Park City-held Empire Pass condo remains unsold at $1 million | ParkRecord.com

Park City-held Empire Pass condo remains unsold at $1 million

Park City holds an Ironwood condominium in Empire Pass and has it on the market with a $1 million asking price. City Hall, though, has not received an offer that was acceptable. Any revenues from a sale would be put toward City Hall’s aggressive housing program.
Courtesy of Park City Municipal Corp.

Park City is a willing seller as it continues to hold a unit in Empire Pass.

But City Hall has yet to receive an offer it would accept for a ski-in, ski-out condominium owned by the municipal government.

The Ironwood condominium remains on the market, and it does not appear a deal is imminent. Officials put the unit on the market last winter. It is listed at $1 million, the original asking price. Heinrich Deters, who manages City Hall properties, said the municipal government received one written offer, in the late winter or early spring. The offer was deemed unacceptable.

State law allows a government entity like City Hall to conduct discussions about property deals in closed-door meetings, something that protects the details of transactions as they are negotiated. Limited information has been made public about the process involving the Ironwood unit since it was put on the market.

It is unusual for City Hall to hold a unit in a place like the Ironwood building, 8789 Marsac Ave. The Ironwood developers built the place as part of their City Hall-required workforce or otherwise restricted affordable housing. Officials, though, said circumstances led to City Hall acquiring the unit. City Hall earlier indicated an assessment to fund work on the building’s roof, coupled with regular homeowners association dues, made the unit less affordable to a member of the workforce.

The owner of the unit planned to move, triggering City Hall to exercise a right of first refusal that led to the municipal government’s acquisition. The municipal government paid $250,000 to acquire the unit. The sale price was well below the $1 million appraised value.

The municipal government acquired the unit with the intention of selling. Any revenues would be put toward City Hall’s aggressive housing program. The idea, essentially, removes a restricted unit in a remote location like Empire Pass and puts those monies toward housing in a more centralized spot. City Hall is currently pursuing an ambitious housing project in the northern reaches of Old Town, known as the second phase of Woodside Park.

A restriction on the deed requiring the unit be part of the workforce or otherwise affordable stock would be removed at the time of the sale, allowing City Hall to price the place at $1 million rather than at a formula-based figure designed for workers.

The unit in Ironwood is 939 square feet and in a building that is next to the Northside lift at Deer Valley Resort. It has two bedrooms and one bathroom. Marketing materials produced by City Hall highlight the one-minute walk from the building to the lift as well as interior features like vaulted ceilings, and appliances made of stainless steel. The materials describe “amazing views and access to world class skiing and summer trails are just outside your door.”

Deters said there has been scattered interest in the unit in Ironwood in recent months. He said, though, the people making the inquiries did not follow up. Deters said he received few calls about the unit from the spring until the middle of June. He said the heavy snow last winter likely had an impact as it became more difficult to schedule showings.

“It was just quiet,” he said about the months before the middle of June. “There was snow up there for quite a while.”

Deters said new photographs for marketing materials were taken recently. The listing will be updated with the new photographs as it is posted to the City Hall website and elsewhere.

Information about the unit remains posted on the municipal website.


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