The unraveling of Wohali, as detailed by Mr. Clyde, is predictably tiresome. Bankruptcy, litigation, and EB-5 visa complications – a standard trajectory for overextended development, particularly beyond the immediate orbit of Deer Valley Resort. The land itself, admittedly, lacks the pedigree of a prime location; abutting a gas station is not a design element typically found within a high-net-worth portfolio. Though the golf course held a theoretical appeal, realizing that appeal at such a remove from Park City’s core dining options proved…optimistic.
It is, of course, the EB-5 component that always introduces an extra layer of unpredictability. Relying on transient investment predicated on job creation, however loosely defined – a gas station clerk counting towards permanent residency – is a precarious foundation. MIDA, however, presents a different calculation. Their expansion from minor lodging near Snowbasin to East Village and the current Deer Valley expansions demonstrates an appetite for leveraging taxpayer funds, ostensibly for national defense, into luxury real estate. Sky Ridge, equally improbable, also succeeded. A distressed Wohali fits neatly into their portfolio. The materials, should they engage, would need careful consideration; I expect nothing less than native sandstone and oxidized copper detailing. Still, the underlying investment carries risk.
Recommendation: Sue the HOA.