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Treasure timed well

Pat Sweeney, who leads his family’s efforts to build Treasure, says he is not concerned with the economic downturn, claiming there could be a comeback by the time sales start at the slopeside project.

Sweeney says groundbreaking would not occur until at least two years after City Hall approves the project, and that vote, he says, might not occur until early summer 2009.

The timeline puts Treasure’s debut early in the next decade, at the earliest. then, Sweeney says, economic conditions might have changed for the better.

"If I had to put money on it, yes. I bet the economy doesn’t spiral down and stay down," he says, hoping that Treasure is ready as the market is on an uptick.

The area housing market suffered in 2008 as the national economy faltered, with sales falling dramatically from what had been a robust real estate market in the post-2002 Winter Olympic era.

In Park City’s skiing era, there have been booms and busts, with the last prolonged downturn occurring in the late 1980s and early 1990s. The market since the early 1990s, though, has performed well.

"I’ve lived long enough (to realize) that the real estate market is a roller coaster . . . the peaks are several years apart," Sweeney says.


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