Bear Lake Resort Plan Wins Garden City Approval
- Jun 17, 2012
A $42 million resort in Garden City has secured approvals from the city council and planning commission, paving the way for development of what could be one of Bear Lake’s largest resorts, the Herald Journal of Logan reported.
Vista Realty plans to build Waters Edge Resort, a Holiday Inn brand, which would include 84 guest rooms, 70 condominium units, 40,000 square feet of retail space and a 5,000-square-foot conference area. The project could create as many as to 500 jobs during construction and after the resort’s completion.
A significant number of investors will be involved through a federal program that encourages investment from foreigners. If that investment results in certain levels of job creation and meets other criteria, the investor and his or her family are eligible to receive green cards. The Herald Journal reported that those investors have already contributed $19.5 million to the Waters Edge Resort development.
The project also underscores investor interest in Utah, a trend underscored by a recent NAIOP report concluding that the state ranked sixth in the nation last year with $3.6 billion in development investment.