Urgent Workforce Housing Coming to Winter Park Resort Fall 2023
Alterra Mountain Company is currently under construction on a 332-unit residential community designed specifically to accommodate the employees of Winter Park Resort and local businesses. Employee and workforce housing is extremely limited in Winter Park, with many employees required to make housing arrangements independently or through alternative housing services online in neighboring towns. The project broke ground in November 2022 and construction is anticipated to be completed by fall 2023.
D.A. Davidson’s Special District Group assisted in the structuring and negotiation of a $39.55 million syndicated loan, showcasing its ability to provide broad real estate investment banking services to its clients. The project is a critical step for Alterra Mountain Company, Winter Park, and the Winter Park Recreation Association, all of whom collaborated closely on the new residential opportunity.
“As leaders in securing sustainable financing for visionary projects across Colorado and the Intermountain West, we share in Winter Park’s vision of preserving its ‘heritage, adventurous soul and alpine environment’ and look forward to introducing a new financing solution that will help address Colorado’s housing challenges as employment opportunities in this region proliferate,” said Kyle Thomas, managing director at D.A. Davidson. “The breadth and diversity of our expanding portfolio in the Colorado market speak to our unique financing solutions and the strength of our partnerships, and we are proud of our ability to proactively meet the needs of local communities as they continue to grow.”
Alterra Mountain Company is a family of 15 iconic year-round destinations, including the world’s largest heli-ski operation and owner of Ikon Pass. Alterra Mountain Company operates Winter Park Resort, known as ‘Colorado’s Adventure Town’ and holds a celebrated history as home to the state’s longest continually operated ski destination.
Fewer than 25% of resort employees live in the Winter Park employee housing units, further validating the urgency for workforce housing. Alterra Mountain Company has made this current project a priority ahead of future plans to expand the resort’s offerings for guests.
“In our pursuit of creating a new residential community that is tailored to both the needs of our local workforce and the town of Winter Park, we’ve partnered with D.A. Davidson’s Special District Group, an innovative group of experts who have identified the most thoughtful and relevant financial solutions to support our vision,” said Sky Foulkes, president & COO of Winter Park Resort. “The employee experience is a key component of the foundation of Alterra Mountain Company, and we must provide attainable housing accommodations for our valued team members who serve as the backbone of our resort.”
The housing units will be located off U.S. Highway 40 and Winter Park Drive, providing employee residents with close-in accessibility to the resort. Designed for both seasonal and year-round workers, the new housing project will provide every resident with a lockable room with appropriate privacy or seclusion. The accommodations will not include dormitory-style sleeping arrangements and instead will offer a mix of studios and single-bedroom units that combine with communal kitchens and living spaces.
D.A. Davidson’s Special District Group in Colorado focuses on financing public infrastructure for land development through the issuance of municipal bonds. The team partners with special districts and developers to structure turnkey and tailored bond transactions to optimize the best economic outcome for clients, driving groundbreaking financial solutions with hands-on partnerships from project inception to completion.