Park City, Boyer Co. may team on development
Quinn's Junction » City Council expected to buy in on the 50/50 real estate deal.
By Christopher Smart
The Salt Lake Tribune
Park City is about to go into the real estate development business with The Boyer Co. -- partners straight up the middle in a big residential development.
This evening the City Council is expected to vote on a proposal that would buy the municipality a 50 percent stake in a 200-acre development at Park City's back door -- Quinn's Junction --- the intersection of U.S. Highway 40 and State Route 248.
For a cool $5.5 million, Park City would become co-developer in what has been dubbed Park City Heights. The development is zoned for about one residential unit per acre. Potential profits could be in the millions.
The proposal comes after long months of behind-the-scenes negotiations, and officials on both sides say it's a winning solution for the project that already is five years on the drawing board.
Park City Mayor Dana Williams said profit motive is not the city's main focus.
"With this [partnership], we can go in and have a lot more say in one of the final parcels on our eastern entry corridor," Williams said. "We want the entry statement to be something this community can be proud of."
Among other things, the city will push for a larger mix of work-force housing, more open space and possibly even housing for the elderly.
If the real estate market turns around, the city could plow profits back into its capital budget or perhaps the purchase of more open space, the mayor said.
Such a partnership is unique for Park City, said Councilwoman Candy Erickson.
"There are no cons. It's all pros," Erickson said. "Boyer is an honorable partner. We want to decrease the [proposed] density, and they have signaled they're all right with that."
The proposal is the fruit of a Boyer Co. initiative. And the Salt Lake City-based developer is delighted to have the municipality on board, said project manager Patrick Moffat.
If the proposal passes, "the city becomes a player and it commits us to working together," Moffat said. "There is still a long road ahead, but we're committed to a quality project."
The proposal includes an option, according to a Park City staff report, that should push it forward. "If an agreement on the development plan is not reached within two years, Boyer can exercise a 'Put Option,' and the city will buy the remaining 50 percent interest [for] $5.5 million."
City officials have been concerned that a large development along Route 248 would add to an already congested entryway, said Phyllis Robinson, community affairs director.
A Park City/Boyer Co. partnership will give city planners more latitude in project design as well as mitigating its traffic, she said.
If the council adopts the agreement, a new planning phase will begin. There is no timetable for ground breaking.
What's in it for them
Boyer » gets its project annexed into Park City and receives water and other city services.
Park City » gets a bigger say in project design, including affordable housing and open space.