1 min read
Sources:
Kevin's account (Sept 29, 2026), Form 1-SA, his own videos
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Short answer
Two projects, both described by Kevin at the end of the third quarter of 2026 and both forward-looking. In Utah the company plans to develop one of its two lots, at Marcella at Deer Valley, in the Heber Valley, with likely under $8 million of development spending over the following twelve months and a potential groundbreaking at the end of the first quarter of 2027. In California a beach or waterfront property has just received permits for a complete renovation, will likely add an accessory dwelling unit, and will be the company’s first and only planned vacation rental. 12
Utah lot: Marcella at Deer Valley (Heber Valley; one of two lots)
Development spend: <$8M (over the next 12 months, likely)
Groundbreak: End of Q1 2027 (potential)
Vacation rental: Permitted (waterfront renovation; ADU likely; first and only planned)
Utah
Kevin’s account
The company plans to begin developing one of its Utah lots, at Marcella at Deer Valley, in the Heber Valley, with likely under $8 million of development expenses expected over the next 12 months, and a potential groundbreak at the end of the first quarter of 2027. 1
The two development lots appear on the June 30, 2026 balance sheet among the company’s 38 properties. This would be the company’s first ground-up build, and its largest single project, against $16.3 million of liquid assets at mid-2026. The filing lists construction delay and cost as risks. 2
The vacation rental
Kevin’s account
As of the end of the third quarter of 2026 there is one vacation rental that just received permits for its complete renovation. It will likely also be getting an accessory dwelling unit added. This is beach or waterfront real estate, and it would represent the first vacation rental for the company, and the only currently planned vacation rental. 1
A short-term rental is a different business from the long-term rentals the company runs: higher revenue per night, higher turnover and management cost, and local rules that vary by city. One property is a test, not a strategy change, and Kevin describes it as the only one planned.
How to read the dates
Forward-looking, by definition. Whether the Utah project breaks ground in the first quarter of 2027, and what it costs, will show in the 2026 Form 1-K and the June 2027 Form 1-SA, and this page will be updated from those.
In his own videos
February 2026: he had to get to Heber for a pro HouseHack project; the company is developing land. 3
One ski-country build and one beach house, both just past the permit stage. Dates and dollars are Kevin’s estimates, and the company says so. 12
Simply put
✅ Utah
➡️ The company owns two lots. It plans to build on one, at Marcella at Deer Valley, in the Heber Valley.
➡️ Under $8 million over the next year, with a possible groundbreaking in spring 2027.
✅ The beach house
➡️ Permits just came through for a full renovation. An ADU will probably be added.
➡️ It will be a vacation rental, the first and only one planned.
✅ The caveat
➡️ These are plans. Permits and construction slip. The filings will show what actually gets spent.
Sources
Kevin's account (Sept 29, 2026), Question 77 (Utah lot; the vacation rental): “likely under $8 million of development expenses expected over the next 12 months, with a potential groundbreak at the end of the first quarter of 2027” Read the excerpt
Form 1-SA, Balance sheet, June 30, 2026 (two development lots among 38 properties); Form 1-A Risk Factors (construction and ADU delays) Open the filing
Kevin on YouTube, "Stock Market Selloff DEEPENS Even More" (2026-02-05), at 12:49: “I got to go to Heber. I got a pro house hack project. We're developing land.” Watch from 12:49
