Park City, Utah
Park City is one of the premier mountain resort areas in the Country. Park City is surrounded by three very distinctive mountain resorts – The Canyons, Park City Mountain Resort and the Deer Valley Resort (with a combined 9,000 acres of skiable terrain and which are consistently ranked as among the top ski resorts in North America). Park City is part of the Wasatch Back and is 35 miles from the Salt Lake International Airport.
The Park City area is comprised of over a dozen distinctive communities, each with it’s own unique personality and character (e.g., Jeremy Ranch, The Canyons, Promontory, Park Meadows, Thanyes Canyon and Old Town). The surrounding mountain peaks are some of Utah’s most picturesque and provide year-round activities, including world-class fishing, golfing, hiking, the famed summer concert series and the Sundance Film Festival.
Real Estate Services
Strategic Partners and Affiliates. We provide expertise and streamline the process with a local team of strategic partners and affiliates (e.g., real estate brokers, lenders, attorneys, architects and financial advisors) which identify the opportunities, while assessing and minimizing the the business and legal risks.
Acquisitions, Financing and Dispositions. To ensure seamless execution, we serve as the “Single-Source Contact” in managing and coordinating the transactions, including:
- Due Diligence
- Deal Structure
- 1031 Exchanges
- Escrow and Closing
- Ownership Structures
Land Use Approvals. Mountain resort areas often trigger increased scrutiny and review by local agencies, which may require certain permits and approvals. In such cases, we manage the application process and coordinate with local agencies in obtaining the necessary approvals and entitlements.
Environmental Compliance and Permits. To facilitate transactions, we advise and clients in assessing, managing and mitigating environmental liabilities and obligations – including environmentally sensitive properties impacted by:
- Endangered Species
- Conservation Easements
- Open Space Requirements
- Water Rights and Water Quality
Real Estate News
Park City to Acquire Treasury Property for $64 Million
February 16, 2018 – Park City Record
Park City leaders on Thursday night approved an agreement to acquire the Treasure land in a $64 million deal, a purchase that must now be put to voters to raise the eight-figure sum needed to finalize what would be, by a wide margin, the most expensive conservation purchase in the history of City Hall’s lauded open space program.
The Park City Council’s unanimous vote was anticipated. It was the elected officials themselves who negotiated the acquisition of the hotly disputed land. The nearly 105 acres are located on a hillside overlooking Old Town along the route of the Town Lift. The land is under the ownership of the Treasure partnership, consisting of the Sweeney family and a firm called Park City II, LLC. The Sweeney family was the historic owner of the land and later sold a 50 percent stake to Park City II, LLC, which is led by a businesswoman named Elizabeth Rad.
The partnership has spent more than a decade in discussions with the Park City Planning Commission about a development proposal encompassing approximately 1 million square feet. There has been opposition to the proposal throughout the discussions as critics worried about issues like traffic increases, the size of the buildings and the required excavation. Park City’s elected leadership intervened in the late stages of the Planning Commission discussions to reach the $64 million agreement. The Planning Commission at the time appeared to be preparing to cast a vote against the project.
Park City Acquires Bonanza Flats – 1,350 Acres of Open Space
June 16, 2017 – Park City Record
PARK CITY – The City completed the $38 million acquisition of Bonanza Flats, the municipal government’s grandest open space purchase, as the Park City Council cast the necessary votes during a joyous meeting that seemed a far-fetched possibility over the decades that Park City desired ownership of the land.
The City Council approved three items related to the Bonanza Flats acquisition – two dealing with the County Courthouse’s $4,250,000 contribution and another one tapping the not-for-profit Utah Open Lands to hold and enforce an instrument known as a conservation easement that will outline the restrictions on the land. Bonanza Flats stretches across 1,350 acres of high-altitude land in Wasatch County downhill from Guardsman Pass.
Bonanza Flats is a popular recreation area that attracts hikers and bicyclists in the summer and snowshoers and cross-country skiers in the winter. The ownership had allowed the public on the land for decades even though it had been privately held. There was concern at City Hall about the development prospects of Bonanza Flats. Park City secured a cap on development on the land as part of the 1990s-era agreement with United Park City Mines regarding the Empire Pass project in Deer Valley. Bonanza Flats at the time was seen as a golf-and-ski resort. There was never significant progress on development plans there. In the past year, though, there was chatter that a high-end developer, Discovery Land Company, was interested in acquiring Bonanza Flats.