Main Street building, housing a small inn, is sold
A building on Main Street that houses a small lodging property upstairs and commercial space on the street level was sold earlier in December, an attorney who represents the buyer said.
The deal involved a building at 545 Main St., near the street’s midpoint and next to the Claim Jumper building. Joe Wrona, the attorney for the buyer, declined to make public the price that was paid for the property.
He said a firm called 545 Main Street Holdings, LLC purchased the property. The firm shares the same business address in Oklahoma City as the owner of the Claim Jumper. Wrona said the principals of the two entities are "certainly friendly with one another." They control side-by-side buildings at a high-profile location on Main Street.
Summit County values the building at 545 Main St. and the land it sits on at a little less than $2.7 million. Property taxes were $25,583.76 in 2012. The listed owner — the seller — was a firm called 545 LLC, based in downtown Salt Lake City. The County Courthouse’s online property records had not been updated by Friday morning to reflect the sale.
Wrona said the transaction did not involve Ken Abdalla. Wrona has represented Abdalla in a series of property purchases along Main Street in recent years.
Wrona said the building at 545 Main St. occupies a desirable location that is centrally located along Main Street. He also said it offers the owner lots of options for its use. A real estate showcase is on the street level, something that is now prohibited by City Hall. Since the real estate operation was in place prior to the prohibition, it is allowed to continue at the location.
"What you have is a very flexible building," Wrona said.
The sale continues a string of transactions on or just off of Main Street amid the downturn in the economy. Abdalla was especially aggressive and others have made purchases as well. Some of the notable properties that have changed hands in recent years include the Sky Lodge, the Imperial Hotel and the Claim Jumper.
The buyers have seen Main Street being desirable even amid the downturn. The street remains a prime shopping, dining and entertainment strip, and it has seemed to fend off challenges from outlying districts like those in the vicinity of Kimball Junction. Park City voters on Election Day, meanwhile, passed a ballot measure dealing with sales taxes that will provide funding for improvements meant to spruce up the streetscape.
Wrona pointed to lots of development outside the Main Street district in the last decade or so as having the effect of reinforcing Main Street as the core of the community.
"People that are buying the properties on Main Street see historic Main Street as ultimately being the center of activity in winter and summer," Wrona said.
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