Developer wants hotel converted into condos
March 15, 2006
A developer has approached City Hall requesting that he be allowed to turn an abandoned hotel into a condominium project, an application made more significant by Nutraceutical Corporation’s onetime interest in the building.
James Gaddis, the developer, told The Park Record that he purchased the property, 2260 Park Ave., in January from Nutraceutical. Terms of the deal were not made public.
The nutritional-supplements company had previously purchased the property with the intent to renovate the buildings to move its corporate headquarters inside. Before Nutraceutical bought the property, it operated as the Brookfield Inn. It was built in 1999.
In the almost four years since it won the Park City Council’s approval to relocate the headquarters, Nutraceutical opted against the renovations, the company’s president, Bruce Hough, said in an interview.
Instead, Nutraceutical courted the developer. Gaddis is asking that the government allow him to convert the two buildings into 19 condominiums, according to a report submitted to the Planning Commission last week. The hotel contained 42 rooms, the report said.
Commissioners last week began discussions about the condominium project, which Gaddis plans to call the Jupiter Inn. They were not scheduled to vote on the application but determined that the blueprints comply with Park City’s General Plan, the document that outlines how the government desires Park City grow.
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Gaddis must now return to the Planning Commission to seek the approval for the conversion. Those meetings may be scheduled in April, the Planning Department said.
"It would never be any good for office (space). It didn’t succeed as a motel . . . The next logical thing would be condominiums," Gaddis said in an interview.
He said condominiums would range from 500 square feet to 1,500 square feet. He said they would not be sold as timeshares, rather the person buying a condominium would be the sole owner.
Gaddis expects that the condominiums will be priced at between approximately $200,000 and $600,000. He touts what he sees as its prime location, saying that it is "close to everything" like the Park City Golf Course.
The property’s history is intriguing in that the Park City Council in 2002 was split on whether to allow it to be converted from the Brookfield Inn into Nutraceutical’s headquarters.
One camp was worried that doing so would diminish Park City’s critical tourism industry by removing the Brookfield Inn’s hotel rooms from the city’s stock. But the other side was happy that Nutraceutical, with its workforce, would remain in Park City if it moved to the Brookfield property.
In June 2002, the City Council voted 2-2 on the Brookfield renovation for the Nutraceutical headquarters. Mayor Dana Williams cast the tie-breaking vote, siding with Nutraceutical.
Hough, the company’s president, said last week that Nutraceutical could not configure the property to its needs. He said City Hall’s requirements for parking spots at the site were onerous.
"We spent a tremendous amount of money and effort to design a plan," he said, adding, "For us, it’s probably better to build from scratch."
Hough said the company’s information-technology staffers were based at the Brookfield building but the rest of the company’s employees remained at its Kearns Boulevard headquarters, where Nutraceutical continues to keep its offices.
He said Nutraceutical is currently seeking a spot for its headquarters, noting that locations in Park City and in surrounding Summit County are of interest. He acknowledged, though, that it may be difficult to keep the base within the city’s limits because of a scarcity of land.
Williams this week was disappointed with condominium plans, saying that he cast his pro-Nutraceutical vote with the idea that it would be good for the economy. He predicted, though, that the Gaddis plan to turn the property into condominiums, if approved, will be successful.
"I’m actually kind of sorry to see this happening," he said. "The reason we supported it was to add another economic base of meaningful employees to the city."