Northstar On-Mountain Development Opportunity Offering Memorandum Listing Agent:
Bids due:
JB Benna
February 21, 2018
310.383.2250 BRE 02027024
January 12, 2017
Table of Contents 3
Executive Summary
4
Asset Summary
5
Northstar Resort Summary
6
Included Amenities
7
Market Advantages
9
Area Overview
10 Entitlement Status Due Diligence Offer Process 11 Disclaimer & Contact Info
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Executive Summary The Northstar On-Mountain Development Opportunity is an entitled project, adjacent to the Ritz-Carlton; Lake Tahoe, approved for 50 residential units. Additionally, 2 completed condominium units in Phase I of the adjoining building known as Constellation Residences. The Opportunity offers a unique selling proposition within the North Lake Tahoe – Truckee region for direct mountain access within a designed and approved project. Featuring 100,000 sellable square feet, this project requires only updating to current code and ministerial approvals. Discretionary approvals are complete. Previous phases of the project included the Ritz-Carlton Destination Club and Constellation Residences. The Northstar On-Mountain Development Opportunity is the chance to create a new brand identity with a distinct Homeowner’s Association in this premium setting.
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Asset Summary 13051 Highlands View Drive Truckee, CA 96161
UNIT TYPE
# OF UNITS
AVG. SF
2 BD
18
1,447
3 BD
18
2,005
3 BD Loft
2
2,768
4 BD
10
2,861
4 BD Loft
2
3,146
TOTAL
50
2,051
Placer County APN
114-020-004
Sellable Square Footage
100,917
Land
1.5 acres
Approved Residences
50
Project Architect
Oz Architecture; Denver, CO
The Northstar On-mountain Development Opportunity is a unique offering to complete the final two phases of an existing project found adjacent to Lake Tahoe’s premiere destination resort, The Ritz Carlton; Lake Tahoe. Providing direct mid moutain ski access to Northstar, California; the project offers an unmatched competitive advantage for West Coast resort real estate with a robust and immediate Northern California-driven feeder market. Within the resort, brands including Northstar, California and Ritz Carlton offer best-in-class operators providing luxurious services that will drive pricing for on-mountain real estate. Possession of entitlements and discretionary permits allow for a quick regulatory process minimizing investor hold time.
PHASE 2 PHASE 1 Completed
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Asset Summary
2 Bedroom, 2.5 Bath
ASSETOVERVIEW
PH ASE 1 2 bed • 2.5 bath
FLOOR PLANS (PROPOSED
th
2BD
18
PLANS (PROPOSED PHASE ll & lll)
MARTIS VALLEY/GONDOLA VIEW
2 BEDROOM 2.5 BATH - PHASE l SKY BRIDGE TO RITZ-CARLTON HOTEL
104
THE CONSTELLATION
PHA SE 2 & 3 Proposed floor plans
SKI VALET
403
103
203
2 BD • 18 UN IT S • 1,447 AVG.S F
FITNESS FACILITY LEVEL 1 PLAN
LEVEL 2 PLAN
SKI RUN VIEW
5
LEVEL 4 PLAN
Asset Summary 3 Bedroom, 3.5 Bath
PH ASE 1 3 bed • 2.5 bath
ASSET OVERVIEW
MARTIS VALLEY/GONDOLA VIEW
W
S
N
E
AVG. SF PLANS (PROPOSED PHASE ll & lll) AVG.FLOOR SF 408
208
508
2 BD 2 BD +DEN 3 BD 4 BD
3 BEDROOM 2.5 BATH - PHASE l LEVEL 4 PLAN
LEVEL 2 PLAN
SKI RUN VIEW FLOOR PLAN
Three bedroom Three and a half baths 1,868 square feet Sleeps 8–10
RESIDENCES 208 408 508 6
PHA SE 2 & 3 Proposed floor plans LEVEL 5 PLAN
3 BD (LO FT) • 2 UN IT S • 2,786 AVG. S F 3 BD • 18 UN IT S • 2,005 AVG. S F
Northstar Resort Summary Northstar, California is the premiere destination resort community in Northern California. Famous for elevated customer service and upscale amenities, Northstar has been a family favorite for many generations of Tahoe visitors. Now operated by Vail Resorts, the preeminent resort operator in North America, Northstar continues to benefit from institutional investment in the form of an approved Mountain Master Plan and largescale development opportunity. Northstar’s status is supported by premium brands including Ritz-Carlton; found on-mountain; and Martis Camp, the most successful master-planned community in North America over the past decade. Summer at Northstar includes endless miles of trails, an 18-hole golf course, California’s largest mountain bike park as well as easy travel to Lake Tahoe and Truckee. The Village at Northstar provides year round service and entertainment including an ice rink, cabana bars and fire pits, retail opportunities and numerous food and beverage outlets. Northstar’s newly approved Mountain Master Plan spells out lift and terrain expansion, enhanced on-mountain dining opportunities, additional snowmaking capacity and countless other upgrades.
PHASE 2 PHASE 1 Completed
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Included Amenities »» Ski-in Ski-out access to Northstar, California »» Direct connection to Ritz-Carlton; Lake Tahoe via sky bridge »» Shared services with Ritz-Carlton including spa, pool, fitness, restaurants and more »» Direct connection to Northstar Village via Highlands Gondola »» Owners lounge and ski storage complete in Phase I »» On-site property and rental management
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Market Advantages Local »» Supply Constrained Market: No on-mountain condominium projects in process »» Market Activity: Tahoe-Truckee real estate market has consistently delivered $1 billion annual volume on nearly 1,500 annual residential transactions since market recovery »» Brand Status: Northstar, California is widely considered the premiere destination resort within the North Lake Tahoe region delivering elevated service standards and ski conditions »» Ski-in / Ski-out: The Northstar On-Mountain Development Opportunity provides direct ski access, rare in the Tahoe market, providing a significant premium over standard resort offerings.
Regional »» Feeder Market: The North Lake Tahoe region is the customary resort destination for wealthy Northern Calfornia vacationers. »» Wealth Creation: Driven by Silicon Valley, wealth creation in Northern California has far outpaced other markets driving discretionary spending within the Tahoe region. »» Air Support: Feeder markets beyond Northern California have expanded based upon increased capacity from Reno-Tahoe Airport (45-minute drive) and private jet travel from Truckee Regional Airport (5 miles). TRANSACTIONS BY YEAR
1,161
1,635 1,382
1,428
1,352 1,135
1,488
1,382
1,688
1,413
1,252 1,079
1,037 889
Projected
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10
MEDIAN PRICE BY YEAR
YTD
$866,974
$1,135
$834,180
$759,492
$821,012
$1,029
$595,000
$550,000
$691,597
$954
$520,000
$598,986
$761
$517,500
$513,177
$639
$470,000
$562,538
$832
$405,000
$592,523
$771,862
$802,283
$840,352
$936,539
$686
$399,000
$430,000
$475,000
$621,098
$1,032
$575,000
$625,000
$648,250
Millions
$1,294
TRANSACTION VOLUME $1,361
AVERAGE PRICE
YTD
$1,400
$1,073
$855
$642
Projected
Area Overview L A K E TA H O E
N O R T H S TA R O N-M T N DEVELOPMENT OPPORTUNIT Y C O N S T E L L AT I O N RESIDENCES T H E R I T Z- C A R LT O N, L A K E TA H O E
THE VILL AGE AT N O R T H S TA R
30 MIN.
3 HOURS
11
2 HOURS
Entitlement Status »» Project approved through Placer county Board of Supervisors under Northstar Highlands Phase II Vesting Tentative Map and Master Conditional Use Permit in 2005. »» Permits / Documents completed include: •
Conditional Use Permit
•
Condominium Maps for all phases
•
Project approvals vesting letters
•
CEQA
»» Oz Architectural MEP plans complete through Design Development »» Utilities and off-site improvements completed with Phase I »» Final construction drawings and ministerial building permits remains outstanding.
Due Diligence Full Due Diligence Package available via Data Room subject to executed Non-Disclosure Agreement. Purchasers are encouraged to perform all due diligence prior to submitting offers. For questions, please contact listing agent: JB Benna Tahoe Mountain Realty 310.383.2250 jbenna@tahoemountainrealty.com Notice: Due diligence materials are made available on the condition of confidentiality and non-disclosure. By clicking the link provided, the user agrees to not disclose, permit the disclosure of, release, disseminate or transfer any of the Information obtained from Broker or Owner to any other person or entity.
Offer Process Seller will review all offers on February 21, 2018. Parties interested in purchasing should be thoroughly familiar with the terms of the offering via the Due Diligence materials referenced herein before submitting any offer.
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Disclaimer & Contact Info The materials contained on this Offering Memorandum could include technical inaccuracies or typographical errors. As such, Tahoe Mountain Realty does not accept any responsibility or liability for any actions taken as a result of using this Offering Memorandum. Further, Tahoe Mountain Realty assumes no responsibility for errors or omissions in the materials in this Offering Memorandum. THESE ARE PROVIDED “AS IS� WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. All prices, features and plans are subject to change without notice. Square footages are approximate. No representation or warranties either expressed or implied are made as to the accuracy of the information herein or with respect to the suitability, usability, feasibility, merchantability or condition of any property herein described. Tahoe Mountain Realty further does not warrant the accuracy or completeness of information, text, graphics, links or other items contained within these materials. In no event shall Tahoe Mountain Realty be liable for any special, indirect, incidental, or consequential damages of any kind, or any damages whatsoever resulting from loss of use, data or profits, whether or not advised of the possibility of damage, and on any theory of liability, arising out of or in connection with the use of the materials. The materials are subject to change without notice and do not represent a commitment of Tahoe Mountain Realty in the future. All products and services are provided subject to applicable taxes and accompanying terms and conditions.
Listing Agent: JB Benna 310.383.2250 BRE 02027024
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