Park City to showcase $4.3 million housing project
May 28, 2018
Park City on Wednesday plans to showcase a work force or otherwise affordable housing project acquired by the municipal government as it was under development, a building that is part of City Hall's aggressive plans to expand the housing options for rank-and-file workers priced out of the community's resort-driven real estate market.
City Hall employed an unusual process as it secured the 11-unit Central Park Condominiums, opting to acquire the building well after a private-sector developer started construction. The acquisition of the project, 1893 Prospector Ave., though, was not finished until the project was completed. City Hall paid a little more than $4.3 million for the Central Park Condominiums. Most of the purchase price will be recouped through the sale of the units.
Officials in the fall selected buyers who qualified through incomes during a lottery that drew a joyous crowd to the Park City Council chambers to watch the process. The income levels were capped based on the size of a family and the area median income. The qualifying income range in some of the tiers established by City Hall ran between $43,418 annually for a one-person household and $83,754 for a three-person household. Income benchmarks rose with the size of a family.
There are 10 two-bedroom units at the Central Park Condominiums and one studio. The buyers have started signing the sale contracts with move-ins anticipated to start in the middle of June. Prices run from the $160,000s to the $280,000s, well below market prices in Park City.
Jason Glidden, the housing development manager for City Hall, noted the project is appealing for people who want to live inside Park City. He said the Prospector Avenue location is "fantastic," the views from the building are nice and it offers a modern design. It is close to trails and other pedestrian routes, he said.
The event on Wednesday is designed to provide the public a preview prior to the move-ins. City Hall held a similar public preview in February as it prepared to finish a housing project at 1450-1460 Park Ave., The Retreat at the Park. The event on Wednesday is scheduled to run from 10 a.m. until 11 a.m. at the project location.
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Mayor Andy Beerman, members of the Park City Council and current and former members of the Park City Planning Commission are expected to attend. Representatives of the construction team and the architectural firm are also expected. People who plan to live at the Central Park Condominiums will be at the event as well. Attendees will have the opportunity for self-guided tours of some of the units.