May 19, 2016
ValueRock Realty Partners, headquartered in Irvine, CA, has obtained approvals to proceed on the 87-acre Deer Cove mixed-use development. The project, adjacent to Park City, UT, will include residential, hotel, retail and open space in a master-planned community.
ValueRock has also executed a Memorandum of Understanding with the Military Instillation Development Authority, for tax increment financing to cover much of the infrastructure costs. Since ValueRock acquired the infill parcel adjacent to U.S. Route 40 in 2001, it has invested approximately $20 million in planning, engineering and infrastructure fees.
According to ValueRock COO Paul Quintiliani, the company has retained Bergstrom Capital Advisors Inc. for assistance in finding a joint venture development partner.