Black Rock Ridge, the large-scale, multi-unit development in Wasatch County started by Trophy Homes and Iroquois Partners in 2007, was suddenly derailed early in 2009 when the developers were foreclosed upon. The results of the 2008 economic crumble, sent the real estate world including the Black Rock project in a downward spiral, according to Bill Fiveash, VP of real estate for Talisker Mountain Incorporated.
But, unlike abandoned projects found throughout Utah, this one's making a comeback.
The 271-unit development located on the east side of State Road 248 at the intersection with Brown's Canyon Road, just five minutes east of Park City, was purchased by Zion's Bank shortly after the foreclosure.
According to Fiveash, through an offer that couldn't be refused during the summer of 2009, Talisker purchased 26 units with the development to help provide employee housing.
After finishing construction on the halted project in August of 2010, 17 units in the large condo building on the east side of Brown's Canyon Road were entered into the Affordable Housing Condition by Talisker and the Park City Municipal Corporation.
“This was a great real estate opportunity in general, but our main objective was to offer housing to our employees,” Fiveash said. “This whole corridor is starting to get discovered by the Park City community. It's much more convenient than living in Heber or Kamas.”
The town homes, on the west side of Brown's Canyon Road are owned by Mark 25, a developer based out of Salt Lake City, is currently finishing development.
According to Fiveash, with a total of 111 condos and 160 townhomes planning to be finished along the Brown's Canyon eastern hillside, Talisker put 17 condos out of the 26 units purchased from the bank on the market during January of this year.
The building is restricted to primary residential use only, with no short or long-term rentals available. Persons employed on a regular, full-time basis (at least 30 hours per week) within the Flagstaff Mountain area, or within the boundaries of Wasatch and Park City school districts are eligible for purchase.
Gazing upon the mountains at Deer Valley Resort from the living room of a two-bedroom condo available for $209,900, Fiveash acknowledges the property he is trying to sell isn't your typical employee housing development.
“It was originally built to be sold as a market product,” Fiveash said. “That's why everything is brand new. If we had this view in the town it would be a million-dollar property. The previous market created this opportunity, but it's unique because nobody would build this nice for employee housing. You can't beat the building and the up and coming area.”
According to Fiveash, he closed the first deals on two units this week, and out of the 15 units still available there are six three-bedroom, eight two-bedroom and a single bedroom unit still remaining, ranging from $179,900 up to $249,900. Considerably less than the original asking prices, ranging from $363,000 to $626,000 during August of 2008. Income limits are not included in the deed restrictions.
“The South Canyon trail is right out the front door, connecting with the rest of the trails in Park City,” Fiveash said. “People get caught up with the fact that the property is located in Wasatch County, but we're only a few-minute drive from Main Street.”
Fiveash, who has been selling high-end real estate and vacation homes for over 20 years, describes the three-story condominium as a French chateau or a rustic cabin that was designed from the outside in – a common building practice for properties like this in ski country, he said.
“This building was designed so well,” Fiveash said. “All three floors have really unique features.”
The bottom floor has walkout access to a lawn area, perfect for dogs and children, while the top floor has faulted ceilings with great views of the ski resorts, added Fiveash. On the second floor, residents have access to garages directly through the hallway. One-car garages are available for all units, with additional tandem and street parking.
“I was able to send out a blast email to all of the Talisker employees giving them the opportunity to visit the location. So far we've had about 30 tours resulting in the first two closings,” Fiveash said. “A lot of our employees who are hoping to be first-time home owners have been interested, and we're hoping for the same result with the rest of the residents in the area.”
If interested in visiting the property, contact Lorie Schumacher, Talisker listing agent, at 640-6049.