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Luxury condo development Founders Place receives approval for third and final phase

A rendering of Founders Place phase three.
Park City Municipal
A rendering of Founders Place phase three.

A new luxury condo development next to Deer Valley’s Mountaineer Express lift is expected to open at the end of this year.

According to details shared at the Park City Planning Commission meeting Wednesday, the first phase of the development, called Founders Place, is expected to open at the end of this year with 32 units. It’s located just next to Deer Hollow Road and the Mountaineer Express lift at Deer Valley Resort.

The second phase of the project with 19 units is expected to be complete next summer.

Ongoing construction for phases one and two.
Park City Municipal
Ongoing construction for phases one and two.

The planning commission approved the first two phases of Founders Place in 2022 and on Wednesday approved the third phase. That’ll include 24 units and will be on the other side of Deer Hollow Road. The developer plans to construct a pedestrian bridge over the road to connect the entire complex.

The third phase is projected to be finished after the 2026-2027 ski season.

According to the Founders Place website, all of the units in phase one and two have been sold. Along with the market-rate units, the project will include six affordable housing units in total.

The development agreement for the property also outlines that a small portion (0.5%) of the purchase price for each condo is directed to Park City's affordable housing fund. Founders Place Project Manager Carder Lamb said they expect to generate over $5 million for the affordable housing fund by 2040.