Acquisition of Kimball Art Center property finalized
May 1, 2015
A buyer group involving a developer has finalized its acquisition of the Kimball Art Center property, the two sides said on Friday.
It is a deal that will ultimately change the complexion of Main Street and one that stands among the most notable real estate transactions along the street in recent years.
Terms of the acquisition were not released. The property was put on the market last fall with an asking price of $8 million. The property includes the historic building that houses the Kimball Art Center and the patio situated off the Main Street-Heber Avenue intersection. It is a prized location. A firm called LCC Properties Group led the acquisition.
The Kimball Art Center intends to relocate after City Hall rejected an ambitious idea for an expansion at its current location, designed by a renowned Danish architect. Park City officials determined the design did not meet the municipal government’s strict Old Town guidelines.
The Kimball Art Center released a prepared statement on Friday announcing the sale. The statement was signed by Daniel Siegel, the vice chair of the not-for-profit organization’s board of directors.
"This sale presents the opportunity to build an entirely new facility that is truly customized to best fit the needs of our community, and is expected to provide bigger exhibit spaces, additional educational and interactive offerings, improved parking access, and more," the statement said.
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A new location has not been identified. The statement said a "future permanent site is still being explored and we are excited about the potential opportunities."
According to the statement, the Kimball Art Center will stay at its current site as it searches for temporary space in Park City. The temporary space will then be used while a new facility is built. The statement says LCC Properties Group and the firm’s partners "have worked with us and offered to honor our timeline by inviting us to stay onsite while we confirm our interim space." It also says classes will not be interrupted and the Park City Kimball Arts Festival will be held as usual this summer.