DA Davidson closes bonds on Black Desert public infrastructure district
ST. GEORGE, Utah – (COMMERCIAL THREAD) – DA Davidson’s Special District Group has successfully priced and closed $ 106 million of limited tax general bonds for the Black Desert Public Infrastructure District (PID), covering approximately 278 acres. The proceeds will fund the public infrastructure of a commercial and residential resort community known as Black Desert Resort in Entrada.
âDA Davidson is thrilled to partner with Black Desert to support a transformational and resourceful community,â said Brennen Brown, DA Davidson General Manager, Special District Group. âWithout neighborhood funding, balanced, sustainable and visionary projects would be difficult to achieve. ”
The project marks DA Davidson’s fifth funding in the state, totaling approximately $ 230 million raised for public infrastructure in communities in Utah. It is expected to act as an important economic engine for the southern region of the state.
âThis transaction represents a significant milestone for the community and supports the region’s projected growth trajectory,â Brown continued. âOur growing special district group of 19 capital markets professionals is committed to delivering innovative financing solutions early in the development process, when new projects need capital the most to build capital. infrastructure. Black Desert is a prime example of the type of project that requires this form of funding.
Located southeast of Ivins City, Utah, Washington County, the Black Desert PID is about a mile south of the entrance to Snow Canyon State Park, 7.5 miles northeast of the town of St. George in the Grand Zion region of southern Utah.
Black Desert Resort at Entrada is a commercial and residential complex designed as a vacation destination for guests and visitors, as well as a home for full-time and part-time residents. The Black Desert Resort will welcome guests to its 148 hotel rooms and 299 hotel condominiums and will feature a 19-hole 200-acre golf course, miles of nearby trails, a spa -be and 46,160 square feet of restaurant and retail space.
Future residents of the community will reside in the Residential Village, planned for 32 single-family estates, 783 condominium units and approximately 214,000 square feet of commercial space, with resort amenities made accessible to residents.
âAt Black Desert, we are organizing a space for visitors and residents to offer a wide range of amenities and to celebrate the natural oasis of the Grand Zion Desert, an area that is fast becoming one of the destinations most sought after in Utah, âsaid Patrick Manning, Managing Partner, Black Desert Resort. âThis region is growing at a significant rate and we are well positioned to accommodate this growth, while directly contributing to the economic development of the region. ”
The first phase of development is expected to create around 500 new jobs and future long-term employment opportunities. Construction of the first phase of the development began in 2020. Full construction of the commercial and residential complex is scheduled for 2027.
The development is being undertaken by Enlaw, LLC, a Delaware limited liability company primarily owned by Reef Capital Partners LLC., A real estate private equity firm that has completed more than 400 projects in 35 states.
âDA Davidson is the premier public infrastructure funding partner in Utah and, with their support, we look forward to contributing to the economic development of this region and providing the ultimate retreat for visitors, friends, families and fans of the Greater Zion region, âManning said.
DA Davidson’s Special District Group has seen significant growth last year in Utah and Colorado, successfully completing more than 100 deals, totaling more than $ 2 billion to fund public infrastructure to support projects. development through the issuance of municipal bonds. With decades of industry experience, the team delivers breakthrough solutions with a hands-on partnership from project start to completion. For more information on DA Davidson’s Special District Group, visit: https://dadavidson.com/specialdistrictgroup.
About DA Davidson Companies
DA Davidson Companies is an employee-owned financial services company providing a range of financial services and advice to individuals, businesses, institutions and municipalities nationwide. Founded in 1935 and based in Montana, with offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states.
Subsidiaries include: DA Davidson & Co., the largest full-service investment firm based in the Northwest, providing wealth management, investment banking, equity and fixed income markets services and advice; Davidson Investment Advisors, a professional asset management company; DA Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.