The development is a big thing for Apple Valley, a town incorporated in 2004 that now has about 650 residents. Mayor Mary Reep called the Sky of Dream Ranch "wonderful."

"What's really good about it is that everybody in our town moved out there for the beauty and the quiet and the serenity, and I think that's a lot of their focus, which is very unusual with developers, and we appreciate that very much," she said.

But will Apple Valley become Hollywood East?

"It would be fun if it were, but like with all projects, you have to wait until it's there to see how things will pan out," Reep said.

Shaun Heseltine of Builders Development Group and The Boardwalk Group will handle management and development of the project. Coldwell Banker Residential Real Estate will handle project marketing, and Axis Architects will be the project architects.

"We're going to do this completely right," Steadman said. "This is one of the most exciting things that's ever been done for Utah."

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E-mail: bwallace@desnews.com