Park City real estate figures say offers made on Mormon church-owned Main Street building
Two prominent figures in the Park City commercial real estate industry said in interviews on Monday they each have a client who submitted an offer to acquire a Main Street building from The Church of Jesus Christ of Latter-day Saints, evidence that the property is attractive to investors.
It seemed likely the church would receive interest in the building, 531 Main St., but it was not clear at what level. Information from the church was not immediately available about the number of offers it has received on the building. The two commercial real state figures interviewed on Monday declined to provide the prices attached to the offers.
Eric Nelson and Jan Wilking each have extensive backgrounds in commercial real estate in Park City. They said they have recently forwarded offers to the church on behalf of clients.
Nelson said his client made the offer several weeks ago. The person is an investor who lives outside of Utah and has a house in the Park City area, Nelson said. He said there is typically buyer interest when a Main Street building is put on the market. He said he is aware of multiple offers on the building.
“It’s on Main Street. It’s in Park City. There’s interest, absolutely,” Nelson said about the building at 531 Main St.
Nelson said the building, though, is “dated” and will need work if it is sold.
Wilking said the client he represents owns a home in the Park City area. He also said the building will require work by a new owner. He anticipated the church will make a decision about a sale “fairly soon,” perhaps within two weeks.
The number of Main Street buildings on the market dwindled in recent years after a series of transactions during the recession era. The building at 531 Main St. is seen as an opportunity to acquire a property in a highly sought location toward the middle of the shopping, dining and entertainment strip. The sales process of 531 Main St. is expected to be watched closely by the commercial real estate industry since there have been so few comparable transactions recently.
The 5,615-square-foot building once housed a Family Tree Center for the church, offering an opportunity for someone to research their ancestry. The center closed in February of 2018. There are three apartments on the second and third levels.
The Family Tree Center opened in the lead up to the 2002 Winter Olympics, amid the Games-related publicity enjoyed by the region as the event approached. The church wanted to have a presence on Main Street during the Games era, selecting a property in a highly visible location as the Olympic crowds arrived.
The Park City area hosted upward of half of the competitions during the Olympics while Main Street was one of the region’s top celebration zones. A real estate project manager for the church, Ric Horgan, said in August the building “served its purpose well during the Olympics.”
The Family Tree Center offered a location for the church to promote its genealogy program and missionaries were available.
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Among the highlights from Wednesday’s Hops Hike was an impromptu geology lesson from a kilted man on the origins of the area’s mineral deposits.