High Star Ventures Development is launching a luxury housing and retail project called High Star Ranch along Utah’s Salt Lake City ski-resort corridor. The development will feature 168 single-family homes, 150 condos with 45,000 square feet of retail space including restaurants and amenities, plus additional rental homes and a retail village. To finance foundational infrastructure like water and sewer lines, the developer plans to issue $104.5 million in unrated, tax-exempt municipal bonds, with repayment expected through property assessment fees by 2029.

The project aims to capitalize on the region’s growing population and affluent demographics, situated near outdoor recreational opportunities in Summit County. This financing approach, common for public-purpose infrastructure but here applied to a private development, shifts repayment responsibility to benefiting property owners rather than general taxpayers. The offering reflects strong investor interest in riskier municipal debt, with the area’s luxury real estate market expanding alongside Deer Valley Resort’s growth.