The Cynosure Group has acquired Park City-based Utah Development and Construction to form a new joint venture with Clyde Capital Group, accelerating its push into hospitality and mixed-use development across the Intermountain West.
.jpg)
Under the transaction, Utah Development and Construction will be reorganized into a newly created development platform jointly owned by Clyde Capital Group and Cynosure Elevations, the real estate investment arm of The Cynosure Group. Cynosure Elevations will operate as an integrated component of Cynosure’s broader asset management platform, aligning institutional capital with large-scale resort and lifestyle projects.
The move deepens Cynosure’s presence in real assets as the firm continues to scale its long-term partnership strategy. In December 2024, Cynosure closed a $750 million growth fund, followed by a May 2025 joint venture with Checketts Sports Capital — signaling a broader emphasis on strategic, sector-focused investments.
The newly formed venture will concentrate on premier resort destinations and mixed-use communities throughout the Intermountain West, with several projects already underway. Leaders say the goal is to scale thoughtfully in high-growth leisure and lifestyle markets where demand for integrated, master-planned communities continues to rise.
Christopher M. Conabee, Founder and Principal of Utah Development and Construction, and Brook Cole, Land Acquisition Executive at Clyde Capital Group, will serve as Co-Managers of the joint venture. Clyde Capital Group currently oversees more than 20,000 acres across resort and lifestyle assets in the region, giving the partnership significant land holdings and development runway.
“At Cynosure, we seek out best-in-class partners who share our long-term vision and core values. Clyde Capital Group exemplifies that alignment, and we believe that together, we’re well-positioned to create some of the most compelling lifestyle and resort destinations in the country.”
— Spencer P. Eccles, Co-Founder And Managing Director Of The Cynosure Group
“Over the past decade, we have continued to grow and build UDC into a development firm recognized by its award-winning projects. In planning for our future, scaling thoughtfully and strategically with integrous partners has always been a priority. With Clyde Capital Group’s rapid growth and our longstanding relationship with Cynosure, the decision to unite under a shared vision was both natural and compelling.”
— Christopher M. Conabee, Founder And Principal Of Utah Development And Construction
Clyde Capital Group brings a legacy rooted in large-scale infrastructure, horizontal development and master planning through its parent organization, Clyde Companies. The company was established in 2014 as the real estate and development arm of Clyde Companies to support vertical construction clients and advance sustainable development across its property portfolio.
“With a legacy rooted in infrastructure, master planning, and horizontal development, Clyde has been involved in the development of large-scale, thoughtfully integrated communities that reflect and enhance their natural and cultural surroundings.”
— Brook Cole, Land Acquisition Executive At Clyde Capital Group
Utah Development and Construction draws inspiration from the historic Utah Construction Company — known for completing the Hoover Dam ahead of schedule and under budget — and has built a reputation for managing complex, large-scale projects through a collaborative delivery model.
“What makes this partnership truly special is our shared DNA. We’re aligned in strategy, values, and purpose — from our dedication to building community to a mutual commitment to philanthropy and high-impact development in resort markets across the United States.”
— Brandon Henrie, President Of Clyde Capital Group
.jpg)
Founded in 2013 and backed by the Eccles family, The Cynosure Group manages billions of dollars across private equity, real estate, credit and public markets for family offices and institutional investors. The firm operates out of Salt Lake City and New York and has steadily expanded its footprint in alternative assets and partnership-driven investments.
With this joint venture, Cynosure strengthens its position in experiential real estate, targeting resort destinations where lifestyle migration, tourism growth and amenity-rich development continue to drive long-term demand.
As capital flows increasingly favor master-planned communities with integrated hospitality, residential and recreational components, the new platform positions the partners to compete for marquee projects throughout the Intermountain West and beyond.
Originally reported by Amit Chowdhry in Pulse 2.0.
.webp)
