Slopeside Village Brings Workforce Housing to Park City

Just steps from the ski lifts at Canyons Village in Park City, Utah, a transformative workforce housing development is redefining what’s possible for resort-area affordability.

Slopeside Village, located within walking distance to the Cabriolet lift and Summit County transit hub, now offers affordable housing for 1,200 people in a region long strained by high housing costs and limited availability, with more to come.

The development is the result of a complex and successful public-private partnership, one that has been decades in the making. Several of Western Alliance Bank’s national specialty business platforms have contributed to its evolution.

The Elements of Successful Financing

For the project’s permanent financing, Western Alliance’s Multifamily Housing Finance Group provided credit enhancement for publicly offered bonds. The financing utilized a structure that blends public land, tax abatement and private capital. Originally outlined in a 1999 development agreement, the project came to life with support from Summit County, Columbus Pacific Development and Canyons Village Management Association (CVMA).

Summit County financed the land through a bond issuance purchased by Western Alliance’s Public and Nonprofit Finance Group. The bonds will be repaid via a special property tax assessment on Canyons Village property owners. After issuing a Request for Proposals, Summit County ultimately selected Columbus Pacific Development to design and build the housing elements of the project. Columbus Pacific Development is leasing the land from the county, pursuant to a 60-year lease. The land will convey to CVMA after the bonds are fully repaid.

“Getting to this point took time, creativity and the right partners who understand both the mission and the mechanics,” said Joan Kramer, partner of Columbus Pacific Development. “When our previous lender opted to step away once the transaction stabilized, Western Alliance Bank stepped in quickly and confidently. We always knew what the Western Alliance team could deliver. They were focused, realistic and responsive.”

James Kilpatrick, real estate development manager of Columbus Pacific Development, agreed that Western Alliance’s commitment and innovation were key to completing the project. “Western Alliance made it easy to get what we need, when we needed it, and we didn’t have to keep re-explaining the value proposition. They got it from the start.”

A Groundbreaking Approach to Workforce Housing

The first phase of Slopeside Village includes seven buildings configured with a variety of co-living arrangements ranging from more private units to dorm-like, 12-person units designed to foster social connection. Utilities, furnishings, amenities and housekeeping are included. There is on-site ski and bike storage, a fitness center, fully stocked kitchens and even a community fridge where local restaurants and groceries can drop off leftover food for residents to enjoy. The buildings meet National Green Building Standards, featuring solar panels and thoughtful design elements such as glass-walled, sun-flooded stairwells and laundry rooms that support a healthy lifestyle.

All units are reserved for residents with incomes at or below 80% of the area median income. Area employers including resort hotels, on mountain operations and municipal services have signed long-term master leases for 85% of the units. This approach stabilizes occupancy while ensuring flexibility to accommodate both seasonal and full-time staff. The remaining units are available for lease, with terms ranging from six months to one year.

“Having access to this convenient, flexible, affordable housing solution has eased our ability to secure and retain our workforce,” said John Willman, Chief Financial Officer of Westgate Resorts, a client of Western Alliance’s Resort Finance Group. “We are leasing a number of these workforce housing units, which benefits our workers, our company, our customers and the community.”

A second phase, slated to open in 2026, will deliver two additional buildings and a parking structure. Known as Skyview Residences, the development will add 149 market-rate, studio, one- and two-bedroom apartments for families and year-round staff.

“Having open lines of communication with a bank and a team you enjoy is important, especially considering that projects can involve a lot of time, challenges and late nights,” Kramer said. “It’s powerful to work with a bank that has a strong understanding of what they can and can’t get done. The Western Alliance team is smart, they know what they’re doing, and they’re good at it.”