Investment Highlights • .67 acres of land located on the main Old Mammoth Road Corridor • Adjacent to two of Mammoth’s largest Malls • Zoned Commercial General-Mammoth’s highest Commercial Use • Proposed North Old Mammoth Road District currently being discussed • Snowcreek Residential Development and Golf Course expansion pro-

posed at the south end of Old Mammoth Road. • Town and County Offices located at adjacent properties • Regional flights to Mammoth Lakes expected December 2009 • New Westin “Monache” now complete • Ritz-Carlton Residences closes on a $53 Million parcel and announces

new project in Mammoth, to begin construction May 2008 Offering The property is being offered at a list price of $2,400,000. Ownership reserves the right to determine at its sole discretion, whether or not to respond, reject or accept any offer without cause. In addition, ownership reserves the right to withdraw the property from sale at any time. Additional information can be obtained by calling the listing agent:

Matthew Lehman

Trademark Properties 760-822-5845

[email protected]

Mammoth California

Mammoth Lakes

The Old Mammoth Road Parcel The Old Mammoth Road Parcel is one of the last remaining vacant pieces of land available in the Old Mammoth Road Corridor. The property is located adjacent to two of Mam-moth largest and busiest centers. As men-tioned earlier the Sierra Center Mall, located directly north of the Old Mammoth Road par-cel, is largely occupied by Mono County gov-ernment offices while the Minaret Mall is home to Vons and Mammoth Lakes govern-ment offices. The existence of these entities allows an excellent opportunity for a builder or investor to take advantage of the traffic al-ready visiting these sites. General office, re-tail, or government support are most likely the highest and best uses for this site. The recent sale of the Mammoth Mall and the adjacent Sierra Center Mall were the initial catalysts for rent increases in Mammoth Lakes. Where typical office and retail rents along Old Mammoth Road, prior to 2005, were close to $1.30 per square foot, they are now realizing $2.00 to $2.25 per square foot, plus common area and maintenance fees. Surrounding mixed use developments such as the Clearwater Project, Cardinal Development, and the Snowcreek VIII development (describe herein) have demonstrated enough confidence in the Mam-moth Lakes market to push their respective projects forward along Old Mammoth Road. Further-more, a redevelopment known as the North Old Mammoth Road District Plan is currently undergoing community workshops in order to understand the communities desires and needs. (see Projects Map and descriptions) The North Old Mammoth Road redevelopment district is an critical factor for all of the properties along Old Mammoth Road as this redevelopment will begin to set the standard of the overall design

and appeal for the Old Mammoth. The present vision is a walking pedestrian village that will cater not only to visitors to the area, but also to the local residents. The

goal is to attain an animated environment that will bare the general needs of the public while capturing the local culture and flavor of Mammoth Lakes. It is believed that the uses within the Old Mammoth Road district will be mixed use with commercial on the ground floor and resi-dential on the levels above.

Site Location

Sherwin Mountains

Snowcreek Golf Course


Vicinity Map

Loc

atio

n M

ap


Parcel Map

Property development standards.

The following property development standards shall apply to all land and build-ings permitted in their respective commercial zones. CL is Commercial Lodg-ing, CG is Commercial general. Detailed zoning descriptions are available at the Town Of Mammoth Lakes website: www.ci.mammoth-lakes.ca.us

CL CG A. Parcel Requirements (Minimum).

1. Gross lot area (sq. ft.) 10,000 10,000

2. Gross lot area, corner lots 11,000 11,000

3. Lot width (feet) 75 75

4. Lot width corner lots (feet) 90 90

5. Lot depth (feet) 100 100


Commercial Lodging Zoning

Setbacks and Separations CL CG

C. Setbacks and Separations.

1. Front yard, in feet. A 10-foot front yard setback may be used if: (1) a maintenance district is formed for public snow removal; (2) parking is located to the rear of the structure, and; (3) if the affected property participates in the snow removal mainte-nance district.

20 20

2. Side yard, in feet, or as required in Title 15 (Snow shedding) 0 0

3. Side yard, street side, in feet 20 20

4. Rear yard, in feet, or as required in Title 15 (Snow shed-ding)

0 0

5. Distance between buildings, in feet, on the same lot 0 0

6. Distance between any construction other than trails, streets, other public facilities and the bank of any permanent lake or stream, in feet

50 50

7. Distance between buildings intended for human occupancy and an active fault trace as identified on special studies zones maps prepared by the state geologist

50 50

Lot Coverage CL CG

Lot Coverage Maximum (% of gross lot area) 60% 70%

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Mono County Mono County was created by a Legislature Act on April 21, 1861, and was the first of the mining counties to be organized on the eastern slope of the Sierra Nevada Mountains in the state of California. The county seat is in the town of Bridgeport, where most of the county offices are located in the historic courthouse built in 1880. The remaining County offices and courts are located in Mammoth Lakes, CA. Located in the eastern-central section of California, Mono County is 108 miles in length, reaching from the Alpine County border to the north to the Inyo County border to the south. The County’s width is 38 miles from the crest of the mighty Sierras to the Nevada state line to the east. Its land area is 3,030 square miles, 80% of which is federally owned. Much of this land is contained in the Inyo and Toiyabe National Forests. The summer and fall visitors enjoy many activities such as fishing, hunting, camping, hiking and some of the most spectacular scenery found in the Sierra Nevada Mountains. Winter visitors engage in skiing, snowmo-biling and other various winter sports at two of the finest winter skiing areas in the country (Mammoth and June Ski Mountains). These extraordinary mountain boundaries offer precipitous canyons, broad valleys, many crystal clear lakes of glacial formation and a unique sage brush covered semi-desert land. The Sierra Nevada boundary is dominated by three towering peaks (Mt. Dana, Mt. Lyell and Castle Peak) which rise to an elevation ex-ceeding 13,000+ feet. The county’s drainage is realized by the East and West Walker rivers to the north, the Owens River to the south and many innumerable Sierra streams. Mono Lake, "The Dead Sea of Mono" aptly called by poets and writers alike, "Mono's Mountains of the Moon", is vividly described in the famous book "Roughing It" by Mark Twain. The lake is a fascinating and unusual body of water lying at the beginning of a chain of 21 extinct volcanic cones. The lake nestles in a basin created by massive volcanic action. Extensive thermal activity still exists in the areas surrounding the lake. The lake has two islands, Negit and Paoha, both that were formed by ancient volcanic action. Mono Lake and the surrounding areas are famous for its water fowl population and thousands of seagulls that use the locality for one of the largest rookeries in the west. Mono County is attracting an increasingly large number of permanent residents who recog-nize its healthful and pleasant advantages. Mono Lake is known as the eastern gateway to Yosemite National Park. Over the famed Tioga Pass leading from the Mono Lake area to the famous Yosemite valley floor which offers some of the most spectacular scenery found in the United States.

Location Overview

Bodie Ghost Town

Mammoth Lakes, California The Town of Mammoth Lakes ("Mammoth"), home to Mammoth Mountain Ski Area ("MMSA"), is located in the heart of California's majestic Sierra Nevada mountain range. Mammoth's unique location makes it a natural gateway to the Sierras, including Yosemite National Park ("Yosemite"), Devil's Postpile National Monument, Bristlecone National Forest, Mt. Whit-ney (the highest point in the continental United States), and Death Valley (the lowest point in the continental United States). Mammoth is bordered by Forest Service land on all sides and with bounda-ries of the town effectively set and not likely to experience substantial, if any change. These set boundaries limit the availability of new real estate and firmly affect the town real estate market to the principals of supply and demand. MMSA, located within the town of Mammoth Lakes, is the ma-jor winter tourist attraction in the area and has long played a major role in the Eastern Sierra economy. Mammoth estimates 25,000 to 40,000 skiers visit the Mammoth Lakes area on peak winter weekends and holidays. Most of the winter tourists are reported to originate from Southern Califor-nia, averaging 3.4 nightly stays during a visit. Hiking, camping, fishing and nearby Yosemite are the primary draws of tourism during the late spring, summer and early fall months. Efforts to make Mammoth Lakes a year around destination resort have resulted in strong increases to Mammoth’s pri-mary economic base, which is tourism. This increase in Mammoth’s popularity, coupled with the diminishing supply, has been a driving force behind Mammoth’s real estate market. One additional key factor that will make Mammoth Lakes a world class year round destination is the recent announcement by Horizon Air for scheduled service to Mam-moth Lakes beginning late 2009 ski season.

Mammoth Mountain Ski Area Located approximately 300 miles north of Los Angeles, MMSA is the closest major ski resort to Southern California's 23 million residents which provide approximately 85% of MMSA's visi-tors. From a peak elevation of 11,053 feet, MMSA has a vertical drop of 3,100 feet with more than 3,500 acres of ski able terrain The Mountain’s unusual geography and massive snowfalls, combined with typical California sunshine, create a unique mountain environment. Ski Magazine considers MMSA to be "the best big mountain in the country." In 2005-2006 MMSA hosted more than 1.6 million skier visits making it the second

most visited ski area in the U.S. A recent article in Ski Magazine stated the following about Mammoth: "Over what might prove to be the most eventful 12 months of its woolly existence, Mammoth has been swept up by a tornado of transformation that would soon make it the next ultra destination of West Coast ski areas.”

Location Overview


Mammoth Lakes Real Estate Market The Mammoth Lakes real estate market is divided among three sectors, traditional residential, resort or luxury residential (hotel, condotel, or upscale condominium), and commercial (Old Mammoth Road and Main Street with some “amenity” com-mercial within the Village area). The residential real estate market has been the focus of investors and secondary homeowners; preparing for an anticipated in-crease in long term visitors as increase in the population extends with the baby boomers. Recent sales activity has been stable from what was a rapidly increasing market. This trend appears to be a consistent trend in the current market. An esti-mated $600 million of capital has been invested into the area over the past 10 years, transforming Mammoth into a preeminent resort town. Subsequent to In-trawest Corporation assuming a majority investment in Mammoth Mountain Ski Area, the company spent over $500 million in facility upgrades. Mammoth Moun-tain Ski Area itself expended approximately $150 million over the last decade with upgrades to chairlifts, snowmaking facilities, employee housing, the new Vil-lage Gondola and the McCoy Station. In March 2006 Starwood Capital Group, headed by Barry Sternlicht the former Chairman of Starwood Resort Group pur-chased the majority interest in Mammoth Mountain Ski Area. Barry Sternlicht and Mammoth Mountain’s CEO Rusty Gregory have forged a new vision for the MMSA. The Resort or Luxury Residential Market has been the recent core of de-velopment and redevelopment throughout Mammoth Lakes. While the secondary homeowner and the traditional residential investor have taken advantage of the new condo developments, the market appears to be showing a demand for a higher standard of housing and lodging. Discussed later is the recent purchase by Staubach’s development team and Cypress Equities for the development of a Ritz Residences. The commercial sector has seen an increase in sales activity over the past two years, particularly along the Old Mammoth Corridor. Over the past two years, various investors have purchased the two office/retail centers in town, as well as accumulated a number of other commercial properties with the intent of assem-bling parcels in anticipation of redevelopment. Since the purchase of the two cen-ters the “Mammoth Mall” and the “Sierra Center Mall”, rents have increased nearly 50% with the intent to draw larger “Credit” tenants. The primary factor af-fecting Mammoth Lakes is the limited land area of only 4 square miles. Because Mammoth Lakes is bound by Forest Service land, wilderness, and physical topog-raphy on all sides, the opportunity for expansion outside the town’s existing limits is very restricted.

Mammoth Market

Mammoth Mountain Ski Area has invested more than $150 million in on-mountain improvements in the last 10 years and is continuing to invest in state-of-the-art amenities, spending nearly $8 million on capital improvements for 2007/08. By 1990, the MMSA began to focus on strategies to improve guest service, lodging and overall mountain experience to drive skier visitation. Key to accomplishing these goals was to acquire off-mountain real estate and to improve the image of the town. It became apparent to MMSA's man-agement that the value of the ski resort was dependent on the development of real estate around the moun-tain and throughout the town of Mammoth Lakes. In 1995, MMSA sought a partner with the expertise and experience to develop its newly acquired real estate. Intrawest, with experience in real estate development and resort operations at Mont Tremblant in Quebec, Whistler in British Columbia and Stratton in Vermont, made a significant economic investment in MMSA at the end of 1995. Concurrent with its Mammoth investment, Intrawest acquired approximately 27 acres of developable real estate. Since then, In-trawest has spent more than $500 million improving the off-mountain resort experience. This included 231 luxury units built adjacent to Little Eagle, one of Mammoth's primary portals. Mod-eled after Mont Tremblant and located in the center of Mammoth Lakes, The Village at Mammoth (the "Village") was developed as a pedestrian based retail and commercial center. The Village cur-rently includes 276 units, a full service conference center and ap-proximately 64,000 square feet of retail and commercial space. In-trawest also developed Sierra Star Golf Course, an 18-hole champi-onship course. Intrawest has also developed hundreds of units in several projects located throughout the town of Mammoth Lakes. Intrawest's development projects have positively affected the resort through the recent emergence of a high-end bed demographic and the devel-opment of a resort-style village that delivered a lively hub for the local and tourist communities. Recently, several high-end restaurateurs have opened establishments including Lulu’s of San Francisco. In addition to Intrawest's Village investment, a group backed by “Istar” is currently developing a 49-unit five-star fractional ownership private residence club called 80/50 (the property’s elevation). The $100 mil-lion development will offer an extensive menu of high-end services, including 24-hour concierge service, member's only lounge and ski lockers, direct Village Gondola access, underground parking, fully-equipped fitness center, and massage and spa services. Intrawest has also initiated the construction of a luxurious Vil-lage condominium hotel that will be flagged by Westin Resorts ("The Westin Monache"), which is expected to open in 2007. The Village, including 80/50 and The Westin Monache, represent the long-awaited emer-gence of a high-end bed base and amenities necessary to support and attract four-season destination resort traffic. Completion of the Westin Monache, development proposals by Mammoth Crossings, purchase of the Mam-moth Club Parcel, and the announcement of the proposed Ritz-Carlton Residences are the most recent an-nouncements impacting Mammoth’s Real Estate Market.

Mammoth Market

Mammoth Yosemite Airport The Mammoth Yosemite Airport’s big news for 2007 was the announcement by Horizon Air (a regional car-rier owned by Alaska Airlines) that it has applied to the FAA for approval to commence service to Mammoth Lakes starting late 2008. On July 24, 2006 the FAA is-sued a Notice of Intent (NOI) in the Federal Register that it will prepare an Environmental Impact Statement (EIS) to consider approval of Horizon Airlines Operation Speci-fications to provide commercial air service to Mammoth Yosemite Airport and modification of the Mammoth Yo-semite Airport Part 139 certification to allow for sched-uled air service, beginning with two flights per day from Los Angeles International Airport (LAX) beginning in the Late 2008. Horizon Air Service 2008 The Town of Mammoth Lakes proposes to initiate the regional air service without having to extend the run-ways and only constructing minor alterations to the existing buildings to accommodate passengers and security requirements. It is projected that regional air service would generate approximately 10,200 enplanements in 2008/9 with 2 flights per day during the winter season arriving from and departing to LAX. By 2009/2010 the number of winter daily flights is projected to increase to 6, with a total of 44,100 enplanements and to include flights to and from both Northern and Southern California airports, as well as Las Vegas. By 2012/2013, Mammoth Yosemite Airport is projected to have up to 8 flights per day in the winter, 2 flights per day in the summer, and 67,200 enplanements (60,900 in the winter months) from these same areas. The forecasted activ-ity remains the same in subsequent years. Due to the current configuration of the airport runways, taxiways and passenger facilities, the size of aircraft used for the proposed service will be limited to eight to ten flights per day. This announcement by Horizon Air and its intent to start service is the final piece of the strategy to bring Mammoth to the same level as other major destination resorts such as Vail, Aspen, Lake Tahoe, Telluride and Sun Valley. The widely anticipated and imminent arrival of commercial air service into the Mammoth Lakes region will make Mammoth the most significant mountain resort growth opportunity in North America. Ex-panded commercial air service from San Francisco and Las Vegas is slotted to begin in future dates. Air service will have a dramatic financial effect on the Town of Mammoth Lakes. The proposed air service was designed to provide incremental visits with longer stays particularly during the midweek. Air service is viewed as a means to help stabilize Mammoth’s economy; provide a broader exposure to the long-term visitor marketplace; and assist in controlling the growth rate in traffic and air quality. Finally the permanent residents and regular visitors will be able to travel more conveniently. In the Fall of 2005, as a result of a public forum held by the Town, the original proposal from the 1990’s to expand Mammoth Yosemite Airport for long-haul service and revise the Mammoth Yosemite Airport was abandoned in favor of a proposal to resume regional service. Horizon Air responded to the Town and the Mammoth Mountain’s desire to restart air service. Subsequently, Horizon Air provided the Town and the FAA with letters documenting its interest in providing commercial air service to Mammoth Yosemite Airport.

Mammoth Market

The North Village Specific Plan The North Village Specific Plan is located in the northwest portion of the Town of Mammoth Lakes and consists of 41 separate parcels totaling approximately 64 acres. Since the Specific Plan was adopted in 1991 some consolidation of own-ership has occurred, but the majority of land re-mains under multiple ownerships. The North Village Specific Plan is located adjacent to Main Street, Lake Mary Road and Minaret Road. The primary purpose of the North Village Specific Plan is to provide new land use guidelines and development standards for the North Village area. The North Village has been a growing success, and a focal point for skier access, dining, and numerous year round events. The Pedestrian Core area is intended to be a mixed-use village with com-mercial uses on the ground level and accommodation units on upper floors. The scale of the individual ground level shops will vary. The village commercial center is a cluster of individual buildings which will grow over time. Building expressions are to be generally vertical rather than horizontal in form and should be carefully detailed to generate the scale and texture appropriate to pedestrian places. The North Village is a meeting place and a primary point of access for visitors wanting to visit Mammoth Mountain Ski Area by way of its 15 person gondola. Eagle Lodge/Juniper Springs The Eagle Lodge is the new eastern focal point of Mammoth Mountain Ski Area with Chair 15 “Little Eagle as its anchor. This ski area portal was designed to cater more to-ward the skier vs. the general public. Initial stages of upgrading and development have started with the existing ski “Chair 9” being replaced with a high speed 6 person chairlift. Mammoth Mountain held a chair naming contest for the visitors and it has been named the “Cloud Nine Express”. Once completed, Eagle Lodge will be approximately 450,000 square feet of mixed-use with support facilities. Also, there will be 68 luxury hotel-condo units, skier day use facilities, ski school, restaurants and food service, an ice rink, locker club, spa and commercial amenities. Eagle Lodge is the closest access facility to this “Cloud Nine Express” and will deliver skiers to an elevation of 10,371 feet.

Primary Development Areas

Village At Mammoth


Lodestar/Sierra Star Master Plan In summary, the Lode Star Master Plan is located in the center of Mammoth Lakes and comprises a set of development standards for parcels situated around the 18 Hole Sierra Star Golf course. The envisioned plan is to incorporate major commercial, residential and a recreational hub within one the 226 acre site. An overlay of the existing Lode Star Master Plan is the Sierra Star Master plan. This project will refocus the remaining development toward the creation of transient occupancy units, establishment of a more efficient trans-portation and circulation system and development of additional affordable housing units, single family residential, limited condominium, destination resort lodging, and commercial. The Project will involve changes, and replacement, of undeveloped elements currently approved under Lode Star Master Plan. Snowcreek/Old Mammoth Road The Snowcreek area of Mammoth Lakes is located at the southern most portion of town along Old Mammoth Road and generally con-sists of six existing condominium developments (Snowcreeks I – VI), one development Snowcreek VII, “Creekside” is currently under construction by the Chadmar Group, with further condo/retail development (Snowcreek VIII) expected to begin in the summer of 2009. In addition to the condominium aspect of Snowcreek, the developer is also planning to expand the existing nine hole, ”Snowcreek”, golf course into an 18 hole golf course with satellite commercial/retail accents and trail system allowing the general public access to the surrounding Forest Service Lands. The Snowcreek Development has traditionally set the upper end of the condominium sales market within Mammoth Lakes. This is due to their good quality construction, golf course locations and views of the local mountains. Just to the north of Snowcreek, is one of the main corridors for the Mammoth Lakes area; Old Mammoth Road. The Old Mammoth Road Corridor is an essential hub for general needs and community services (Library, schools, government services, and shopping needs of locals and visitors). Additionally, the north portion of Old Mammoth Road is being pro-posed as a redevelopment district that will encourage a pedestrian type of village with en-couraging a mixture of residential and commercial elements.

Primary Development Areas

Sierra Star Golf Course


Ritz-Carlton Residences

Westin “Monache”

“8050” Residence

The Village At Mammoth

Mammoth Crossings

Stonegate

Proposed 5 Star Hotel

Solstice II

Tallus

Woodwinds

Creekhouse Snowcreek VII

Chateau Site

Future Snowcreek Golf

Course holes 10-18

Altis Cardinal

Development

Proposed “1” Hotel

Proposed Old Mammoth Road

District

Clearwater Project

Vista Point

Recent and New Projects


Old Mammoth Road District (Old Mammoth) At the north end of Old Mammoth Road, between Sierra Nevada road and Main Street, and be-tween Sierra Park Road and Laurel Mountain Road is the proposed North Old Mammoth Road District. This district area concept is evolving into a pedestrian friendly redevelopment plan that will encourage residential and commercial elements. At present, workshops are being conducted as a means of transforming public input into the a viable working document.

Sierra Nevada Road

Laurel Mountain Road

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Clearwater (Old Mammoth) The Clearwater Project, on Old Mammoth Road, is a proposed Specific Plan Condo-Hotel pro-ject incorporating some of the elements of the proposed North Old Mammoth Road district plan. The project includes 480 rooms, in 339 non-deed restricted units. Additionally, the pro-ject will include 43, 3 bedroom workforce housing units and a variety of ground floor retail.

Planned Mammoth Crossings (North Village) Located at the intersection of Main Street and Lake Mary Road are three properties commonly referred to as Mammoth Crossings, which were purchased by a Canadian development group for a reported $63,000,000 ($5.9 million per acre). The project will be a mixed use combination that includes retail, office, fractional and whole ownership residential units. 80/50 Residence Club (North Village) Located adjacent to the existing Village Gondola, 80/50 is Mam-moth’s first five-star fractional ownership residence club. Sold in 1/8 shares, average sale prices have achieved $1,800 per SF. 80/50 is currently owned by the Istar group. Westin Monache (North Village) This project is a 230-room hotel built by Intrawest that open in fall 2007. Located west of the Village Gondola, The Westin Monache is the first full-service luxury hotel property in the region. The hotel-condominium units are currently complete and are reported to have sold out within four hours of being re-leased. This success in sales mirrors to Intrawest’s similar Village projects such as Grand Sierra Lodge, White Mountain Lodge and Lincoln House. Planned Ritz Residences (North Village) This project is directly adjacent to the new Westin Hotel. This 7.1-acre site reportedly sold for $53,000,000 or $7.4 million per acre to a joint venture of Cypress Development and Ritz Residences. A 130 unit Ritz Carlton Private Residence is the operation that has been selected as the concept for the Site. The project is in the process of getting a grading permit which should be issued this Spring. The new partnership of Blackacre Capital and Cypress Equities will start development in May. The Ritz Residences will be more of a villa pro-ject vs. a condo or hotel type product. Those who originally had reservations for the initial hillside project will receive first priority selection and preferred pricing. Planned Starwood “1” Hotel (North Village) One of the announcements from Starwood Capital is the proposed “1” Hotel. The “1” Hotel is a new concept combining five star accommodations with eco friendly environmentally “green” standards. Central to the MMSA and Starwood Capital’s strategy is to continue the development of the Mammoth Village area with higher-end product and amenities. Recent plans are to redesign the project in order to accommodate more rea-sonable building costs than previous designs called for.


Planned Vista Point Hotel (North Village) Matthew Lehman, and a co-Broker from Los Angeles, marketed and sold the property commonly known as The “Mammoth Club”, or “Berner Street Property”. This parcel was purchased along with an adjacent IntraStar property, which when assembled consists of 2.14 acres of land zoned “Specialty Lodging” or 48 rooms per acre. The total site could accommodate up to 103 bedrooms and sold for $10,000,000. Development on this project is expected in near future. Stonegate (Lode Star/Sierra Star) This project is a whole ownership detached townhome development located on the sixth fairway of Sierra Star Golf course, in the heart of the Lode Star Master Plan. This project is recently completed and consists of 14 detached luxury town homes. There are two floor plans ranging from 2,400 to 3,400 square feet in size. Tallus (Lode Star/Sierra Star) Tallus is a 6th interest fractional ownership project built by developer Eric Fishburn. This private residence club is located on the 10th Fairway of Sierra Star golf course and is consid-ered to be at the upper end of the quality standards for Mammoth and competing resorts. Proposed Five Star Hotel (Lode Star/Sierra Star) At the site of Sierra Star’s existing club house is the location of a proposed five star hotel, not yet determined. This location, among the old growth pines, is a secluded and yet centrally located for access to golfing, skiing, pedestrian trails and the North Village. Solstice Phase II (Lode Star/Sierra Star) The Solstice Phase II property is a located on the 16th Fairway of the Sierra Star golf course. This project is currently listed for sale and entitled for 33 town home style units. Permits have been acquired and the majority of grading work has been competed. Additionally, workforce housing and grading has been included in the listing price of $6,500,000 for the 2.41 acres. Woodwinds (Lode Star/Sierra Star) The Woodwinds at Sierra Star is a recently completed project consisting of 28, 3 Bedroom luxury Town homes located between the 4th and 5th holes of the Sierra Star Golf Course. These units range between 1760 sq. ft. to 2076 sq. ft and have a private garages. Sales prices are currently ranging between $1,285,000 and $1,559,000 or $730 per square foot. Creek House (Snowcreek) Currently under construction, this project is the seventh Snowcreek development. The project is not located on the golf course or adjacent to the Mammoth Creek as have previous projects have. At present, four of eleven available units have been reserved for purchase. Prices are ranging between $1,145,000 and $1,845,000 for units ranging between 2,184 square feet and 2,742 square feet or up to $672 per square foot. Future phases of Snowcreek will be built in conjunction with the expansion of the Snowcreek Golf course. The future expan-sion will be along Old Mammoth Road, just south of Mammoth Creek Park.


Altis (Juniper Springs/Eagle Lodge) Altis has received preliminary subdivision report (Pink). The total development will consist of 24 tri-level townhomes consisting of 12 buildings–of which 2 building and 4 homes are currently under construction. The townhomes are 3,000 square feet of living area plus approximately 360 square feet of garage space. The price point for the first four homes is set at $3,300,000 and should be available for occupancy by Fall of 2008. Unlike many projects in Mammoth, Altis is located proximate to the ski slopes with “ski-back” capabilities.

Eagle Lodge (Juniper Springs/Eagle Lodge)

Proposed on the site of the existing “Eagle Express” parking area is the new Eagle Lodge. This expansion is expected to convert the existing temporary ski facility and parking lot into a luxury lodging amenity providing not only lodging, but skier parking, restaurants, shopping, membership lockers and private facilities for those visitors seeking five star accommodations. This is a confidential brochure and is intended solely for your limited use and benefit in determining whether you desire to express any further interest in this property. All information contained in the brochure should be verified by all interested parties.

For additional information regarding this property contact :

Matthew T. Lehman 760-822-5845 Cell

760-934-4151 Office [email protected]


mammoth lakes, california - loopnet lakes, california matthew t. lehman ... 1949 sierra park road,...

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