Backers of a luxury development known as Velvære have announced some $197 million in new capital financing to help build out the $1 billion residential enclave in Deer Valley Resort’s East Village.
Officials say the financing, from California-based Anchor Loans, will be combined with existing funds for a $555 million revolving construction loan. That will pay for completing homes, estate lots and a series of private amenities across the 60-acre, wellness-focused development.
The gated, private-membership, ski-in, ski-out project consists of 115 residences and is envisioned as a retreat for those who have the money, if not the talent, to live like a professional skier.
In addition to having an on-site chairlift into Deer Valley’s new, 2,300-acre East Village expansion, Velvære will offer a wellness center known as The Well and a year-round, family-friendly recreation-and-adventure center called The Base.
The real estate venture is being pursued by a specially created Utah firm, Pioche Partners LLC. It is a joint venture between Bonfire Collective, a construction and interior design firm headquartered in Lehi, and VP Cos., a real estate company in Ketchum, Idaho.
“This financing will unlock the next chapter of Velvære,” Dayson Johnson, chief revenue officer of Bonfire Collective and a partner at Pioche Partners, said in a statement. “We’re not just building homes. We’re building a community where residents can live, explore, train, and recover with the same resources and energy professional athletes rely on, all while experiencing the connection and joy of mountain living.”
(Velvære) A paired home recently sold in Velvære, a luxury residential development in Deer Valley's East Village. The project's backers have announced $197 million in new financing for the high-end 60-acre development.
The development’s high-end homes are being built in phases, with 12 cabins, 68 twin homes and 35 estate lots, according to a website for Velvære. Its first estate residences were completed in 2024.
Lots and finished homes are expected to list for between $4 million and $12 million.
Cabins will range in size from 2,500 to 3,400 square feet with three to four bedrooms. Some of the twin homes will span between 3,089 and 5,505 square feet and have three to five bedrooms. Estate lots will be located on between 0.29 acres and 3.3 acres, along with full ski access and extensive mountain views.
Prospective residents are being encouraged to build custom-designed homes on the estate lots, lured partly by ski access via the Neptune lift into Deer Valley. This will be one of seven new lifts the resort will unveil during the 2025-26 season.
Eight hotels are planned for the East Village base, most of which also offer residential space.
Marketing materials for Velvære boast that the enclave will be within walking distance of a new base village “yet separate enough to enjoy privacy and exclusivity.”
A spokesperson for San Diego-based LFB Ventures, which helped arrange the latest financing for Velvære along with equity from Toba Capital, said the loan will allow legacy debt on the project to be consolidated into one streamlined revolving loan.
That, said Blake Bitterlin, founder and president of LFB Ventures, has created a fund “that addresses all the needs for land development, amenity and home construction for each diverse product type, including the world-class amenities that define this one-of-a-kind community.”
Through partnerships with companies focused on aspects of health and wellness — including longevity experts Fountain Life, exercise equipment maker Technogym and massage therapy firm Aescape — supporters say the prospective resort will capture demand “for high-end, slope-side wellness living in Deer Valley.”
Thanks to the added financing, an accelerated timeline estimates Velvære will be fully built by 2030.
This latest investment follows what backers say have been record sales momentum of estate lots in the budding development, including multiple properties closing for between $4 million and $5 million late this year.
Deer Valley’s parent, the Alterra Mountain Co., entered into a nearly centurylong lease of the ski terrain with New York-based Extell Development in 2023. Extell retained 580 acres at the base of the resort, which has been the site of nearly constant construction.
Correction • Dec. 3, 2025, 11:30 a.m.: Bonfire Collective is headquartered in Lehi. Its location was incorrect in a previous version of this article.