Park City approves sales of condos starting in the $160,000s
June 10, 2018
Park City leaders on Thursday approved the sale of units in the City Hall-owned Central Park Condominiums work force housing project, a procedural step that was required as the buyers prepare to move in.
The Park City Council, in its role as the governing body of a City Hall-controlled entity known as the Redevelopment Agency, approved the sales of the 11 condominiums at 1893 Prospector Ave. The prices ranged from $168,136 to $288,300. The numbers are well below market prices in Park City. State and municipal law required the vote based on the value of the properties. The elected officials did not discuss the matter extensively prior to the vote on Thursday. The vote was 4-0 with City Councilor Tim Henney abstaining based on a relationship with one of the buyers.
The project is part of City Hall's stepped-up efforts to dramatically increase the stock of work force or otherwise restricted housing. The municipal government acquired the Central Park Condominiums from a private-sector developer well after the project was underway. The purchase price was a little more than $4.3 million. The sale of the units recouped most of the price paid by City Hall.
Park City leaders in late May celebrated the completion of the project with an event at the building. People toured some of the units, met a few of the buyers and listened to short remarks from City Councilor Becca Gerber.
The buyers who attended the event were upbeat as they prepared to close on the units. They were expected to start moving in shortly after the vote on Thursday. Some of them who attended the celebration said there was a possibility they could have needed to move out of Park City to find a place they could afford.
The buyers needed to qualify through their income, with dollar figures including $43,418 annually for a one-person household and $83,754 per year for a three-person household. The numbers are set through a formula that relies heavily on the area's median income.
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Park City officials see the municipal housing program as critical to the City Hall agenda, outlining a range of what they consider to be benefits to the community, such as advancing socioeconomic diversity and reducing commuter traffic. Officials are pursuing a goal of adding 800 units of work force or otherwise affordable housing by 2026. The Central Park Condominiums was completed shortly after the finish of another project by City Hall, the eight-house Retreat at the Park development on Park Avenue.