Park City supporter of Treasure buyout is a nearby developer
July 14, 2018
The organizer of an event scheduled on Wednesday centered on Park City's planned acquisition of Treasure in a conservation deal is part of the partnership developing King's Crown, a project that could be someday seen as a competitor to Treasure.
Rory Murphy is one of three primary figures in King's Crown. The project entails 27 lots for houses, a 23-unit condominium building, seven townhouses and 15 work force or otherwise affordable units on Lowell Avenue, on the slopes of Park City Mountain Resort. Crews recently began excavation work with the intention of building a street and utility infrastructure this year.
Treasure is also proposed for the slopes of PCMR, meaning that units within the two projects could someday vie for buyers. King's Crown would likely precede Treasure by years if City Hall's planned acquisition of Treasure fails and the project is developed. In that scenario, King's Crown and Treasure could eventually compete with one another as King's Crown units are resold while places in Treasure are on the market, perhaps for the first time.
Murphy said it is unclear whether Treasure would someday become a King's Crown competitor. He said, though, there would be Treasure impacts on King's Crown as traffic headed to or from Treasure passes on Lowell Avenue.
Murphy said the event on Wednesday is designed as a chance to provide information about the Treasure deal rather than one to gain a competitive advantage.
"That's not my intent. My motivation is to take an opportunity that comes around rarely and try to support it," he said.