ST. GEORGE, Utah–(BUSINESS WIRE)–D.A. Davidson’s Special District Group has successfully priced and closed $106 million of limited tax general obligation bonds for Black Desert Public Infrastructure District (PID), encompassing approximately 278 acres. The proceeds will fund public infrastructure for a commercial and residential resort community known as Black Desert Resort at Entrada.
“D.A. Davidson is thrilled to partner with Black Desert to support a transformational, amenity-rich community,” said Brennen Brown, managing director at D.A. Davidson, Special District Group. “Without district financing, balanced, sustainable and visionary projects would be tough to accomplish.”
The project marks D.A. Davidson’s fifth financing in the state, totaling approximately $230 million raised for public infrastructure across Utah’s communities. It is expected to act as a substantial economic driver for the southern region of the state.
“This transaction represents a significant milestone for the community and supports the region’s projected growth trajectory,” continued Brown. “Our growing Special District Group comprised of 19 capital markets professionals is committed to innovative financing solutions early in the development process, when new projects have the greatest need for capital to build infrastructure. Black Desert is a prime example of the type of project that requires this financing method.”
Situated on the southeast side of Ivins City, Utah in Washington County, the Black Desert PID is approximately one mile south of the Snow Canyon State Park entrance, 7.5 miles northeast of the city of St. George in the Greater Zion area of southern Utah.
Black Desert Resort at Entrada is a commercial and residential resort designed as a vacation destination for guests and visitors, as well as a home for full-time and part-time residents. Black Desert’s Resort Center will accommodate guests in its 148 hotel rooms and 299 hotel condominium units and feature a 200-acre, 19-hole golf course, miles of nearby trails, a wellness spa 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 the amenities of the Resort Center made accessible to residents.
“At Black Desert, we are curating a space for visitors and residents to deliver a wide range of amenities and celebrate the natural desert oasis of Greater Zion, a region that is poised to become one of Utah’s most sought-after destinations,” said Patrick Manning, managing partner, Black Desert Resort. “This region is growing at a significant pace, and we are well-positioned to accommodate this growth, while contributing directly to the economic development in the area.”
Phase one of the development is expected to create approximately 500 new jobs and future long-term employment opportunities. Construction on phase one of the development commenced in 2020. Full buildout of the commercial and residential resort is anticipated in 2027.
The development is being undertaken by Enlaw, LLC, a Delaware limited liability company which is primarily owned by Reef Capital Partners LLC., a real estate private equity firm that has completed more than 400 projects across 35 states.
“D.A. Davidson is the premier partner for public infrastructure financing in Utah, and with their support, we look forward to contributing to the economic development in this region and delivering the ultimate retreat for visitors, friends, families and fans of the Greater Zion area,” said Manning.
D.A. Davidson’s Special District Group has experienced significant growth this past year in Utah and Colorado, successfully completing more than 100 transactions, totaling more than $2 billion to fund public infrastructure to support development projects through the issuance of municipal bonds. Powered by decades of industry experience, the team drives groundbreaking solutions with hands-on partnership from project inception to completion. For more information on D.A. Davidson’s Special District Group, visit: https://dadavidson.com/specialdistrictgroup.