Who benefits from Treasure? As competition reduces, Park City developers stand in line
The impact could be most notable at Park City Mountain Resort, where owner Vail Resorts holds significant development rights dating to the 1990s attached to the resort’s parking lots.
But other developers over time and across the greater Park City area could benefit as well since they no longer will contend with Treasure, a project that would have occupied a highly desirable location on the PCMR slopes close to Main Street.
• Kings Crown, which is under construction just north of the Treasure acreage. The Kings Crown project, slopeside at PCMR, will be finished years before real estate at Treasure would have debuted, but units at Kings Crown on the resale market would have been expected to compete with Treasure someday.
• Canyons Village at PCMR, where vast development rights remain attached to the land. Locations at Canyons Village provide easy access to the slopes. The elimination of Treasure cuts the supply of ski-in, ski-out opportunities at PCMR, something that will likely extend demand for those sorts of properties to Canyons Village.
• Old Town, the location of numerous houses and multifamily units within a short walk of PCMR’s Town Lift. Treasure was proposed just off Old Town streets like Empire Avenue and Lowell Avenue. Properties close to the slopes on those streets, nearby residential streets and along Main Street retain their exclusiveness by offering an Old Town experience within a few blocks of the Town Lift with the elimination of Treasure.
• Snow Park Lodge parking lots at Deer Valley Resort, where City Hall leaders decades ago approved development rights as part of the overall Deer Valley plans. Eventual real estate products outside Snow Park Lodge would not have competed directly with Treasure since they would be developed at a separate mountain resort, but they will add to the stock of ski-in, ski-out properties. Any properties that are ski in, ski out compete with each other at some level.
The Park City Planning Commission on Wednesday approved a City Hall workforce or otherwise restricted housing development slated for the northern reaches of Old Town.