A tasty deal: Eating Establishment building sold
February 23, 2016
A Salt Lake City firm recently acquired the building on Main Street that houses the Eating Establishment, a longtime Park City restaurant, Summit County property records show.
The two sides confirmed the deal on Monday. They did not provide details about the sale price or the negotiations. The property transferred ownership in late 2015, the property records indicate. The transaction was not widely publicized.
The building was transferred from a firm called FBA Incorporated to another business entity called Ski Main, LLC. Rick Anderson has owned the Eating Establishment since 1990 and owned the building through the corporate entity until the recent sale. State corporate records show Ski Main, LLC is based in Salt Lake City. Jim Gaddis, a longtime figure in Park City business circles, is the registered agent of Ski Main, LLC.
The restaurant itself was not part of the deal. Anderson said in an interview the Eating Establishment will remain open. He said he is leasing the property, 317 Main St., from the new owner.
"It became available. That’s all," Gaddis said.
Another firm involving Gaddis owns the building at 577 Main St., the location of the restaurant Wahso.
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The County Courthouse values the Eating Establishment building at $979,960, with the land accounting for $609,800 of the overall sum and the building adding the other $370,160. Estimated property taxes are $8,310.06 in 2016, the same amount as in the year before, according to Summit County.
The deal continues a realignment of ownership along the popular shopping, dining and entertainment strip since the depths of the recession. Other properties that have changed ownership include the Claim Jumper building, the building that once housed the Kimball Art Center and a series of other, less prominent ones. Some of the buyers have acquired multiple properties along Main Street. Real estate figures have long said Main Street is an attractive place for acquisitions, pointing to the street’s popularity and Park City’s strong resort-driven economy.
The Eating Establishment has for decades been a popular restaurant, outlasting competitors with a well-regarded breakfast menu and lunchtime and dinner selections. The Eating Establishment website indicates the restaurant dates to 1972, touting the business as "the oldest full service restaurant in Park City."
The 1972 debut of the restaurant put the opening at a time when Park City was beginning a transformation from a struggling mining community to an elite mountain resort. There are few businesses in Park City nowadays that date to the early 1970s.
Some of the Eating Establishment menu items recall Park City’s silver-mining heritage. One breakfast skillet is known as the Miners Dawn while another is called the Hungry Miner. A lunchtime dish is called the Silver Queen salad.
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