Promontory Development Growing, Gaining More Full-Time Residents
New homes, a third golf course and activity buildings are on the horizon for Promontory, a residential community east of Park City in Summit County.
Since 2001, there have been 700 homes built in the Promontory development. 165 more are either under construction or awaiting design approval.
Yesterday, owner Francis Najafi announced he’s adding new facilities for golf, swimming and tennis, as well as a human-made fishing stream.
Najafi said the new buildings and recreation areas are some of the final elements of his plans for the community and reflect his vision to “change the culture of private country clubs.”
His goals include an adventure center with climbing walls, areas for running and fitness, and vertical farms to provide vegetables to the restaurants on site.
“It will add significantly again, not only in terms of diversity of activities and uniqueness, but it will continue that differentiation in excitement and experiences,” Najafi said.
In compliance with its original development agreement, Promontory has also built nine units for employees to move into this summer. 28 more are required by 2026.
Najafi said robust finances fueled by the real estate boom are making the expansion possible. Promontory representatives said that in 2020, the development brought in $466 million in real estate revenue, and it’s generated $332 million in revenue this year.
Its original development agreement placed limits on how many homeowners could live there year-round. General manager Kelli Brown said Thursday that Promontory development limits are tied to real estate values, and there is no current limit on how many homeowners can be full-time residents.
According to Najafi and Brown, the COVID-19 pandemic is part of the reason for spiking demand.
“We’re seeing an influx of people from all over the country, really. With the pandemic, obviously, a lot of people that were living in urban cities made a decision to come to wide-open spaces and enjoy all that Park City has to offer,” Brown said.
Najari also told residents his goal is to turn ownership over to homeowners and members within five to 10 years.