Erik Schlopy sits down with John and Jason Travis of Travis Partners Utah, our office neighbors at Berkshire Hathaway HomeServices, to talk about the Park City commercial market, East Village, Indi Ridge at Tuhaye, and 50 years of Western New York ski roots.
Three Park City real estate veterans, one office hallway, and a shared hometown 2,000 miles away. Erik Schlopy sat down with John and Jason Travis of Travis Partners Utah, the commercial real estate specialists who share our Berkshire Hathaway HomeServices office off Park Avenue, to talk about where the Park City commercial market is heading, the 250,000 square feet of retail rising at Deer Valley's East Village, their Indi Ridge project at Tuhaye, and why all three of them still root for Western New York.
Fifty years of ski racing, starting in Western New York
The Schlopy and Travis families go back further than Park City. Almost 50 years ago, John Travis came to Western New York fresh out of college to coach ski racing at Glenwood Acres, the small hill that was renamed Kissing Bridge around 1974. That is where he met Erik's parents, Marny and Kent Schlopy, and where he coached Erik's cousin. Jason Travis and Erik, both toddlers at the time, grew up racing gates together under the lights.
"I grew up skiing, as I like to say, in the dark," Erik says. "It was under the lights, but the technology wasn't that awesome. Usually just enough to see the gates and a little bit of the snow. It was great for our skiing."
Jason moved to Park City in 1988, coming up on 40 years. John followed in 1998. Erik has been here close to 30. Between the three of them, that is nearly a century of living and working in the Wasatch Back.
What the Park City commercial market is doing right now
Ask the Travises how the commercial market feels today and the answer is simple: busy. That was not the case six or eight weeks ago.
"It's interesting how things change on the drop of a dime," Jason says. "With kids going back to school, people get out of that summer mindset and start thinking about their business. That's the difference with commercial. It's a non-emotional business decision, as opposed to residential."
Travis Partners covers Park City and the wider Wasatch Back, including Heber and Kamas. The fundamentals are the same ones we talk about on the residential side, only tighter. Park City is a place people want to be, and there is very little commercial space. Limited supply plus strong demand means it is not a cheap place to buy a building, but it is a great place to run a business if you can make the numbers work.
Who is looking? Right now: Crate & Barrel, Restoration Hardware, and a new Starbucks in the works.
East Village: 250,000 square feet of retail on US-40
The biggest push in the market is retail at East Village, the new Deer Valley base on US-40 heading toward Heber and the Jordanelle. About 250,000 square feet of retail is planned, and John expects it to be more high-end than anything else in Utah. The developer brought in a national sales and marketing team, not a local one, specifically to recruit national tenants.
"I drive past it every day," Erik says. "The cranes and the skeletons of the buildings. It's incredible."
Video Courtesy of Maven Park City
Indi Ridge at Tuhaye: 37 homesites, spec homes starting soon
Travis Partners also develops. Their current project is Indi Ridge, a 37-home community inside Tuhaye, the Talisker Club golf community above the Jordanelle Reservoir. They started with raw land, and within the next month or so they expect to break ground on seven spec homes.
For anyone who does not know Tuhaye: it is a private golf course community with lake views, about 15 minutes from Deer Valley skiing, with a shuttle. Membership includes the Talisker Tower at Deer Valley with ski valet, a fitness center, spa, and dining. "Not only can you get there easily," Erik says, "once you're there, you're comfortable."
What residential agents get wrong about commercial
Erik is licensed for commercial work, but when a Schlopy client asks about commercial property, the referral goes across the hall. We asked John and Jason what residential agents tend to misunderstand.
Jason's answer: emotion. Buying a home or a second home is about lifestyle and where you want to be. Commercial is a numbers decision. You evaluate a building on revenue and how a business fits the space. If the numbers do not work, you keep moving, no matter how much you like the building.
John's answer: market knowledge. "If a residential person calls and says they have a tenant or a prospect, the biggest challenge is they don't know the market. Just like I don't know the residential market. I would never try to sell a house." Commercial means knowing current rents, recent sales, tenant mix, and lease terms. For an investment property, there is a lot to think about.
Jason also points out a pattern in ski towns: homes go in first, and the commercial that supports those residents comes later, even though the counties depend on commercial revenue. With the amount of housing going in around the Jordanelle and Deer Valley East, the region has to think about where the grocery stores, fitness clubs, and retail should sit so that everyone is not driving into Park City for the same errands.
As Erik puts it, pricing a home is a blend of art and science. Commercial is a lot more science.
Why they are still here after nearly 40 years
Jason: "It always started with the skiing, but now we have some of the best mountain biking in the country. I've been all over the place, and it is world class here. Skiing is still awesome, but the warmer months and even the shoulder seasons are the best time of year."
John: Park City has changed a lot, and gated communities did not exist when he arrived. Being a member at Tuhaye has brought back the feeling of the early days, when you could drive into the lot, park, and walk straight to the lift.
And for the record: it is wings and beef on weck at the next taping, the Bills game is still on at Erik's house, and Jason is a Packers fan, which he admits does not go over well in this office.
Working with the Schlopy Team and Travis Partners
The Schlopy Real Estate Team handles residential buying and selling across Park City, Deer Valley, the Snyderville Basin, the Heber Valley, and the Kamas Valley. Travis Partners Utah handles commercial sales, leasing, and development in the same markets. Both teams work from the Berkshire Hathaway HomeServices Utah Properties office at 2200 Park Ave, Bldg B, Park City, UT 84060. If you need one or the other, call us at (435) 640-5660 and we will make the introduction.
Frequently asked questions
Where is Deer Valley's East Village?
On US-40 between Park City and Heber, near the Jordanelle Reservoir. It is the new eastern base of Deer Valley Resort and includes roughly 250,000 square feet of planned retail.
What is Indi Ridge?
A 37-home community being developed by Travis Partners inside Tuhaye, the Talisker Club golf community above the Jordanelle. Seven spec homes are scheduled to start construction in the coming month.
How far is Tuhaye from skiing?
About 15 minutes to Deer Valley, with a club shuttle and ski valet at the Talisker Tower.
Does the Schlopy Team handle commercial real estate?
Erik Schlopy is licensed for commercial transactions, but the team refers commercial clients to Travis Partners Utah, the commercial specialists who share our office.
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