A Utah University is Selling its Ski Resort Property

Weber State University in Ogden, Utah, has owned 3.46 acres at Powder Mountain for more than 30 years and will sell the parcel after a May 21 Board of Trustees meeting. The land will be sold for $3.2 million, described as well above market value, and was originally acquired through donations. Plans to build a science center or observatory were blocked by building regulations, light pollution concerns, and other challenges. Declining valuations in recent years contributed to a final decision to sell. The buyer is Summit Mountain Holding Group, which manages Powder Mountain and develops luxury ski communities. The group operates a public-private model with public skiing acreage and private homeowner skiing acreage. Weber State plans to use proceeds to open a science field station near Henry’s Lake, Idaho, with labs, classrooms, and dorms for student research on Yellowstone’s ecosystem.

"Weber State University, located in Ogden, Utah, has owned land at Powder Mountain for more than 30 years. But after its monthly Board of Trustees meeting on May 21, the university announced it will sell its land. The land will be sold for $3.2 million, which is "well above market value," according to Vice President of Administrative Services Mark Halverson. Weber State originally acquired the 3.46 acres of land via donations."

"Throughout the past several decades, Weber State has debated how the land should be used. The University initially had plans to construct a science center or observatory on the land, but building regulations, light pollution, and other challenges prevented it. The university also faced declining valuations on the parcel in recent years, prompting Weber State to make a final decision."

"Ultimately, Weber State decided to sell the land to the Summit Mountain Holding Group, which manages Powder Mountain. The Utah-based real estate investing group has been developing luxury ski communities since it was founded in 2011. Its president, Brandi Hammon, signed a preliminary agreement for the purchase. Hammon is also the president of Powder Mountain itself."

"Under Hastings and the group, Powder Mountain operates with a unique public-private business model. Roughly 5,300 acres are available for public skiing, and 2,700 acres are limited to a private ski community of homeowners. Whether Powder Mountain's newly acquired land will be for public skiing, private skiing, or will be developed has not yet been announced. Weber State hopes to use the money to open a science field station on a 47-acre plot near Henry's Lake, Idaho - 16 miles from Yellowstone National Park."

Read at SnowBrains