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Focus Turns to Sales for Mountain Retreat Project

LAS VEGAS-With infrastructure work complete and its Vegas sales center now open, developer Michael Jabara is confident presales will allow vertical construction to begin next spring.

By Brian K. Miller | Updated on November 28, 2007

LAS VEGAS-The infrastructure work is complete. The pads are ready. The sales centers are open. The only thing standing between Michael Jabara and his 454-unit condominium development in the ski resort town of Brian Head in southwestern Utah is a construction loan, and now that the snow is falling, Jabara tells GlobeSt.com that sales are starting to pick up.

The pre-construction work was funded with a loan from Salt Lake City-based MagnetBank. Jabara says several lenders have expressed interest in funding the construction loan. The pre-sale requirement for the construction loan likely will be 50%, a goal Jabara expects to achieve in early 2008. That would allow the first phase of construction–84 condominium units and six townhomes–to get under way that spring. While he wouldn’t reveal the total development cost, Jabara says the pro forma gross sell-out price for all 454 units is approximately $300 million.

“We’ve had a number of buyers sign contracts,” Jabara says. “It was slow through the summer but as the weather got colder and people started thinking about winter sales have picked up and are reaching a level we are very happy with.”

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