Park City developer offers places just off slopes to rank-and-file workers
The King’s Crown developer is marketing the availability of units that are designated as attainable, a classification with prices that are below the open market but above those attached to the units that are restricted as affordable.
King’s Crown is attempting to sell the units amid the widespread publicity of City Hall’s workforce or otherwise affordable program. A representative of King’s Crown has appeared with City Hall as area housing opportunities have been promoted in recent weeks.
King’s Crown is under development on the 1200 block of Lowell Avenue. The project, on the slopes of Park City Mountain Resort, includes affordable and attainable units as part of the overall project. There are no affordable units available, but six of the attainable ones remained on the market midweek.
The attainable units were not needed under City Hall’s development rules, which required the affordable ones only. People earning up to 150 percent of the area median income were initially allowed to acquire one of the attainable units. The income limit was later removed as sales of the attainable units slumped, meaning there is no longer an income restriction attached to the attainable units. There is also no cap on the net worth of someone buying an attainable unit.
“Attainable is that next level,” said Julie Minahan, who is managing the workforce or otherwise restricted housing for the King’s Crown development.
She explained that people in the target market for the attainable units earn too much to qualify for a unit designated as affordable but also cannot afford to buy housing on the open market. She said double-income households, perhaps two teachers or health care workers, could be interested as they attempt to stay in Park City.
Someone interested in an attainable unit at King’s Crown must work within the Park City School District limits and cannot own other property. The units must be the buyer’s primary residence. The owner, though, can rent a room to another person. The appreciation on the units is capped at 3% annually. An owner cannot acquire other property while holding onto the attainable one.
The attainable units are within one building. It is located within walking distance to the PCMR slopes. The prices on the attainable units range from $455,470 for a 671-square-foot one-bedroom, one-bathroom to $569,338 for three-bedroom, two-bathroom units in the 1,100-square-foot range. The units come with a designated garage spot and storage for sports equipment like skis and bicycles.
Someone applying to acquire one of the units must submit a 2018 income-tax return, a form verifying employment, a lender preapproval letter and financial statements, including brokerage, checking and savings accounts.
More information and applications are available on a website dedicated to the project’s workforce or otherwise affordable housing: kingscrownworkforce.com.
The units at King’s Crown are available amid a City Hall housing push that is designed to add 800 units of restricted housing by the end of 2026. The municipal efforts, which have received wider publicity, include the Woodside Park development.
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Over the next five years, Katz will donate the money to nonprofits participating in Vail Resorts’ youth access efforts that serve major metropolitan areas.