We in the Mamoth real estate community learned about this about two weeks ago, but this article just showed up today on Business Wire:
"Cypress Equities Acquires Hillside Property at Mammoth Lakes
DALLAS--(BUSINESS WIRE)--Cypress Equities, an affiliate of The Staubach Company, announced today they have acquired the “Hillside” property at the intersection of Lake Mary Road and Canyon Boulevard in Mammoth Lakes, Calif. Cypress Equities is currently working on a management agreement with a Five-star Hotel Operator for private, ultra-luxury residences featuring the finest in hotel amenities.
Chris Maguire, CEO of Cypress Equities, said, “We know Mammoth Lakes is not a secret - the mountain and the surrounding area makes for a phenomenal year-round resort. We also know that the real estate here in Mammoth is undervalued, so we plan on making this the ultimate destination for those who are seeking a luxurious and serene lifestyle with excellent skiing, biking, fishing and hiking.”
Currently, the “Hillside” property floor plans, sizes, amenities and services are in the design and review phase and the complete project consultant team is being assembled. A marketing campaign is expected to launch later this fall.
More information regarding the new Mammoth development will be released when the Hotel agreement is completed.
About Cypress Equities
Cypress Equities was formed in 1995 as the development affiliate of The Staubach Company. With seven development offices in Dallas, Atlanta, New York, Phoenix, San Francisco, Fort Lauderdale and Nassau, Bahamas, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sale-leasebacks and other development services for retail, automotive, hotel and resort property. Cypress Equities is currently developing over $3 billion in projects across the country. "
Cypress Equities was formed in 1995 as the development affiliate of The Staubach Company. With seven development offices in Dallas, Atlanta, New York, Phoenix, San Francisco, Fort Lauderdale and Nassau, Bahamas, it is an independent company with a dedicated staff that focuses on portfolio acquisitions, build-to-suits, project development, sale-leasebacks and other development services for retail, automotive, hotel and resort property. Cypress Equities is currently developing over $3 billion in projects across the country. "
We like to hear the part about Mammoth real estate being undervalued, but be wary of this as a marketing ploy to try and hype up Mammoth to justify the price they just paid for the land. Hope they researched our town's development impact fees and housing mitigation ordinance.
Here is a Google Earth image of the approx. 6.5 acre parcel that Cypress Equities has purchased for an unconfirmed $53,000,000:
The parcel is adjacent to the Westin "Monache" and across the street from the Village gondola.
And yes, Cypress Equities is an affiliate of The Staubach Company... as in Roger Staubach (http://www.staubach.com/). I'm pretty happy to own a rental condo right across the street at Hidden Valley, hoping that values can only rise with this news. And while the construction right at our condo entrance should put a damper on things for a few years, there is talk of putting in a traffic circle nearby at Lake Mary Rd and Canyon Blvd.
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