Park City Main Street building sells, allowing No Name Saloon expansion
A Park City businessman has acquired a Main Street building and reached a separate agreement to lease the space to the No Name Saloon, allowing a major expansion of the well-known bar and grill at a time when the shopping, dining and entertainment strip is enjoying one of its periods of boom.
Mark Stemler said on Monday he closed on the acquisition of the building at 449 Main St. in early July. The building most recently housed a furniture store. Many longtime Parkites recall the building as the former location of a bar called the Club. The seller was a firm called Key West Holdings, Inc. County Courthouse property records by Tuesday morning had not been updated to reflect the transaction. A price was not released.
Stemler said in an interview the location adjacent to the No Name Saloon was attractive. Stemler also owns the building that houses the No Name Saloon as well as the building that is the location of the Crystal Park Cantina.
“This is one of maybe two properties I would have bought,” Stemler said, explaining the benefits of owning the No Name Saloon building and a building that is contiguous to that one.
Stemler said commercial buildings along Main Street are not appreciating at a high rate, contending additional public parking is needed in the Main Street core and the Main Street district must become more user friendly than it is now to put upward pressure on real estate prices along the street.
The acquisition will allow the No Name Saloon to move forward with an expansion that will significantly increase the square footage. Stemler said the No Name Saloon intends to open a family restaurant on the Main Street level of the building at 449 Main St. An expansion of the No Name Saloon itself is planned on the upstairs level. Stemler said doorways will be opened between the two buildings. Signs on the building early in the week referred to the space as Annex at No Name Saloon.
The Summit County Assessor’s Office values the building and the land at $875,000. The dollar figure appears to be on the low end of any range that may have been considered by the office. Transactions involving buildings along Main Street for years are believed to have involved asking and selling prices well into seven figures.
Sale prices, though, are generally not made public. In one notable exception, the Kimball Art Center, a not-for-profit organization, acknowledged selling its property along Main Street for $7.5 million in 2015. The figure was included in a required IRS filing. The former Kimball Art Center property likely is not comparable to 449 Main St., though, since it is a significantly larger building with space for further development.
There have been occasional transactions involving buildings in the Main Street core in recent years after a string of recession-era deals that reshaped the ownership map on the street. Buyers over the years have pointed to the strong business conditions in Park City and Main Street’s continued attractiveness even amid increased competition from outlying districts.
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