Historic building on Main Street sold
May 8, 2015
A historic building on Main Street recently was sold to a firm whose principals are from Southern California, County Courthouse records show, another transaction in what has been an extraordinary realignment of ownership along the street since the depths of the recession.
Details about the deal for the building at 508 Main St. were not publicized. The building houses the restaurant Silver. According to Summit County records, the ownership was transferred from a firm called 508 Main LLC to 508 Main PC LLC. The transfer occurred in late April, the records indicate.
The 508 Main PC LLC firm lists two people — Eve Jaffe and Glenn Jaffe — as the managers. They have the same listed address in Pacific Palisades, Calif., which is a suburb of Los Angeles. Telephone and email messages left for Glenn Jaffe were not immediately returned. The seller’s agent declined to comment.
The building is listed on City Hall’s inventory of historic sites. It is also listed on the National Register of Historic Places as part of the overall historic Main Street entry. A 2008 report prepared for City Hall indicated there had been minor alterations and additions over the years. The exterior materials were in good condition at the time of the report.
The report said the building at the time retained what City Hall considered its "essential historical form."
"The two-story brick 2-part block has not been significantly altered over the years. The site retains its original design integrity," the report said.
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The building was long known as a Utah Power & Light location. The City Hall report includes a photograph taken at a time when Utah Power & Light was located in the building.
Silver is currently closed for the off-season. A Jackson, Wyo., company called Fine Dining Restaurant Group operates the restaurant. Gavin Fine, the owner of the restaurant group, said negotiations have started with the new owner of the building. Fine said he hopes to reach an agreement involving a long-term lease.
"Right this second, it’s business as usual," Fine said.
The deal for 508 Main St. continues a string of transactions along the street in recent years that has reshaped Park City’s top shopping, dining and entertainment strip. Ownership changes have occurred up and down the street and have involved prominent properties and lesser-known ones. Some of the deals have included the Kimball Art Center property, which recently was sold, the building once known as the Main Street Mall and now referred to as The Parkite and a list of other properties.
One building along Main Street was officially listed for sale at the end of the week. The building at 306 Main St., where Cisero’s Ristorante is located, is on the market for $5.5 million, down from the slightly less than $6 million original asking price, according to the Park City Board of Realtors.
Figures in the commercial real estate industry say Main Street is an attractive place for investment, noting that the street is well positioned as a destination alongside the Park City area’s three mountain resorts. They point to Park City Mountain Resort’s Town Lift toward the bottom of Main Street and the possibility of a connection someday to Deer Valley Resort toward the top of the street.