Developer in Deer Valley, citing economy, seeks another permit extension
December 9, 2011
The developers of a project in Deer Valley known as North Silver Lake have submitted paperwork to City Hall asking that the overall permit be kept intact until mid-2013, a bow to the uncertain economy.
Los Angeles-based Regent Properties in July won a hard-fought extension of the permit, which was scheduled to expire last summer. The developer fended off challenges from critics at both the Park City Planning Commission and Park City Council levels in winning more time.
The City Council at that time agreed to a one-year extension lasting until July 1, 2012. The permit would have expired on July 1, 2011 without the extension.
Regent Properties wants the Planning Commission to grant another extension, until July 1, 2013. The Planning Commission was initially scheduled to hold a hearing and possibly cast a vote at a Dec. 14 meeting. The discussion and vote have been delayed until at least January, however.
Richard Lichtenstein, who represents Regent Properties, said the developers want to start the process of asking for an extension early on rather than waiting until closer to the July 1, 2012 deadline. If the permit expires, the developer would be required to work through a much more extensive City Hall process to regain an approval.
Lichtenstein acknowledged the developer is uneasy about the economy and wants to build the project when there is more "certainty" in the real estate market.
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"It’s a difficult market to predict and build into," he said.
Lichtenstein said he expects the economic outlook will be more positive in late 2012. He said Regent Properties does not want to commence construction and then be forced to halt the work based on the economic conditions.
The North Silver Lake land is situated close to the Evergreen and Bellemont neighborhoods. The developer holds an approval for 54 units, a mix of houses and condominiums.
Work had commenced on the project previously, but it was later halted. Some who live nearby have been incensed with the development timeline and worried about the conditions of the site after work started and then stopped. Improvements have been made to the site since then.
Lichtenstein earlier this year, as the extension until July 1, 2012 was granted, indicated Regent Properties could ask for an additional extension beyond that date.