Intrawest first phase sells out in six hours |

Intrawest first phase sells out in six hours

Intrawest Resort Development Group announced yesterday that the first phase of its development, The Village at Squaw Valley USA, First Ascent, sold out within six hours for a total of $73 million.

More than 500 people arrived at the South San Francisco Conference Center on Tuesday hoping to become owners of one of the 139 homes available. The Village at Squaw Valley USA will be built at the base of Squaw Valley and will be located within a short distance of the Funitel and Cable Car lifts. The village will be limited to a total of 600 residential units.

“For us, the sell-out of First Ascent is the beginning of the evolution that will redefine Squaw Valley,” Vice President of Intrawest Tom Jacobson said. “Squaw Valley has always been a leader in lift technology and offers some of the best terrain in North America – and now we’re able to deliver the original vision the founder of Squaw Valley, Alex Cushing, had for this incredible mountain: a resort village that promises to be the heart of excitement for Squaw Valley and the North Lake Tahoe region.”

In addition to the 139 new mountain homes, 19 carefully selected boutique shops and restaurants will be part of the new village at Squaw Valley USA.

Designed by San Francisco architect Mark Hornberger of Hornberger and Worstell, First Ascent will break ground around the beginning of June, with completion slated for December 2001. The entire Village at Squaw Valley USA includes four phases and is scheduled to be completed within the next seven years.

Intrawest is a leading developer and operator of village-centered resorts across North America. The company owns ten mountain resorts, including Whistler/Blackcomb in British Columbia, Canada.

Intrawest also owns Sandestin Golf and Beach resort in Florida, and operates a timeshare business, Club Intrawest.

The company has a significant investment in Compagnie des Alpes, the largest ski company in the world in terms of skier visits and holds a 45 percent interest in Alpine Helicopters Ltd., owner of the largest heli-skiing operation in the world.

Intrawest Corporation’s shares are listed on the New York and Toronto stock exchanges. The company is headquartered in Vancouver, British Columbia.

“The people who love Squaw Valley dreamed of the day when a world-class ski in/ski out village would complement this world class setting,” Intrawest Senior Vice President Greg Ashley said. “They imagined a time when after a day of skiing and boarding at Squaw Valley they wouldn’t have to get in their car and leave. That time has arrived with the overwhelming response to First Ascent and the beginning of development for the Village at Squaw Valley USA. This success has also accelerated our planning for Phase Two of the village.”

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