Silver Pines Resort Development
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Silver Pines Resort Development 144 Acres Kellogg, Idaho © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 1 Executive Overview Property • 144 Acres • 1200 approved residences • Casino approval Spokane, Washington Silver Mountain Gondola County Airport 60 minutes 3 minutes 10 minutes Te Property Te property is located in Kellogg, Idaho, home to Silver Mountain Resort, the skiing capitol of Northern Idaho. Several destination attractions have been built in the area including Idaho’s largest water park, the world’s longest gondola, and a 700-acre golf course with its adjacent residential development. Local elected ofcials are highly supportive of development projects that enhance the surrounding area and revitalize the local business community. Tey have provided assistance with the infrastructure needed to meet the increased demands placed on municipal services by a successful mountain resort. Te City of Kellogg continues to be supportive of its transformation from a mineral based economy to an outdoor recreational economy. Kellogg enjoys notoriety for its year round recreational activities much to the marketing and development eforts of companies such as JELD-WEN Corporation, who has invested millions of dollars in Kellogg and its surrounding communities. © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 2 Te Setting Perfectly situated on a prime location overlooking Kellogg, Id, it ofers year round activities for the entire family including a golf course, ski resort, water park, the longest Gondola ride in the world and miles of mountain trails in beautiful Forest Service land. With easy access to Spokane, a municipal airport and just of Interstate 90, a major travel artery in the region. Historical OverviewSki Resort Kellogg is located in Shoshone County. Tis county was established in 1864. It received its nickname Silver Valley in 1880 after the discovery of the Bunker Hill mother lode and other large silver deposits, making it the largest silver mining center in the country at the time. From 1880 to 1982, vast deposits of silver, gold, lead and zinc were discovered and mined. In 1968 a group of locals formed a public corporation and sold shares of stock to fund their new ski area, Jackass Ski Bowl. It was known for its exceptional terrain and legendary powder skiing. In the mid 1970s, the Bunker Hill Mining Company took over the operations and renamed it, Silverhorn. In 1987, Congress approved funding of $6.4 million to assist in the construction of the world’s longest Gondola. It originates in downtown Kellogg and ends 3.1 miles later at the Silver Mountain Ski Resort. Te Silver Mountain Propertygondola ride takes 19 minutes and travels 3,400 vertical feet along its journey. Golf Course In 2004, JELD-WEN Corporation purchased the Silverhorn Ski Area and renamed it the Silver Mountain Ski Resort. It joined forces with a Waterparknumber of& Gondolasmaller local developers and they developed, among other things, Silver Rapids, Idaho’s largest $20,000,000 indoor/outdoor water park and the 700 acre Galena Ridge Golf Community in nearby Smelterville. Tey continue to invest heavily in the area. In 2008, the New York Times declared Kellogg one of the up and coming outdoor recreational areas in the country. It relayed the story of a couple that chose to buy in Kellogg after looking at other upscale ski areas such as Jackson Hole, Wyoming, Bend, Oregon and Sun Valley, Idaho. Silver Mountain boasts an annual snowfall of 300 inches of world-class powder. It ofers skiing over two mountains, 1600 acres of terrain, 2200 vertical feet, 73 named trails, plus extensive glade and of-piste skiing. In addition to skiing, the area ofers stunning trails, which stretch across Idaho’s panhandle and into Western Montana, that are used for snowmobiling in the winter and mountain biking in the summer. (http://www.nytimes.com/2008/01/18/travel/escapes/18havens.html?pagewanted=all&_r=0) Kellogg is now established as a premier year-round resort destination for individuals and families. © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 3 Property Specifcs Te property is ideally situated between the city of Kellogg and Ski Resort the stunning mountain vistas of the Kellogg and Wardner Peaks. At the foothills of the city, the development provides incredible valley and canyon views. Its accessibility to the city and the interstate in conjunction with the current approvals allow for great Upper Area fexibility for development plans and design. Te property consists of an upper and a lower area. Te primary development area is located within the upper area, which is comprised of relatively fat Lower Area terrain. Tis greatly simplifes the South View development, planning, and construction. Because of its ideal placement at the foothills of the mountain, Property the Property can be seen for miles around. More than 5,000 visitors a week use the Silver Mountain Gondola. Tey ride directly over the Property on their journey from the village of Kellogg to the ski resort. Te gondola is considered an enhancement to the Property. Tere have been negotiations Waterpark for a future gondola stop on the Property, allowing for direct access to the ski resort from the Property. © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 4 Te Opportunity As a testament to the appeal of this region and its attractiveness as a recreational destination, there are several resort properties within a 200-mile radius. Te population of the surrounding areas and the desirability of the recreational setting and amenities has made this a popular enough area to thrive as a resort destination. Unlike the Property, none of these other recreational areas or ski resorts have the prospect of onsite Casino gaming which only adds to the value of the property and its development potential. Te market for resort properties has been heating up in recent months. Several resort areas have sold since January of 2012. Among these sales is a resort in Maryland which sold for $32 Silver Mountain Trail Map million. Te property itself was under contract to a buyer for $55 million back in 2007-2008. Since then, additional investment has been made securing city approvals for the development plan currently in place. © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 5 Local Competition Additionally, within the local area, there is no comparable for an exclusive development with single and multi-family homes with close proximity to the ski slopes. P e r h a p s t h e b i g g e s t potential local competitor is the Morning Star Lodge, located on the west edge of Kellogg, near the base of the gondola station on Bunker Ave. It has been built in the style of an Alpine Resort. Rather than competition however, this 3-star resort village theme could work synergistically by creating interest and drawing potential buyers from the village in town up onto the mountain. Indoor/Outdoor Waterpark Morning Star Lodge Gondola Base Village Store Retail/Residential © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 6 Summary In summary, the Property ofers a beautiful alpine setting in an afordable year round recreational area. During a time where many of the well known ski resort areas in Utah and Colorado are unafordable for many people, Silver Pines in Kellogg, Idaho ofers an accessible alternative. Silver Pines Phase 1 - View from cabins to valley Kellogg, Idaho © 2012 Creekside Funding, LLC ! Chris Haertel 801-298-9400 Page 7.