Kimball Art Center listed at ‘easily supportable’ $8 million
The Kimball Art Center was put on the market on Wednesday with an asking price of $8 million, a listing that will almost certainly generate professional interest among the real estate community and curiosity from rank-and-file Parkites.
Jan Wilking, an agent with Berkshire Hathaway HomeServices, listed the property. It is among the most notable listings along Main Street in years given its status as an important historic building and the home of a top-tier Park City not-for-profit organization.
The Kimball Art Center signaled its intention to put the property on the market recently as a result of City Hall rejecting the organization’s designs for an expansion onto the space where a patio is now located at the corner of Main Street and Heber Avenue. Park City officials determined the designs did not fit the municipal government’s strict Old Town guidelines.
"That’s, I think, a number that is easily supportable," Wilking said about the asking price, noting the Kimball Art Center building’s 12,647 square feet, the development prospects of the patio and the 133 feet of Main Street frontage.
He said he had received approximately 10 inquiries from agents representing potential buyers from Park City and elsewhere in the U.S. he is "very happy with the interest we’ve received."
"Several of the people are aware or have a good idea of what they can do with the building," he said
Wilking hopes to have the property under contract by the end of October with the possibility of a deal closing by the end of the year.
The Kimball Art Center leadership declined to comment about the listing.
The Park City Planning Department has received recent inquiries about zoning rules at the Kimball Art Center site. Kayla Sintz, the planning manager, said the department has fielded eight phone calls.
"What zone is it in? What can you do there? What is the height limitation?" Sintz said in describing the inquiries, calling them "really basic questions."
Sintz said the phone calls have been similar to those the department receives when other properties are on the market.
A deal for the Kimball Art Center would continue a dramatic realignment of ownership along Main Street in recent years. There has been a string of ownership changes since the depths of the recession involving well-known properties and ones that are less prominent. They have included the building once known as the Main Street Mall, the Imperial Hotel, the Star Hotel and the Silver Queen Hotel. The new owners have undertaken major renovations at some of the properties in what has been among the largest private sector infusions of capital into Main Street.
It seems almost certain the person or firm that acquires the Kimball Art Center will pursue a redevelopment of the property, adding to the investment along Main Street.
The Kimball Art Center leadership wanted to pursue an expansion at the site to create more space for exhibitions and programs. The organization plans to move to a new location. Options have not been publicized.
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