Developer finalizes purchase of Main Street building
February 1, 2013
A developer with significant holdings on Main Street in late January finalized the purchase of another building along the street, putting three corners of the high-profile intersection of Main Street and Heber Avenue under his control.
Ken Abdalla already owns Sky, formerly known as the Sky Lodge, and the Silver Queen Hotel. The hotels occupy two of the other corners. The not-for-profit Kimball Art Center sits on the fourth corner.
The building, 625 Main St., houses the Downstairs nightclub and a Deer Valley Signatures store. A real estate firm once had space in the building as well.
"I’ve always regarded the Heber and Main intersection as the ground zero of Main Street in terms of its geographic significance," Abdalla said in a prepared statement.
Terms of the deal for the building were not released. The statement announcing the purchase had been closed indicated the building had been listed at $6.5 million.
Abdalla, who was a newcomer to Main Street real estate when he started a string of purchases, has quickly become one of the most important figures on the street. He owns property south of the Main Street-Heber Avenue intersection as well.
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Joe Wrona, an attorney who represents Abdalla, said the building at 625 Main St. was a strategic purchase since City Hall rules allow different sorts of uses at the location. A real estate operation could reopen on the Main Street level there since there once was one in that space, he noted. City Hall now prohibits office uses like a real estate firm on the street level.
"It lends itself to a lot of uses," Wrona said, adding, "It fits into Ken Abdalla’s larger vision for Main Street."
Wrona said the building, dating to 1999, will someday be redeveloped by Abdalla. He said there is a possibility of adding a story to the two-story building. Putting in residential square footage is possible as well, he said. It is now exclusively commercial.
Wrona did not provide details about the future of the nightclub and the Deer Valley store, saying only that they presently are tenants with leases to remain there.
Abdalla invested heavily along Main Street during what was a downturn in real estate as a result of the recession. Wrona has long said Abdalla wants to spur business along the street with his lodging properties.
Wrona said the Main Street-Heber Avenue intersection has been of particular interest to Abdalla. He sees there being a rosy future for the intersection, pointing to prospects of development on the nearby Treasure land on the slopes of Park City Mountain Resort.
"Ken believes that ultimately something will be developed on the Treasure Mountain parcel . . . that will feed traffic down that intersection," Wrona said.
Other Abdalla purchases have included a building at 692 Main St., the Imperial Hotel and a vacant lot next door to the hotel. Abdalla redeveloped the Imperial Hotel into a house and it is now on the market.
The deal for the building at 625 Main St. was publicized early in 2012 but did not close until recently.