Grand Hyatt Deer Valley — the large building that looms over U.S. Route 189 across from Jordanelle State Park — is on track to open its doors to guests in November.
Extell Executive Vice President Kurt Krieg spoke about the project — and where his company will next spend its time within Utah’s Military Installation Development Authority — during Thursday morning board meeting.
“Everything at the end is always a push, but we’re working through with Wasatch County MIDA staff — so the building department, the fire department and the (Jordanelle Special Service District) — and are very appreciative of those efforts,” he said. “We have sold 100% of the project. So the 55 private residences are all contracted and will start to close in October.”
Further, he said, Extell has scheduled punch walks for September, and the first three stories of the hotel have been turned over to an operator.
“Most importantly,” Krieg said. “The military concierge and lounge is on track to being completed in October, which is a big initiative.”
The large development is the result of collaboration between Wasatch County, MIDA and private developers.
MIDA — a governmental body made up of appointed officials — exists in Utah to fulfill projects with military incentives and promote economic development. It’s been around since 2007, when it was first formed to help develop the Falcon Hill National Aerospace Research Park at Hill Airforce Base after state officials wanted to cement the military location’s importance in the eyes of the federal government.
Over a decade later, the group made an agreement with Wasatch County to declare undeveloped land near the Jordanelle a military recreation facility, a place where service members can take their families to enjoy activities at reduced prices.
Sticking with that part of their mission, 100 of Deer Valley Grand Hyatt’s 387 rooms will be available to active military service members and veterans who served for at least 20 years before their retirement.
One tool that MIDA uses to fund its development projects is tax increment financing from partnering governments. In the case of its project area near Jordanelle, MIDA has partnered with Wasatch County, Wasatch County School District and smaller taxing entities in the area.
Those entities’ tax revenue within the project area is paused; any increase is split between them and MIDA, with MIDA receiving 75% in most cases. The agreements last for 40 years.
With Grand Hyatt Deer Valley quickly approaching its opening, Krieg said the company’s construction crews are starting to look toward other hotels slated to go up in the area.