‘
“Unique Development Opportunity within Mammoth Lake’s North Village Specific Plan”
For more information on this property
www.TrademarkMammoth.com:
Matthew Lehman
760 934-1110
[email protected]
1
Matthew Lehman Real Estate Disclaimer. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include
projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own
investigation of the property and transaction. Any information important to you should be verified through sources in which you feel confident.
“The Berner Property”
Contents
Presented by
Matthew Lehman Real Estate
Matthew Lehman
760 934-1110
[email protected]
Mammoth Lakes Office
1949 Sierra Park Road
2nd Floor
Mammoth Lakes, CA 93546
Executive Summary / Investment Highlights
Village Map
3
4
Property Description
Specialty Lodging Zoning
Building Heights & Setbacks
Summary of Comparable Sales
5
6
7
8
Mammoth Real Estate Market
Location Overview
Mammoth Yosemite Airport
Mammoth Lakes Tourism
10
12
14
15
More Information Available at:
www.MatthewLehmanRealEstate.com
2
Executive Summary – Berner Property
The Berner Property is a 2.1 Acre parcel improved with mixed commercial
and idustrial uses; providing intirm income to this development site. This
property is one of the last available quality building opportunites in the
Mammoth pedestrian village.
Price:
$2,900,000
Acres
Price Per Acre (Land)
Units Per Acre (Specialty Lodging Zoning)
Maximum Coverage %
Height Limitations
2.1 Acres
$1,380,952
48
60%
50 Feet
Neighboring the proposed “North Hotel” site and the Village Gondola, the
Property is currently zoned and entitled under the North Village Specific
Plan at 48 rooms per acre. In 2010 a conditional use permit and vesting
tentative tract map for a 101 room / 28 unit project was approved by the
Town Planning Commission. This concept allowed for the units to be wholly
or fractionally owned.
Investment Highlights

One of the few remaining quality development sites in Mammoth’s North
Village Specific Plan - approved for 101 rooms/28 units in 2010

Specialty lodging zoning allows for whole ownership residential,
fractional and hotel product as well as supporting uses

Adjacent to the “North Hotel” site and only steps from the Village
Gondola. Approved with 101 room/28 unit tentative tract map with
conditional approvals

Mammoth Mountain continually has some of the highest average snowfall
of any ski resort in the continental United States

Five (5) hour drive to approximately 23 million residents

Commercial Air Service to Mammoth Lakes is continuing to expand, with
winter air service to San Francisco, San Diego, Las Vegas and Denver.
Year round air service to Los Angeles

Through a Tourism Business Incentive District (TBID), Mammoth Lakes
Tourism (MLT) has increased the marketing budget for Mammoth Lakes
from $2,300,000 to nearly $7,000,000 starting in 2014
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Berner Property Location
4
Property Description
The property is improved with several older buildings that include light
industrial storage, office and a single family residence. The property generates
approximately $75,000 in annual interim revenue, but the highest and best use
lies within the property’s future development potential.
The Berner Property is generally level, with the exception of the northern
most portion of the parcel, which slopes upward to Forest Trail. This portion
of the property provides excellent views of Mammoth Mountain. Legal
description: por. NE ¼, NW ¼, SEC. 34, T3S, R27E, MDB&M, as per map
recorded in Book 33, Pages 44 of Maps, in the office of the county recorded
of said county. The assessor’s parcel number is 33-041-11.
The North Village Specific Plan
The North Village Specific Plan is situated in the northwest portion of the
Town of Mammoth Lakes (see Exhibit) and consists of 41 separate parcels
totaling approximately 64 acres. Since the Specific Plan was adopted in 1991
some consolidation of ownership has occurred, but the majority of land
remains under multiple ownerships. The North Village Specific Plan is
located adjacent to Main Street, Lake Mary Road and Minaret Road.
The primary purpose of the North Village Specific Plan is to provide new land
use guidelines and development standards for the North Village area which
will enable the development of a cohesive, pedestrian-oriented resort activity
node, with supporting facilities, to create a year-round focus for visitor
activity in the Town of Mammoth Lakes. The North Village Specific Plan
provides a mechanism for directing and focusing development in the project
area and will contribute to the overall goal of positioning Mammoth Lakes as
a year-round destination resort community.
The Pedestrian Core area is intended to be a mixed-use village with
commercial uses on the ground level and accommodation units on upper
floors. The scale of the individual ground level shops will vary. The village
commercial center is designed as a clustering of individual buildings.
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

Zoning- Specialty Lodging (SP)
The Berner Property is currently zoned Specialty Lodging (SL) under the
North Village Specific Plan’s most recent revision of January 2005. This
designation has been provided for parcels located on the periphery of the
North Village Specific Plan which are physically separated by topography
and integrated access from the Pedestrian Core Overlay area. Often these
parcels are adjacent to existing residential developments zoned RMF-2
(Residential Multiple Family-2) or RSF (Residential Single Family).
Although some flexibility through the use permit process may be provided,
this designation promotes land uses such as lodges, bed and breakfast
establishments, resort condominiums, European-style inns, employee
housing, various residential uses, and public facilities. Twenty-three parcels
totaling 25.85 acres have been designated under this category. Specialty
lodging criteria is described as:



To provide a transition
between North Village’s
resort orientation and
surrounding residential
development
To encourage development
of employee housing and
supporting residential
facilities
To lower development
intensities for parcels
located away from the Plaza
Resort district and avoid
strip commercial
development patterns
Specialty Lodging - 48 rooms per acre
Density bonuses for the inclusion of affordable housing shall be in
accordance with the provisions of the Municipal Code.
Note: For density calculation purposes the conversions shall apply
throughout North Village Specific Plan. One (1) room equals the following:



1 hotel room.
1 bedroom, loft or other sleeping area in a residential use.
450 square feet of commercial.
Site Coverage
Maximum site coverage including all buildings, paved site work or otherwise
developed impervious surfaces for Specialty Lodging is 60%. The Berner
Property conceptual plan meets coverage requirements.
Building Area
The maximum building floor area for all developments is 75,000 square feet
for the Specialty Lodging district per acre (excluding structured parking).
All developments must also conform to the site coverage and building height
requirements.
Aerial of the Berner Property
Density
Maximum density for parcels within specialty lodging land use district shall
be as follows:
Village at Mammoth
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Building Heights
Specialty Lodging height restrictions allow for a maximum projected height
of 50 feet. Building projections above the permitted height may be allowed,
provided that a roughly equivalent reduction in the building footprint area
above the height is provided below the permitted height and no more than
50% of the building square footage exceeds the permitted height. All
buildings shall be measured to the building roof ridgeline of any section of
roof. Roof appurtenances may project above the Projected Height up to 3 feet
subject to Planning Commission approval.
In Specialty Lodging areas when a substantial number of affordable housing
units is provided within a proposed development, a one floor increase
(maximum 12 feet in height and equivalent in area to the number of affordable
units provided) in building height may be permitted if all other development
standards are met (particularly in relation to shading, solar access and view
corridors), subject to the approval of the Planning Commission. A single
tower feature on the plaza on both the west and east side of the Pedestrian
Core may exceed the maximum projected height and shall not be required to
be balanced by a roughly equivalent reduction in building height, subject to
the approval through the Design Review process.
Village Plaza
Building Setbacks
Setbacks shall be measured from street rights-of-way and from Specific Plan
boundaries. For the purpose of measuring setbacks, building heights shall be
determined at the intersection of the building with a vertical plane established
by the setback line.
BUILDING SETBACKS FROM ROADWAYS AND SPECIFIC PLAN
BOUNDARIES
Building Height
Forest Trail Street
Spec. Plan Boundaries
Berner Street
0-24’
10’
10’
10’
25-34’
20’
10’
10’
35-54’
30’
20’
20’
55’+
40’
40’
40’
Village Gondola
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SUMMARY OF COMPARABLE PROPERTIES
Below is a summary of larger development properties either listed for sale, under contract for purchase or recently sold. Because the Berner
Property is located in a key development area it is important to look at other significant development parcels in order to best determine market
attitudes. These listings represent nearly all of the development properties contributing to the current market.
Comparable Data
Property
Village at Mammoth (East)
Woodsite
Solstice II
Sierra Star Master Plan
Shady Rest Master Plan
Canyon Parcel
Status
Pending to close Dec. 2014
Active Listing
Sold
Pending to Close 2015
Pending to Close 2015
Pending to close 2014
Price
Est. $7,000,000
$5,900,000
$1,250,000
EST. $25 MM
$5-$7MM
Est. $1,250,000
Size (Acres)
5.34
4.04
2.45
28.65
24.8
1.67
Price/Ac.
$1,310,861
$1,460,396
$510,204
$872,600
$748,503
Price/Foot
30
34
12
20
6
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The Village at Mammoth East – is a clustering of parcels located directly west of the Berner
Property. These properties are reported to be under contract for $7,000,000 and consist of a total 5.34
acres of land. This equates to $1,310,861 per acre or $30 per square foot. The Village East property
does have a slightly different permitted use within the North Village Specific Plan, allowing up to 80
units per acre, with a focus on ground floor retail. The property’s frontage along Minaret Road offers
greater exposure to pedestrian and automobile traffic.
The Woodsite Property – is a 4.04 acre parcel of land currently listed for sale with an asking price of
$5,900,000, or $1,460,396 per acre. This parcel is located within the North Village Specific Plan and
has land use designation the same as the Berner property. The “Woodsite” is considered to have a
similar location in that it is a perimeter property within the North Village. The Woodsite fronts the
Sierra Star Golf Course and is a short walk to the Village at Mammoth.
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The Solstice II Property – This parcel is located just south of the North Village Specific Plan and
was purchased for the purpose of building 8 single family homes. Although 8 homes were
constructed on the property in 2014, the property was originally entitled for the construction of
condominiums. This property closed escrow on 4/26/2013 at a price of $1,250,000, or $510,204 per
acre. The location is golf course frontage and outside the North Village Specific Plan.
Sierra Star Master Plan - Along the edges of the Sierra Star Golf Course exist 28.65 acres of
undeveloped land, entitled for development into approximately 700 units of mixed residential, hotel
and commercial uses. This acreage is considered just under prime for Mammoth Lakes. The entire
Master Plan is currently under contract for approximately $25,000,000, or $872,600 per acre.
The Shady Rest Master Plan – is approximately 25 acres in size and is a single vacant parcel in the
center of town. This property is somewhat of a key property for the Town of Mammoth Lakes as it
is presently zoned for 172 units of deed restricted affordable housing. The Shady Rest Master Plan
does not currently allow market rate residential and only permits very limited commercial relating to
workforce housing. Because of this Affordable Housing overlay, the conventional uses of the
property are substantially diminished.
The Canyon Parcel – is a 1.67 acre parcel of development land located across the street from the
Canyon Ski Lodge at Mammoth Mountain Ski Area. This parcel is smaller than many of the other
development parcels in the active market, but it does has a good location with access to skiing,
snowboarding and mountain biking. The most likely use for this property will be a cluster of homes,
townhomes or a small condominium project. The allowable density uses of this project is
significantly inferior in comparison to Berner Property
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Mammoth Lakes Real Estate Market
The Mammoth Lakes real estate market is divided among three sectors, traditional residential, resort or luxury residential (hotel, condotel, or upscale
condominium), and commercial (Old Mammoth Road and Main Street with some “amenity” commercial within the Village area).
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
#Sales
117
107
129
55
41
44
60
70
72
87
83
69
Average Price
$688,858
$923,040
$1,055,961
$1,091,874
$1,078,709
$1,093,502
$827,788
$885,442
$671,627
$677,612
$816,326
$812,835
Median Price
$580,500
$745,000
$825,000
$895,000
$900,000
$829,500
$667,250
$641,190
$560,000
$598,611
$600,000
$661,000
Avg.
% change
DOM
146
140
127
165
159
167
180
164
169
215
172
168
Median Price
28.34%
10.74%
8.48%
0.56%
-7.83%
-19.56%
-3.91%
-12.66%
6.89%
.23%
10.17%
Single Family Homes
Statistics for the third quarter of 2014 are remaining consistent with the 2nd quarter; median sale prices are trending 10.17% higher than 2013
as of September 30th, 2014. Mobile homes and Forest Service leases have been excluded from these data sets as they do not include land in
their valuations and they are not fee simple ownership.
Single Family Homes Median Price
$1,000,000
$800,000
$600,000
$400,000
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
$0
2014…
$200,000
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Condominium Market
The condominium pricing for YTD-2014 is revealing increases of 15.5% over 2013. When double digit increases were observed during the
first quarter, it was thought perhaps the limited data or seasonal gains may have been indicating unusually high results. As of September 30th,
2014 there were 193 condominium sales; averaging about 20 per month. The most recent model for new development has been a
hotel/condo, with ground floor commercial.
Year
# Sales
Avg. Price
Median Price
Avg. DOM
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014 YTD
609
491
619
374
278
206
295
375
306
298
342
193
$406,058
$514,427
$600,693
$661,703
$651,157
$555,530
$387,292
$350,657
$300,799
$294,415
$318,703
$354,440
$351,000
$449,900
$530,000
$560,000
$540,700
$475,000
$325,000
$280,000
$242,000
$244,500
$264,000
$305,000
127
96
166
97
100
148
162
155
98
180
156
155
% Chg. in
Median Price
Condo Median Price
$600,000
28.18%
17.80%
5.66%
-3.45%
-12.15%
-31.58%
-13.85%
-13.57%
1.03%
7.98%
15.53%
$500,000
$400,000
$300,000
$200,000
$100,000
$0
The chart above and to the right provides an interpretation of the table above (left). This graph reflects the entire condominium market in
Mammoth Lakes. It’s important to understand sub-markets within the condominium market perform differently. As of September 30th, 2014,
median condominium pricing is trending 15.53% over 2013; this is the same as the previous quarter.
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Location Overview
The Berner Property is located in the Town of Mammoth Lakes, County of
Mono in the State of California. The Town of Mammoth Lakes is known as
the gateway to the Eastern Sierras and for its most famous winter attraction,
the Mammoth Mountain Ski Area (MMSA). Mammoth is located in the heart
of California's Sierra Nevada mountain range, approximately 300 miles north
of Los Angeles, 164 miles south of Reno, Nevada and only 40 minutes from
Yosemite National Park's eastern entrance.
Mono County
Mono County was created by a Legislature Act on April 21, 1861, and was
the first of the mining counties to be organized on the eastern slope of the
Sierra Nevada Mountains in the state of California. The county seat is in the
town of Bridgeport, where most of the county offices are located in the
historic courthouse built in 1880. The remaining County offices and courts
are located in Mammoth Lakes, Ca.
Located in the eastern-central section of California, Mono County is 108
miles in length, reaching from the Alpine County border to the north to the
Inyo County border to the south. The County’s width is 38 miles from the
crest of the mighty Sierras to the Nevada state line to the east. Its land area is
3,030 square miles, 80% of which is federally owned. Much of this land is
contained in the Inyo and Toiyabe National Forests. The summer and fall
visitors enjoy many activities such as fishing, hunting, camping, hiking and
some of the most spectacular scenery found in the Sierra Nevada Mountains.
Winter visitors engage in skiing, snowmobiling and other various winter sports
at two of the finest winter skiing areas in the country (Mammoth and June Ski
Mountains).
These extraordinary mountain boundaries offer precipitous canyons, broad
valleys, many crystal clear lakes of glacial formation and a unique sage brush
covered semi-desert land. The Sierra Nevada boundary is dominated by three
towering peaks (Mt. Dana, Mt. Lyell and Castle Peak) which rise to an
elevation exceeding 13,000 feet. The county’s drainage is realized by the
East and West Walker rivers to the north,
the Owens River to the south and many
innumerable Sierra streams.
Mono Lake, "The Dead Sea of Mono" aptly
called by poets and writers alike, "Mono's
Mountains of the Moon", is vividly
described in the famous book "Roughing
It" by Mark Twain. The lake is a
fascinating and unusual body of water lying
at the beginning of a chain of 21 extinct
volcanic cones. The lake nestles in a basin
created by massive volcanic action.
Extensive thermal activity still exists in the
areas surrounding the lake. The lake has two
islands, Negit and Paoha, both that were formed by ancient volcanic action.
Mono Lake and the surrounding areas are famous for its water fowl
population and thousands of seagulls that use the locality for one of the
largest rookeries in the west. Mono County is attracting an increasingly large
number of permanent residents who recognize its healthful and pleasant
advantages. Mono Lake is known as the eastern gateway to Yosemite
National Park. Over the famed Tioga Pass leading from the Mono Lake area
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to the famous Yosemite Valley floor which offers some of the most
spectacular scenery found in the United States.
massive snowfalls, combined with typical California sunshine, create a unique
mountain environment.
Mammoth Lakes, California
The Town of Mammoth Lakes ("Mammoth"), home to Mammoth Mountain
Ski Area ("MMSA"), is located in the heart of California's majestic Sierra
Nevada mountain range. Mammoth's unique location makes it a natural
gateway to the Sierras, including Yosemite National Park ("Yosemite"),
Devil's Postpile National Monument, Bristlecone National Forest, Mt.
Whitney (the highest point in the continental United States), and Death Valley
(the lowest point in the continental United States).
Mammoth is bordered by Forest Service land on all sides and with boundaries
of the town effectively set and not likely to experience substantial, if any
change. These set boundaries limit the availability of new real estate and
firmly affect the town real estate market to the principals of supply and
demand. MMSA, located within the town of Mammoth Lakes, is the major
winter tourist attraction in the area and has long played a major role in the
Eastern Sierra economy. Mammoth estimates 35,000 to 40,000 skiers visit
the Mammoth Lakes area on peak winter weekends and holidays. Most of the
winter tourists are reported to originate from Southern California, averaging
3.4 nightly stays during a visit. Hiking, camping, fishing and nearby
Yosemite are the primary draws of tourism during the late spring, summer
and early fall months.
A key factor making Mammoth Lakes a world class, year round destination,
is the growth of air service provided by Alaska and United Airlines. Last
year’s destinations included Los Angeles, San Diego, and San Francisco.
Introductory flights from Las Vegas and Denver have been added for the
2014/2015 winter season.
Mammoth Mountain Ski Area (MMSA)
MMSA is the closest major ski resort to Southern California's 23 million
residents which provide approximately 85% of MMSA's visitors. From a peak
elevation of 11,053 feet, MMSA has a vertical drop of 3,100 feet with more
than 3,500 acres of skiable terrain. The Mountain’s unusual geography and
Recent news for 2014/2015 came from the owners of MMSA with the
purchase of “Big Bear” and “Snow Summit” ski resorts in Southern California.
MMSA intends to offer skiers and snowboarders the opportunity to ski/ride
any of its four mountain destinations on a single pass. Mammoth Mountain
Ski Area also owns June Mountain, 20 minutes to the north.
In addition to capitalizing on winter events, MMSA and the Town of
Mammoth Lakes have opted to take advantage summer activities. MMSA
recently revived the Kamikaze Bike Games, an event originating on Mammoth
Mountain and revolutionized on-mountain biking experience as we know it.
Mammoth Mountain Ski Area is also in the final stages completing a land
exchange located at the Main Lodge area of the resort. Through the exchange,
MMSA hopes to convert their existing Forest Service lease to full fee simple
ownership. Finalization of this exchange will allow MMSA to enhance and
build new hotels, as well as commercial and residential uses on what is
currently out of date lodging facilities. The vision for the future is a village
community for those enjoying the amenities provided by the resort.
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marketplace; and assist in controlling the growth rate in traffic and air
quality. Finally the permanent residents and regular visitors will be able
to travel more conveniently, opening new business opportunities to the
world outside of the Town limits.
Air Service into the Future
Mammoth/Yosemite Airport
Since its commencement, air service has been an overall success with
total enplanements on the rise. The the long-term goal for Mammoth
Yosemite Airport is to provide commercial service for at least 8-10
flights. Current airport infrastructure limits expansion much further
beyond its current level. As a result, the Town of Mammoth Lakes has
been coordinating with the Federal Aviation Administration (FAA) on
a revised Airport Layout Plan (ALP) that will accommodate future air
service needs. The new ALP calls for expanding infratructure
development and a 40,000 square foot air terminal, of which the FAA
will financially partner with the Town of Mammoth Lakes.
The introduction of commercial air service in 2006 was the catalyst
needed to elevate Mammoth Lake’s to a new service level.
Through new air service, Mammoth Lakes is now able to draw guests
previously unable to visit because of geographic limitations. With
visitors now originating from out of California and the United States,
guests are expected to stay longer than the weekend travelers presently
rooting from Southern California.
The widely anticipated and imminent arrival of commercial air service
into the Mammoth Lakes is affording growth opportunities not
available in competing mountain resorts in North America. Air service
will have a dramatic financial effect on the Town of Mammoth Lakes.
The proposed air service was designed to provide incremental visits
with longer stays particularly during the midweek.
Air service is viewed as a means to help stabilize Mammoth’s
economy; provide a broader exposure to the long-term visitor
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Mammoth Lakes Tourism (MLT)
MLT has been another shining star in Mammoth Lakes over the past 4
years. MLT is effectivly a privatized marketing arm for the Town of
Mammoth Lakes, created in 2010 in an effort to essentially take
government out of the marketing arena.
MLT has been responsible not just for making Mammoth Lakes more
recognized nationally and international, but they have also been
responsible for coordinating and improving commercial air service to
Mammoth Lakes and Mono County.
John Urdi, MLT’s Executive Director, was tasked with forming a
Tourism Business Improvement District (TBID) as a means of
increasing the annual marketing budget from roughtly $2.3 Million to
nearly $7.0 Million. This increase in revenues would root from the
Mammoth Lakes business community in the form of self assessments.
After nearly a year of organizing with business and community leaders
the TBID was officially passed in the form of majority vote by local
business and town government.
Business Type
Annual Assessment Rate
Lodging
1% of Gross Revenue
Retail Type 1
1.5% of Gross Sales
Restaurant Type 1
1.5% of Gross Sales
Ski Resorts
2% of Lift Ticket and Ski School Sales
Retail Type 2
$500 per year (Appeal required)
Restaurant Type 2
$500 per year (Appeal required)
Retail Type 3
$50 per year (Appeal required)
Restaurant Type 3
$50 per year (Appeal required)
Recently MLT took over the respoinsibility of governing the Mammoth
Lakes Chamber of Commerce with anticipation of incentivizing and
enhancing business in Mammoth Lakes. MLT and the Chamber of
Commerce hope to improve guest relation through increased customer
service education and training.
Over the past 4 years, MLT has been instrumental in assisting the Town
of Mammoth Lakes with the revision of the Transient Occupancy Tax
(TOT) Collection system. Because TOT makes up nearly 70% of the
Town’s revenue and a signficant portion of MLT’s revenue, this
collection effort is vital for maintaing quality of life in Mammoth Lakes.
An important piece of this revised system has been the collection of
occupancy and Average Daily Rate (ADR) data from local lodging
partners (hotels, B&B’s, condominiums, Etc.). This data has been
collected and entered into weekly, monthly, quarterly and yearly reports
helping all sectors of the communty better project occupany influxes
and better help MLT understand the success or failiures of marketing
efforts.
Since the creation of MLT, Mammoth Lakes has also seen a signficant
increase in Special Event marketing during the summer and shoulder
seasons. MLT has also made the world aware of Mammoth’s activities
and beauty during the summer months. As a result, Mammoth Lakes
has relized the 4 best consecutive summers in the Town’s history.
Matthew Lehman Real Estate Disclaimer. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or
representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include
projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own
investigation of the property and transaction. Any information important to you should be verified through sources in which you feel confident. .
15