Park City Old Town housing project nearly done with prices as low as $205,000
Park City leaders next week plan to showcase a City Hall workforce or otherwise restricted housing development in Old Town, highlighting one of what is expected to be a series of significant municipal projects in coming years.
The first phase of Woodside Park is largely complete on the 1300 blocks of Park Avenue and Woodside Avenue. The project involves eight units — four houses and four townhouses. Each of the townhouses also has an attached studio unit. City Hall anticipates the project will be finished by the end of September.
The municipal government has not yet launched the sales process. It intends to retain one of the houses. City Hall will eventually sell the other units to people who qualify through their income. It is expected there will be many more applications than units available. A lottery would held under that scenario to select the buyers.
Jason Glidden, who manages housing development for City Hall, said the application process is expected to unfold in the fall. The people selected to buy the units would close on the places and move in, at the earliest, in late 2019 or early 2020.
City Hall has classified the units as either affordable or attainable under the housing program, with prices set at between $205,000 and $565,000. The two categories have different income restrictions. Units that are designated as affordable are available to households earning up to 80 percent of the area median income while those designated as attainable are available to those households earning up to 150 percent of the area median income.
The income caps are based on the size of a household, with, as an example, a single-person household capped at $61,488 per year for the affordable units and $115,290 annually for the attainable ones.
The project is part of City Hall’s aggressive housing program as leaders work toward a goal of adding 800 units of restricted housing deemed to be affordable or attainable by the end of 2026.
City Hall on Wednesday has scheduled an open house for the first phase of Woodside Park from 5 p.m. until 6:30 p.m. at 1333 Park Ave. Mayor Andy Beerman, members of the Park City Council and members of the project team are slated to attend. Some of the units will be open for tours. Officials request someone RSVP to email@example.com by Monday.
The municipal housing program is designed to offer opportunities to people otherwise priced out of Park City’s resort-driven real estate market. Leaders have long argued the housing program has broad community benefits, including ensuring socioeconomic diversity and reducing commuter traffic.
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Parkites see traffic and transportation as Park City’s biggest challenge over the next five to 10 years, a City Hall-hired firm that is leading the efforts to craft a community vision has found as part of its research. And they also see transportation solutions as one of the two top opportunities, alongside strategic development, during the same period, the research found.