Development Partner Sought for Resort Project Near Bullfrog Marina
Now through January 26, 2017, the Utah School and Institutional Trust Lands Administration (SITLA) is accepting statements of interest and qualifications from prospective partners for a resort development at the Bullfrog Marina entrance to Glen Canyon National Recreation Area in Garfield County, Utah.
Through this Request For Qualifications (RFQ), SITLA seeks a partner to develop approximately 700 acres into a resort destination including a retail village, hotel, residential area, and recreation amenities.
The 700-acre trust land site is located five miles north of Bullfrog Marina at Lake Powell where Highway 276 intersects with the Burr Trail Scenic Backway. The resort site is located within a stunning redrock landscape with expansive views and many recreational opportunities.
SITLA’s master plan concepts detail access, retail, residential, recreational, and other resort components. Prospective developers may review the concepts with particular attention to the preferred option three.
SITLA anticipates preference for a transaction in which the agency acts as a non-subordinated land partner in a development-lease structure. The selected developer would bring all capital and operate as:
a) a land developer intending to wholesale ready-to-build lots, parcels to builders;
b) a land developer-builder selling or leasing buildings to end users;
c) a land developer-builder-operator constructing and operating resort facilities; or
d) a combination of a, b and c.
The lands upon which this project will reside are held in trust for Utah’s public education system and Utah State University. Proceeds from this project will be deposited into permanent endowments benefiting both of these institutions.
For more information, please visit the SITLA Real Estate Planning and Development site.