Sometimes, condo projects are so interesting, we have to spotlight them even if they're not located physically in Las Vegas. Today's BloggerView is such a case. Below we feature Michael Jabara, the developer of the
SUMMIT at Brian Head project and the President / CEO of the Altitude Development Corp. located right here in Las Vegas, Nevada. Here's how Michael responded to our questions:
Q: Tell us a little about your background and how you ended up developing SUMMIT at Brian Head?
I’ve had three main careers: technology, investment banking, and now real estate development. About three years ago, a partner and I successfully purchased and began developing a high rise project here in Las Vegas called Kallisto Las Vegas. We purchased the Scandia Family Fun Center site right near I-15 and designed a magnificent twin 50-story tower luxury condominium company, that was subsequently purchased by the Fisher Brothers, a fourth generation real estate family out of New York City. They are now putting that site together with additional acreage from the Fertittas and Station Casinos.
After the sale of that project, I was introduced to Brian Head, Utah and, having spent seven years in Lake Tahoe and seeing significant development occur at the end of the 90s and the early part of this decade, I was intrigued by the opportunities Brian Head presented. This town, which is really Las Vegas’ mountain playground, had not seen any major development for over 25 years. It had all the natural beauty and potential to become a modern, affluent, luxury mountain resort. When presented with our current site, I was struck by its location within the town limits, its positioning within the valley, and the ability to create a signature project that would have its own identity as a master-planned community, which is an important objective for me. Knowing that the Buyers base would come from Las Vegas and Las Vegans enjoy the master planned communities that they live in, I saw an opportunity to take this site and turn it into what we are now developing as SUMMIT at Brian Head.
Q: What is the current status of SUMMIT?
We have spent over two years in the entitlement and design/development process to completely create the look and feel of the project. We have completed all the design documentation and received all the approvals necessary to begin construction. We’ve selected a storied, General Contractor out of Cedar City, Utah named Carter Enterprises, Inc. with over 50 years of construction experience. Curtis Carter’s father founded this business and they have done major projects and public work throughout Southern Utah over an extraordinary period of time. Their work is unequaled in the area; they constructed the new airport terminals at Cedar City and they’re currently building the President’s Library at Southern Utah University. We’re very happy to have them as the General Contractor on this project.
We are currently selling units under contract, with Buyers. Our first phase is being offered at the highest location on the site with the best views, the best access, and we decided to start with this portion of the site as we thought it would be more attractive to early Buyers who have the vision to get into a project and would see the opportunity before others do. They have the vision to purchase at the early stages of the project at the lowest prices prior to the project being built-out and fully recognized.
Q: What are the unique features of your project that sets it apart from the other projects in town?
First and foremost, being the first master-planned project on a 42-acre site sets us apart from other projects that have been developed. There have been some fine developments that have gone up in the last 18 months, but they can be characterized as relatively constrained…they don’t have the scope, scale, and magnitude to create things such as our interior plaza and our grouping of buildings. The town of Brian Head even created a Special Improvement District to build the municipal infrastructure to support our project. We’re really the first master-planned resort development that is going to become a signature 454-residency community in the mountain town that is slated to become the next destination boomtown of the western United States.
In addition, we’ve tried to design to a standard and level that is at or above what other developers have either proposed or built in the last 18 months. We’ve designed some very unique interior and exterior appointments and overall, we think we’ve got the most family, pedestrian and Buyer-friendly project in the town of Brian Head.
Q: What is your opinion of the Las Vegas high rise condo market in general?
Currently, I think as a developer it’s very difficult to succeed in the Las Vegas marketplace today. That’s one of the reasons I personally made the decision not to reinvest in the Las Vegas metropolitan marketplace. I would rather invest it into a market that Las Vegans view as one of the premier destinations for their own recreational opportunities in the years to come. Although Las Vegas is going to grow, Brian Head is not; thus creating pressure and demand for the limited number of second-home buying opportunities that will exist.
Q: Condo or Condo/Hotel... what makes better sense and what are the good and bad points of each?
We have constructed this as a residential condominium development, but because it’s in a resort environment, can be used for nightly rental and is entitled for that use by the town’s Land Management Code. We expect to see a mix of people who are either going to use it exclusively for themselves or will put it into our signature rental program. There really isn’t the condo/hotel distinction in the Brian Head market.
Unlike Las Vegas, very few people will make this their primary residence. We won’t have the issue of people who want to live somewhere as a primary residence and have restrictions on overnight rentals such as Turnberry and Allure where you’re not allowed to rent on a nightly basis. In other condo-hotel projects, such as Pinnacle and City Center, there are residences that one is allowed to rent them. One common element, however, that we’re picking up from our Buyers is they expect to receive a high level of service and enjoy a turnkey “lock and leave” capability. Our Buyers are people who don’t want to worry about raking the leaves off of their property in the fall, or dealing with frozen pipes in the winter – they’re looking for the kind of maintenance-free lifestyle that they have come to love and enjoy.
Q: Who is the target market for SUMMIT? What attributes describe your typical buyer?
Certainly, Las Vegans are likely Buyers for this project. We also expect people from California, Utah, and Arizona. A typical Buyer is going to be someone that is looking to own in a resort location in a market that shows signs of future growth. These Buyers know that opportunities like this are not readily available as most mountain resorts are mature and fully priced.
SUMMIT at Brian Head is the first development that is going to move Brian Head from a strictly winter ski/snowboard area to a four-season destination resort. Many of the amenities we have planned for this project are geared toward spring, summer and fall. Although Brian Head Resort has tremendous winter and summer activities, we do believe that our Buyers intend to use their residences for weeks and months throughout the year.
Q: How are you building your brand and marketing to your target audience?
We have positioned our project as the premier signature resort in a location that is evolving from a very rustic mountain town to something that is going to resemble the other developed, affluent resorts in the western United States. Whether you’re talking about Telluride, Park City, Mammoth, or Lake Tahoe, those resorts all started out as rustic towns and have evolved into sophisticated, second-home communities for urban Buyers.
As for marketing, we will hold a series of events to introduce our project to the Las Vegas community. We have formed significant relationships with other entities such as outdoor luxury automobile manufacturers, and ski/snowboard retail stores as examples, and are looking building relationships with various adventure travel outfitters. This shows a concentration of activities that represent the brand and reality of what SUMMIT is going to be.
Q: What is the process at this point to reserve a unit at SUMMIT? What is available and at what prices?
Right now, we’ve moved beyond reservations and are writing contracts for our first release in Phase One. We have a limited number of 1-, 2-, and 3-bedrooms condominiums as well as townhouses remaining that are available at Phase One prices. Our prices are competitive and we believe they represent tremendous affordable value. In particular, the finishes, appointments, and exterior amenities really set SUMMIT at Brian Head apart from every other development in the town.
Q: Do you have any social events, open houses, etc. that showcase your project to the public?
As we said earlier, we’re planning a number of activities this fall for those people who are looking to purchase their mountain escape. We’ve held an open house every Thursday evening at our Las Vegas sales office which has resulted in numerous inquiries from potential Buyers and sales. In November, we will begin touring real estate agents, brokers, and their Buyers through our Design Showcase, an actual representation of one of the two bed-room residences that will be constructed during phase one. This will give them an opportunity to see exactly what the exterior/interior finishes are going to look like.
Q: Any advice, insights, etc. for high rise shoppers?
Purchasing a second home is a major decision. A lot has to do with the objective of the Buyer and in many cases, their family. One thing that we believe is unique about our Buyers is their expectations are high. Some expect to actively use their resort homes as a needed mountain escape from urban life. Others will take advantage of the transformation of Brian Head in order to offer their home to the public for rental. All look for significant value in what they are purchasing. In all cases, the advice I would offer to everyone is: do your homework!
When you look to see what’s available in a mountain resort, what is offered is relatively clear and distinct. What we’re offering today is a pre-development, pre-construction opportunity that, for a relatively small down payment, allow you as the Buyer to purchase in a all-season resort community in a town that is transforming itself significantly over the next several years. In November 2007, the ski resort is finishing construction of an Interconnect Ski Bridge and roughly $8.5 million worth of additional ski lifts. Next year, the resort is committed to developing a detachable quad chairlift to replace the existing lift for Chair #2 in order to improve the skier and snowboarder experience on the mountain.
The Resort has also introduced the concept of a ski village at the base of Giant Steps with retail, restaurants, and accommodations – a process that has repeated itself in every other major ski resort in the western U.S. Telluride, Park City, Breckenridge, Aspen, Mammoth, and Lake Tahoe are all areas that evolved from “no amenity”, rustic rural mountain towns to very sophisticated, affluent resorts nestled in pristine environments. Surrounded by six national parks and recreation areas (Cedar Breaks National Park, Bryce Canyon National Park, Grand Canyon National Park, Great Basin National Park, Zion Park National Park and the Lake Powell Recreation Area), our master-planned mountain resort is perfectly situated as an all-season mountain retreat and “base camp” for days and weeks of exploration. This is why buying what SUMMIT has to offer today makes a lot of sense.
Q: Describe SUMMIT at Brian Head in one sentence.
SUMMIT at Brian Head is the first master-planned, signature resort in Las Vegas’ favorite mountain play ground.
Wow! That was some interview! Thanks Michael so much for answering our questions. If anyone has any questions or would like further information on the SUMMIT at Brian Head condo project, please visit their website at www.brianheadcondos.com, call them at (702) 696-9001, or contact Michael via email here. Tell him you read his BloggerView!
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