The Boulders - Utah’s Best Resort Development Opportunity

THE BOULDERS

The Boulders

CONCEPT PLAN

Created to meet the present and future needs of the Town of Hideout, the example Concept Master Plan for Boulders was created by Pete Gillwald from the renowned local land planning firm Land Solutions. Land Solutions was the creator of High Star Ranch, and was involved in land planning for The Colony at White Pine Canyon, among other storied local developments. This exciting concept embodies the mixed use principle, including a commercial village, a boutique hotel, condominiums, townhomes, cottages and single family homes. All of these could be integrated into one highly amenitized resort community.

This Concept is not binding on the developer, but has been the subject of discussions with Hideout and was favorably received.

LOCAL AMENITIES & ATTRACTIONS

PARK CITY

America’s Favorite Ski Town offers endless entertainment, shopping, and dining.

OUR SKI RESORTS

There are 10 world-class ski resorts within a onehour radius of the Salt Lake airport, with Park City and Deer Valley resorts located in the heart of Park City.

JORDANELLE RESERVOIR

This 3,068 acre reservoir is the ideal setting for boaters, water-skiers and wave-runners, with sandy beaches and day-use cabanas, minutes from The Boulders.

MOUNTAIN TRAILS

The hills surrounding Park City offer more than 400 miles of public trails ideal for spectacular hiking and biking recreation.

FISHING

Utah is home to diverse fly fishing opportunities, from high alpine lakes and streams to cottonwood lined subalpine valleys.

SLC INT’L AIRPORT

The Salt Lake International Airport is a mere 40-minute drive, making Park City one of the top 2nd home destinations in the country.

Ivory-Boyer CONSTRUCTION REPORT

Ivory-Boyer CONSTRUCTION REPORT

increases, permitted construction value Q1 and 2022 Q1. During the first three permitted construction value reached $3.46 over the same time period from 2021. The drop in nonresidential construction activity. construction value declined by 16.0% from Q1 2022 Q1. construction value reached $2.37 billion in the first surpassing last year’s record by 15.0%. Additions, permitted values decreased 38.6% from

“Utah bounced back in 2021 from the pandemic recession shock. Nationally, the jobs base is still 3.3% smaller than prepandemic. In 2021, only Utah and Idaho had more jobs than in 2019. The leisure, hospitality and mining industries have yet to reach their 2019 peaks. The travel and tourism sector shone bright in 2021. Despite operating under pandemic conditions and international travel restrictions, Utah ski resorts experienced a record number of skier visits during the 2020-21 season. Preliminary data suggest that visitors to Utah’s state and national parks also hit a record high in 2021.”

After three years of increases, permitted construction value decreased between 2021 Q1 and 2022 Q1. During the first three months of 2022, total permitted construction value reached $3.46 billion, a 2.2% decrease over the same time period from 2021. The decline was led by a drop in nonresidential construction activity. Nonresidential construction value declined by 16.0% from Q1 2021 to $0.68 billion in 2022 Q1. Residential construction value reached $2.37 billion in the first quarter of 2022, surpassing last year’s record by 15.0%. Additions, alterations, and repairs permitted values decreased 38.6% from 2021 to $0.41 billion.

Table 1: First Quarter 2022 Construction Highlights to first quarter 2021) (billions)

Total $3.46 $2.37 $0.68 $0.41

dwelling units continued their recordyear into 2022. Residential permitted units 9.3% since 2021 Q1 and setting a record Single-family permitted units decreased Condos, townhomes, and duplexes also set permitted, an increase of 8.3% over last is up 82.4% from last year, with a record

Median Sales Price

Total 9,722 53

Source: Ivory-Boyer Construction Database

Residential Construction

Residential Construction

MEDIAN SALES PRICE IN UTAH

Permit-authorized dwelling units continued their recordsetting pace from last year into 2022. Residential permitted units reached 9,722, increasing 9.3% since 2021 Q1 and setting a record the first quarter. Single-family permitted units decreased 17.7% to 4,055 units. Condos, townhomes, and duplexes also set record with 2,156 units permitted, an increase of 8.3% over last year. Apartment activity is up 82.4% from last year, with a record 3,458 units permitted.

Figure 1: Value of Permit-Authorized Construction in Utah, January–March 2000–2022 (Millions of Constant 2022 Dollars)

As inflationary pressures push interest rates higher, the new forsale market is expected to see a decline as reflected in singlefamily permitted units. However, the first quarter of 2022 saw 9,722 new permitted units. This is a 9.3% increase, beating out the previous record set in 2021 (see Figure 2). Single-family permitted units decreased 17.7% from 2021, hitting 4,055 in the first three months. Permitted multifamily units increased 44.4% from 2021, with 5,614 units in the first quarter.

As inflationary pressures push interest rates higher, the new sale market is expected to see a decline as reflected in family permitted units. However, the first quarter of 2022 9,722 new permitted units. This is a 9.3% increase, beating out previous record set in 2021 (see Figure 2). Single-family permitted units decreased 17.7% from 2021, hitting 4,055 in the first months. Permitted multifamily units increased 44.4% from with 5,614 units in the first quarter.

Utah County continues to lead the state in single-family permits, approving 1,341 new units in the first quarter; however, this represents a 20.2% decrease from 2021 (see Table 2). Washington County issued 609 single-family permits, a 30.4% decline. Among cities, Eagle Mountain leads the state in single-family permits through the first quarter, permitting 321 units, a decrease of 23.0% from last year (see Table 3). St. George is second, permitting 252 single-family units, a decrease of 33.5% over the first quarter of 2021. The increase in multifamily activity is likely the result of affordability woes plaguing the market. Multifamily permitted units increased 44.4% in the first quarter of 2022 to 5,614, a record for the first three months (see Figure 3). The increase was driven

Utah County continues to lead the state in single-family permits, approving 1,341 new units in the first quarter; however, represents a 20.2% decrease from 2021 (see Table 2). Washington County issued 609 single-family permits, a 30.4% decline. Among cities, Eagle Mountain leads the state in single-family permits through the first quarter, permitting 321 units, a decrease of from last year (see Table 3). St. George is second, permitting single-family units, a decrease of 33.5% over the first quarter of The increase in multifamily activity is likely the result affordability woes plaguing the market. Multifamily permitted units increased 44.4% in the first quarter of 2022 to 5,614, a for the first three months (see Figure 3). The increase was

“Net in-migration reached a 16-year high in 2021, with nearly 35,000 new residents moving in from out of state. Population growth, combined with job and wage growth and low interest rates, fueled the ongoing real estate and construction boom. The value of nonresidential construction reached a new peak of $2.7 billion, and builders permitted a record 35,500 new dwelling units, despite supply chain challenges and price pressures. Strong demand continues to boost home prices, which increased a neverexperienced 23.5% over the year.

The consensus forecast predicts another year of substantial economic expansion in Utah in 2022. Utah’s fundamental advantages—a youthful demographic profile, economic diversity, a stable fiscal and regulatory environment, crossroads of the west location, global connections, and social cohesion—will continue to influence the state’s economic position in 2022 and beyond.

As long as major risks to the national expansion are not realized, Utah’s economy will once again be among the best in the nation.”

2022 Economic Report To The Governor, Utah

$0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000

2000 2001 2002 2003 Millions

Trade, Trans., Utilities

Other Services Government Information Ed. & Health Svcs. Prof. & Bus. Svcs.

Permitted Units

$0 $100 $200 $300 $400 $500 $600 $700 $800

0 2,000 4,000 6,000 8,000 10,000 12,000

Permitted Units

0 2,000 4,000 6,000 8,000 10,000 12,000

All Jobs 3.3% [+51,600]

Total Residential Nonresidential Additions/Alterations/Repairs

Figure 2: Permits Issued for Residential Units in Utah, January–March 2000–2022

2000 2001 2002 2003 Millions

All Jobs 3.3% [+51,600]

Market STATS2022 Economic Report to the Governor

2021: Major bounce back from pandemic shock 2022:

Leisure & Hospitality Mining

2000 2001 2002 2003 2004 2021 2022

Total Nonresidential Residential

Total Single-Family Multifamily

nonresidential construction reached a new peak of $2.7 billion, and builders permitted a record 35,500 new dwelling units, despite supply-chain challenges and price pressures. Strong demand continues to boost home prices, which increased a neverexperienced 23.5% over the year.

$0 $5,000 $10,000 $15,000 2011 Millions of Nominal Dollars

2000 2001 2002 2003 2021

Source: Ivory-Boyer Construction Database

Figure 3: Permits Issued for Multifamily Units by Type, January–March 2000–2022

Table 2: Top-Ranked Counties for Detached Single-Family Home Permits, January–March 2021 and 2022

Net Migration Natural Increase Population Change -20,000 0 20,000 40,000 60,000 80,000

0 1,000 2,000 3,000 4,000 5,000 6,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Millions of Nominal Dollars[+13,900] [+7,900] [+6,000] 12.4% [+13,600]

County 2021 2022 Change

Permitted Units

Utah 1,680 1,341 -20.2%

Washington 875 609 -30.4%

Total Single-Family Multifamily 0 1,000 2,000 3,000 4,000 5,000 6,000

Salt Lake 713 458 -35.8%

Utah U.S. -8.1% [-800] -3.1% [-4,800] 0.0% [0] 0.7% [+1,800] 1.3% [+500] 2.7% [+5,600] 3.5% [+7,800] 4.8% [+13,900]

Davis 405 391 -3.5% Weber 203 226 11.3%

Source: Ivory-Boyer Construction Database

2000 2001 2002

The consensus forecast predicts another year of substantial economic expansion in Utah in 2022. The most pressing internal risks will be growth-driven challenges like a limited labor supply, increasing costs, and housing affordability. Declining fertility, air quality, and water challenges will also add pressure. COVID-19 and inflation pose additional downside risks.

Permitted Units Multifamily Apartments Condos/Townhome/Duplex

2000 2001 2002 2003

Source: Ivory-Boyer Construction Database

Table 4: Top-Ranked Counties for Multifamily Permits, January–March 2022

Ivory-Boyer Real Estate Center - 2022 1st Qtr Report

1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020

County Apartment Units Condo, Townhome, and Duplex Units Total Multifamily Units

Salt Lake 2,095 385 2,480

Utah 776 869 1,645

$0 $200 $400 $600 $800 $1,000 $1,200

Utah's fundamental profile, economic environment, crossroads and social cohesion—will economic position the national expansion again be among $10,000 $12,000 $14,000 Total Nonresidential Residential Additions/Alterations/Repairs 18,968 19,260 16,111 12,224 13,308 12,078 11,583 14,390 17,340 17,674 $0 $5,000 $10,000 $15,000 $20,000 $25,000

Davis 365 193 558 Washington 42 170 212 Weber 107 100 207

Source: Ivory-Boyer Construction Database

2000 2001 2002 2003 2004 2012 2019 2020 2021 2022 Millions

Utah Value of New Construction, 2000–2022f Utah National $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000 $14,000 2000 2001 2002 ($ millions) 8.0 10.0 12.0 Millions

Note: Ski seasons include year (i.e., 2019 represents

Utah Economic Dashboard - Kem C. Policy Institute - Sept 2022

U.S.: -3.3% -0.9% -0.6% 0.0% 3.3%

Utah: 2.7% U.S: 5.4%Diversity,

construction value

During the first three value reached $3.46 period from 2021. The construction activity. 16.0% from Q1

billion in the first 15.0%. Additions, decreased 38.6% from

continued their recordpermitted units setting a record units decreased duplexes also set of 8.3% over last year, with a record

Construction in Utah,

Hawaii New York Louisiana Alaska Vermont Arkansas Montana Arizona Utah Idaho

First Quarter 2022

Mining, 0.5%

Government, 15.9%

Leisure & Hospitality, 9.2% Other Services, 2.6%

Education & Health Services, 13.4%

Oregon, Arizona, Colorado, Washington, and California all have larger economies than Utah, but only Arizona has a higher Hachman Index score, and that by less than half a point. States with similar-sized economies include Alabama, Kentucky, Iowa, and Oklahoma. Of these, only Alabama has an index score above 90, indicating a very diverse economy. Alabama scores 91.2, Kentucky 89.8, Iowa 78.7, and Oklahoma the lowest at 70.3. Despite Utah’s midsized economy (29th largest), its industrial composition is more diverse than even the largest states.

2020 total job count: 1.54 million

Construction, 7.6% 9.0%

Ivory-Boyer CONSTRUCTION REPORT

Trade, Trans., Utilities, 18.9%

Information, 2.5%

CONSTRUCTION REPORT

Professional & Business Services, 14.4%

Table 1: First Quarter 2022 Construction Highlights

After three years of increases, permitted construction value decreased between 2021 Q1 and 2022 Q1. During the first three months of 2022, total permitted construction value reached $3.46 billion, a 2.2% decrease over the same time period from 2021. The decline was led by a drop in nonresidential construction activity. Nonresidential construction value declined by 16.0% from Q1 2021 to $0.68 billion in 2022 Q1.

Financial Activity, 6.0%

(All values compared to first quarter 2021)

Value (billions) Change

Total Construction Value $3.46 -2.2%

Residential Valuation $2.37 15.0%

Residential construction value reached $2.37 billion in the first quarter of 2022, surpassing last year’s record by 15.0%. Additions, alterations, and repairs permitted values decreased 38.6% from 2021 to $0.41 billion.

Nonresidential Valuation $0.68 -16.0%

Additions, Alterations, and Repairs $0.41 -38.6%

Value (actuals) Change

Total New Dwelling Units 9,722 9.3%

Single Family 4,055 -17.7%

Condo/Townhome/Duplex 2,156 8.3%

Apartments (3+ units) 3,458 82.4%

All Other Units 53 -36.1%

Permit-authorized dwelling units continued their recordsetting pace from last year into 2022. Residential permitted units reached 9,722, increasing 9.3% since 2021 Q1 and setting a record for the first quarter. Single-family permitted units decreased 17.7% to 4,055 units. Condos, townhomes, and duplexes also set a record with 2,156 units permitted, an increase of 8.3% over last year. Apartment activity is up 82.4% from last year, with a record 3,458 units permitted.

Source: Database

Residential Construction

As inflationary pressures push interest rates higher, the new forsale market is expected to see a decline as reflected in singlefamily permitted units. However, the first quarter of 2022 saw 9,722 new permitted units. This is a 9.3% increase, beating out the previous record set in 2021 (see Figure 2). Single-family permitted units decreased 17.7% from 2021, hitting 4,055 in the first three months. Permitted multifamily units increased 44.4% from 2021, with 5,614 units in the first quarter.

Table 1: First Quarter 2022 Construction Highlights (All values compared to first quarter 2021)

Value (billions) Change

Total Construction Value $3.46 -2.2%

Residential Valuation $2.37 15.0%

Nonresidential Valuation $0.68 -16.0%

Additions, Alterations, and Repairs $0.41 -38.6%

Value (actuals) Change

Total New Dwelling Units 9,722 9.3%

Single Family 4,055 -17.7%

Condo/Townhome/Duplex 2,156 8.3% Apartments (3+ units) 3,458 82.4%

All Other Units 53 -36.1%

Source: Ivory-Boyer Construction Database (Most Diverse) 90.0 - 94.9 85.0 - 89.9 75.0 - 84.9 <75.0 (Least Diverse)

Residential Construction

Utah’s Leads the

As inflationary pressures push interest rates higher, the new forsale market is expected to see a decline as reflected in singlefamily permitted units. However, the first quarter of 2022 saw 9,722 new permitted units. This is a 9.3% increase, beating out the previous record set in 2021 (see Figure 2). Single-family permitted units decreased 17.7% from 2021, hitting 4,055 in the first three months. Permitted multifamily units increased 44.4% from 2021,

Utah County continues to lead the state in single-family permits, approving 1,341 new units in the first quarter; however, this represents a 20.2% decrease from 2021 (see Table 2). Washington County issued 609 single-family permits, a 30.4% decline. Among cities, Eagle Mountain leads the state in single-family permits through the first quarter, permitting 321 units, a decrease of 23.0% from last year (see Table 3). St. George is second, permitting 252 single-family units, a decrease of 33.5% over the first quarter of 2021. The increase in multifamily activity is likely the result of affordability woes plaguing the market. Multifamily permitted units increased 44.4% in the first quarter of 2022 to 5,614, a record for the first three months (see Figure 3). The increase was driven 2000 2001 2002 Millions 2017 2018 2019 2020 2021 2022 Residential

Source: Ivory-Boyer

Utah County continues to lead the state in single-family permits, approving 1,341 new units in the first quarter; however, this represents a 20.2% decrease from 2021 (see Table 2). Washington County issued 609 single-family permits, a 30.4% decline. Among cities, Eagle Mountain leads the state in single-family permits through the first quarter, permitting 321 units, a decrease of 23.0% from last year (see Table 3). St. George is second, permitting 252 single-family units, a decrease of 33.5% over the first quarter of 2021.

The increase in multifamily activity is likely the result of affordability woes plaguing the market. Multifamily permitted units increased 44.4% in the first quarter of 2022 to 5,614, a record for the first three months (see Figure 3). The increase was driven

Total Nonresidential Residential

Published July

Regional MAP

SALT LAKE INT’L AIRPORT

SALT LAKE CITY

Great Salt Lake

THE BOULDERS

Salt Lake City — the urban heart of the metropolitan Wasatch Front is just a 40 minute canyon’s drive away. Other destinations on the Wasatch Back include the alpine splendor and access to endless outdoor recreation only 20 miles away in Heber Valley. The quaint mountain town of Kamas is the gateway to the Uinta Mountain Range, home to Utah’s tallest peak: King’s Peak. From Kamas, it’s all scenic driving all the time on the 56-mile Mirror Lake Highway Scenic Byway. Park City is nearby a handful of state parks, including Jordanelle State Park, a boater’s haven, and Rockport State Park. Wasatch Mountain State Park offers hiking, mountain biking, snowmobiling and skiing opportunities depending on the season.

UINTA MOUNTAINS

PARK CITY

HEBER VALLEY

Jordanelle Reservoir

PARK CITY

Wasatch Mountain State Park

THE BOULDERS

THE AREA

If skiing powder is your thing, Park City has you covered. With 426 downhill trails across 9,326 acres and numerous places to Nordic ski, there are limitless possibilities. These numbers partially explain why the U.S. Ski and Snowboard team is headquartered in Park City. Other reasons include unbeatable proximity, quality of recreational opportunities, and quality of life.

Park City Mountain is the largest ski resort in the United States, while Deer Valley is one of the country’s most popular luxury mountain resorts. Recently, development of Mayflower Mountain Resort has commenced, with the intention of opening in late 2024. In all likelihood Mayflower will be operated in conjunction with Deer Valley, greatly expanding the size of the combined resort. The Soldier Hollow Nordic Center just south of Midway once featured in the Olympic games and offers great cross-country skiing. Newest to the area is Woodward Park City, an adventure sports center with a lift of its own.

Jordanelle Reservoir