Pictured: Living the life. Tallus owner Rob Mitchell with wife Sharyl and sons Luke and Ryan at Crowley Lake. In the background on the Jet Ski is Tallus owner Chad Horning with son CJ./
Rob Mitchell and Chad Horning, partners in Chase Merritt, a privately owned commercial and residential real estate asset management and investment management firm, are hoping to turn right place, wrong time into right place, right time with Tallus.
Sited along the 10th fairway of Sierra Star golf course off Meridian Boulevard, Tallus, whose first phase when complete will feature nine luxury homes, was acquired by Chase Merritt, based in Irvine, last October.
“This is a legacy property for us,” said Mitchell, who explained that he grew up visiting Mammoth and “always wanted to have a kick ass ski club [in Mammoth].”
“We want to create a family-style, next-generation experience,” he explained. Which would match the principals’ biographical profiles. Mitchell, 45, has two children, and Horning, 40, has four.
Tallus was the brainchild of Architect/Developer Eric Fishburn, who began work on the project back in 2004. Conceived as a fractional-use property (dividing lavish trophy homes into 1/6 ownership shares), Tallus, says Mitchell, was initially priced at $800,000 a share.
Thanks to the Great Recession reset, club memberships now go for $450,000 (for a 1/6 share). And thanks to a deal cut with Mammmoth Mountain Ski Area, memberships include 10 transferable black ski passes during the winter and 2 transferable golf season passes in the summer.
“It’s a country club, not just for you, but for your friends as well,” Mitchell says. “The fractional model is the best thing in the world,” he added. “It’s the only way to have a $3 or $4 million house in a vacation area.” And thanks to a partnership with Elite Alliance, members have the option of trading their dedicated Tallus weeks with folks who own luxury homes all over the world.
Acquiring Tallus was not easy: Mitchell said it took about 18 months negotiating with 17 different banks and the FDIC. But once completed, it seemed a natural for Mitchell to bring back Fishburn to complete phase one.
“Eric’s vision of what should be there was correct. It’s just that his timing was bad.”
Locals should also be familiar with Tallus’s G.M. Craig Copeland (former G.M. of 80|50) and Cai Lepre, who manages the sales office.
Tallus will be hosting open houses all weekend from 9-5 Friday through Monday.