Kimball Junction housing grows
June 27, 2014
During the economic recession of 2008, Bank of America was developing Newpark Terrace in Kimball Junction. The development went through foreclosure during the downturn, but it was given a second chance when it was purchased five years later by Gary Crandall in March of 2013.
Crandall moved to Park City in 2012, noticed the property was available and took a chance on the development. His son Matthew moved to town last year to help with the project, and a few weeks ago, his other son Ryan joined them. Newpark Terrace, LLC is now a family affair.
Ryan said it took about a year to receive all the approvals it needed through Summit County, and now the development, located at 1154 Center Dr. east of Best Buy, is finally under construction. The 60-unit townhome and condominium development began receiving reservations from buyers about a year ago, and 37 reservations were made from looking at the concept pictures alone.
Last Thursday, brokers, bankers and reservation-holders attended an open house to sneak a peek at the framework, heating and air conditioning and electric work completed on 25 of the 60 units. Crandall said they are being built by Rimrock Construction and looking at a January 2015 completion date.
"We just received conditional Fannie Mae approval no more than 10 minutes ago," Ryan said. "That means we now have a whole array of conventional financing, from putting 5 to 20 percent down, however buyers want."
The two- or three-bedroom, approximately 1,250 square-foot units will have laminate hardwood floors, granite countertops and a patio deck where buyers can install hot tubs if they like. LED lighting in the units will cut consumption down by 80 percent, and each unit will come with a one-car garage.
Gary Crandall said most buyers are those looking for either primary residences or second homes, but the units are available for anyone, even those that want to buy and rent out. They are working with Realtor Jake Doilney to sell the units.
The units are listed at $425,000, an indicator of the upward trend in real estate. "Our starting price was $339,000, but because of the market, we had to raise prices," Gary Crandall said.
The Crandalls also own the retail spaces surrounding the residences, which are available to lease through Cushman & Wakefield. The surrounding area has expanded vastly over the last year, with commercial businesses filling the new retail spaces that were constructed near Smith’s Food & Drug last fall.
Gary said the expansion of the area makes purchasing a home there an even better opportunity and hopes to work on another project once the development is complete. "We are actively looking for new projects, so we are happy to hear about any that are coming to town," he said.
For more information on Newpark Terrace, visit http://www.newparkterrace.com or contact Jake Doilney at 435-640-5212.
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