Tag: park city

• The final push at PMH

  We are into the final push at Parkview Mountain House. The radiant tubes are in for the heated driveway and walkway (essential), and the concrete is scheduled to be poured later this week. The kitchen countertops were installed this morning, and the backsplash was templated, with install scheduled for this Wednesday. The finish carpenter is back this week, and then the painters will be coming next week. The appliances and hot tub are also on standby in their respective warehouses and will be delivered to site as soon as the team is ready. As always, things are frenetic. But we’re pushing to get occupancy this month. I’m also excited to announce that we just hired an excellent management company. We’re in the midst of that onboarding process, and we’re looking forward to starting bookings sometime this fall. If you haven’t yet added yourself to our list, drop your email over here. We’ll be offering a bunch of discounted bookings on a first-come, first-served basis to the people on this list.

  

  

  

  

  

  

  

  2024.08.05

• Ontario Silver Mining Company

  

  If you hang around Park City long enough, you will come across things with the name Ontario. There’s Ontario Avenue. There’s the Ontario hiking trail at Deer Valley. And I’m sure there are other things.

  As a Canadian, I couldn’t help but wonder why. So today I looked it up. And it turns out that the mining company that first put Park City on the map was the Ontario Silver Mining Company (see above stock certificate).

  Established in 1872, it was a major contributor to Park City’s economy (when it was a mining town) and it is usually credited as the mine that generated the most consistent yield in Utah during the late 19th century.

  Cool, so why was it called Ontario? Well, according to the Park City Museum, the mine was first discovered by prospectors from Canada (though they later sold off their claim to George Hearst for a handsome $30,000).

  I can’t seem to find any info about these Canadians, but the province of Ontario did get its name in 1867, so at least the chronology check outs.

  Image: Park City Museum

  2024.08.04

• The French Alps and Utah are getting the Winter Games

  

  In my humble and partially biased opinion, two of the greatest places on earth to snowboard are the French Alps and Utah. I say the French Alps because, after 13 years of annual trips, I have yet to find better food and better après parties. And I say Utah because it’s, like, pretty hard to beat the greatest snow on earth.

  Well today, both of these places were announced as future hosts of the Winter Olympics. France will host the games in 2030 (once it has successfully met certain conditions) and Utah will host the games in 2034. This is exciting.

  But it was also entirely expected.

  France was the preferred choice since June. And Utah was the only choice for 2034. To host the Winter Games, you generally need to have at least two things: money and snow. And right now, fewer places want to spend the former on something that may or may not generate an ROI, and fewer places are getting the latter.

  Remember this post looking at the impact of climate change on the Winter Olympics?

  Because of these challenges, there is talk of the IOC adopting a permanent rotation of Winter Olympic cities. And Utah has been eagerly positioning itself to be one of the places. Biases aside, this feels like an obvious choice. Salt Lake City has some of the best and most accessible snowboarding in the world (SLC is a great airport) and — most importantly — it still snows there.

  Photo by Alex Moliski on Unsplash

  2024.07.24

• If a tree falls in a forest…

  Construction is risky. For example, last month a tree fell on top of Parkview Mountain House. The tree was located upgradient from the house and, it was so big, that pieces of it actually landed across the street on our neighbor’s property.

  

  

  Thankfully, it didn’t cause as much damage as it could have. It punctured the roof in a few places, but magically, the bay window that it landed on was perfectly fine. We also opened up the drywall around the window to inspect all of the structure.

  

  Needless to say, we didn’t have a line item in our budget for “trees that might fall on the house during construction.” We also didn’t have a line item to take down more trees behind the house, which is exactly what we decided to do after this happened. We called an arborist and asked them to fall anything that looked even remotely questionable. That ended up being 4 more trees.

  We were not expecting this.

  But this is why budgets have something called a construction contingency (although, we still have enough savings from some of our other contracts not to have to use it). In the end, we also learned something. If a tree falls in a forest and no one is around to hear it, the answer is — yes — it can still cost you a lot of money.

  2024.06.04

• Last run of the season

  

  

  

  

  

  

  

  

  Shot on iPhone and a Fujifilm X-T3

  2024.04.07

• Choosing speed over perfection

  

  This morning, I was on site at Parkview Mountain House reviewing construction progress and finalizing some finishes with our contractor. And during that time, he said two things to me that I was frankly happy to hear.

  The first is that we are his only client — ever — where they didn’t need to touch the construction contingency line item. (Knock on wood. We are about 2 months out from completion at this point.) And the second is that he loves working with us because we are also his most decisive client.

  Now to be fair, both of these things are easier to do when you’re not building your own home, or something else for yourself. The process becomes less emotional and more just about business.

  Even still, this is generally the aspiration with all construction projects. As an owner, you want to leave your contingency untouched. You want to minimize changes. And you want to make decisions as fast as humanly possible.

  In fact, this is a prime example of the mantra that “any decision is better than no decision.” And that’s because poor decision making is the kiss of death for construction projects. You need to keep things moving.

  I also find that decisions tend to seem more daunting in the moment. When you’re staring at 37 different shades of white paint and being asked to pick just one, it can be easy to get analysis paralysis. Is a yellow white with a subtle green undertone really the right one?

  But more often than not, when the project is done, you’re probably not going to remember the other 36 shades of white you didn’t select. Or least that’s been my experience. So choosing speed over perfection is typically your safest bet.

  2024.04.05

• Real estate is a byproduct of economic growth

  I sometimes wonder if I wasn’t born and raised in Toronto if I still would have gone to architecture school and become a real estate developer. I mean, if I grew up in Paris, maybe I would have become a fashion designer. Or if I grew up in Park City, maybe I would have started a snowboard company, slash become a ski bum. I would enjoy doing all of these things. And places certainly do influence us, more than most of us probably appreciate.

  My point with all of this is that Canada likes to somewhat paradoxically over index on housing. I say paradoxically because we never seem to have enough of it for Canadians — certainly the affordable varietal — and yet:

  “Canada relies heavily on its real-estate sector to power the economy. Housing investment in Canada as a share of gross domestic product reached 8.9% in 2022, according to the Organization for Economic Cooperation and Development, much higher than the 4.8% on average for the 38 member countries in the OECD.“

  If you look at all of the industries that make up the Canadian economy, “real estate and rental and leasing” is at the top with 13.01% of GDP (as of 2020). And if you add “construction” on top of this, the total is about 20.09% (again, as of 2020). This feels suboptimal. And I say this as a developer and builder of real estate.

  Real estate is largely a byproduct of economic growth. When someone starts a business and then needs something like an office or a warehouse, that is a positive thing for the economy. Jobs are being created by the business and further jobs are being created by the people who will deliver the space they need. But if you aren’t creating new jobs in the first place, then just dealing in real estate will only take you so far.

  Immigration helps, but it can also create a mirage of growth and prosperity. If you look at real GDP growth across the G7 from 2019 to today, Canada looks pretty good. We’re second (+4.5%) only to the US (+8.9%). But if you look at GDP per capita over the same time period, we’re dead last (-2%), whereas the US remains on top (+7.2%).

  I’m not an economist; I just build things. But in my opinion, this is a problem. We should be doing everything we can to foster a stronger culture of innovation and entrepreneurship in this country. We have the talent. I mean, Ethereum has roots in this city! We just need more people turning this intellect into wonderful new companies.

  2024.02.18

• Utah needs to secure 24,000 hotel rooms to host the Winter Olympics

  Sometime before the Paris 2024 Olympics this summer, the International Olympic Committee (IOC) is expected to announce who will host the 2030 and 2034 Winter Games. Right now, the two frontrunners are thought to be the French Alps and Salt Lake City/Park City — I think respectively.

  Obviously these are two fantastic winter locations. But one of the things that the local committees need to do before they can secure the games is show the IOC that they have enough hotel rooms on hand. More specifically, they need 24,000 rooms reserved for 33 nights. This covers 17 nights during the games, 14 nights before, and 2 nights after.

  Most of these rooms, about 10,000 or so, will go to journalists.

  I didn’t fully appreciate — or I just didn’t think about it — that this was something that needed to be done 6-10 years out. Because right now there is a human running around try to lock up these rooms in advance of the decision this summer.

  According to the Salt Lake Tribune, they’re already at 85% of the requisite 24,000 rooms. Though some of these rooms have yet to be built and some of them reach into neighboring Wyoming, which apparently isn’t an atypical distance when it comes to meeting this accommodation requirement.

  For obvious reasons, I’m rooting for Utah here. I really want them to get the Winter Games.

  2024.02.07

• How to design a mountain house in the French Alps

  

  This is the chalet that our group has been staying in for the last week:

  • We’ve been calling it a tree house. It is 5 levels in total. And you circulate through the house using a spiral staircase in the center of it. It’s space efficient, but there are a lot of stairs.
  • The site is downhill from the road, which, as we have talked about before, creates a more challenging build than uphill from the road.
  • You enter the chalet on the third level, which itself houses 2 bedrooms. One floor below and one floor above also have 2 bedrooms, meaning there are 6 bedrooms in total. On the lowest floor is an indoor hot tub, a shared parking garage, and a shared ski/snowboard room.
  • Every mountain house needs, at a minimum, two things: a fireplace and a hot tub. Ideally the latter is outside.

  

  • As is typical in the mountains, the main living space is on the top floor (level 5 in this case). You want this for the views. If you’re building into a sloping site, the lowest floors are usually somewhat constrained.
  • We did the same thing with Parkview Mountain House. But it does mean that you circulate through the more “private” spaces within the house before reaching the more “public” ones. This is the opposite of what happens in most homes.

  

  • The underground parking garage is accessed by way of a small parking elevator that lowers you down two floors. Initially this seemed excessive, but it is a shared elevator/garage. The chalet is semi-detached chalet, if you will, and so this was probably the only way they could get enough parking on the site. Assuming our attached neighbor is of a similar size, that’s 12 bedrooms.
  • It also creates an important pathway so that people don’t need to bring their skis and snowboards through the house.

  Every site has its challenges and that is especially the case in the mountains.

  2024.02.02

• Big global events, small mountain towns

  I was speaking with our lawyer in Park City this week, and he commented to me that he wouldn’t be going into the office next week because Old Town would be too hectic with the Sundance Film Festival going on. His office is right on Main Street.

  When small mountain towns host major international events, there are going to be spillover effects. This is true of Sundance in Park City (population ~8,500) and it is true of the World Economic Forum, which was hosted in Davos (population ~10,000) this past week.

  Perhaps the most obvious impact is that people can rent out their homes for large sums of money. And so lots of people both do that and try to profit maximize while doing it. Here are some anecdotes from Davos (via NZZ):

  Ten days before the WEF, there are still 25 listings on the Airbnb internet platform. The prices here range from 8,000 to 56,000 Swiss francs. The son of an apartment owner says that his family receives 12,000 francs a week for their three-room apartment, which is quite close to the convention center. However, he says he assumes that they could achieve significantly more. The family rents out the apartment through an intermediary.

  Another interesting impact in Davos happens on the retail side (also via NZZ):

  According to expert Robert Weinert, the average rent per square meter of retail space in Davos is 248 Swiss francs. A businessperson renting a storefront of 80 square meters must therefore pay almost 20,000 francs in rent per year. However, if that business vacates the store during the WEF, it can earn 60,000 francs – three times the annual rent for the facilities.

  What this means is that some retail spaces remain vacant all year, just so that they can be available for when the WEF arrives and people need temporary commercial spaces. And why wouldn’t this be the case: 20,000 francs for the year or 60,000 francs for a week. If I’m the landlord, I’ll take the additional 40,000 francs and not think about the property for the rest of the year.

  Of course, if you’re trying to create a vibrant community with things, like, occupied retail spaces, then this isn’t ideal.

  2024.01.19