Parking lots are great and all, but I’m sure you’d agree that replacing that space with a hotel, a few more restaurants, and even some condos is much more exciting.
Of course, you may argue that the parking spaces are necessary, especially with the limited parking situation already going on in Park City, and you’d be right. Thankfully, the developers for this project, PEG Companies, have considered this and are planning to account for the loss in parking spaces by developing garages.
This new Park City project is essentially a remake of the base area of PCMR, and it has been in the making for years.
The Park City Mountain Resort parking lots will be replaced by new developments. It’s an ambitious task, and a project that is going to be taken on by PEG Companies, a Provo-based real estate investment group. The group entered into an agreement to purchase the 10 acres of parking lot space from Vail Resorts in the spring of 2019. Vail Resorts published this press release at the time of the agreement.
However, keep in mind that the official acquisition will not be finalized until after a City Hall decision is made on the overall project.
PEG Companies submitted a 10-acre proposal to City Hall a few weeks ago in mid-February, and those plans outline what they intend to do with the area. This gives us an idea of what we may be able to expect from the construction should everything move forward.
What are they planning on building?
The plans that PEG submitted to the Park City Planning Department state that the project would involve the construction of many condominiums (the exact number is currently unknown), along with housing for employees, and affordable housing. In addition, the proposal outlines plans for a 4-star hotel, new restaurants, and new retailers as well.
Now, if they simply removed the parking spots and didn’t provide any parking alternatives, I’m sure you could imagine the chaos that would ensue. It can already be difficult to find parking at the PCMR.
Thankfully, the developers seem to understand this and have said that they’re going to do what they can to ensure that there are still adequate parking spaces available. In order to make up for the loss of parking spaces, both underground and above-ground parking garages will be constructed for skiers and snowboarders, and a paid-parking system will be added as well. Developers hope that the paid-parking system will help to manage traffic in the area.
The project is likely going to be split into 3 different phases. Phase 1 will include the construction of the condos, and phases 2 and 3 will include the retail, skier services, and restaurants.
Aerial photo of Park City Mountain Resort parking lot development plans from PEG Companies. Credit PEG Companies.
Details We Have
The Park City Mountain Resort parking lot development proposal includes a lot of valuable information. Construction details state that the following will be included:
- Over 70,000 square feet of employee and/or affordable housing
- A 4-star hotel
- New restaurants and retailers
- Biking lanes on Lowell Avenue and Empire Avenue
- Sidewalks on roads near the development such as Empire Avenue
- Plazas in both upper and lower sections of the project
- A one-way traffic loop
- The National Ability Center building
- Improvements on the transit system on Lowell Avenue
There are still many details we are not aware of yet. For example, we don’t know exactly which roads are going to be impacted by the one-way loop. We also don’t know specifics like what types of restaurants or retailers to expect. We may not get those details for some time.
Where is everything going to be located?
It looks as though the new 4-star hotel will be located at the base of the ski hill, close to the First Time chairlift. The upper parking lot is where affordable and employee housing will be built. And as for the retail locations, restaurants and skier services, those will be located in the First Time lot.
Robert Schmidt, the Chief Development Officer for PEG companies, also says that public ski lockers will be built for daily and seasonal use in both the upper and lower parking lots.
Schmidt also says, “We have a very nice plaza designed. It continues all the way down to the intersection of Empire and Silver King, the plaza does. And then fronting the plaza is retail and we’ll say skier services, restaurants, types of things that are important to a ski resort.”
When will this project start?
We don’t know exactly when construction will begin. The timeline depends entirely on the Planning Commission review. PEG is not going to close on the acquisition until after the Planning Commission decision, and construction cannot start until everything is accepted by both PEG Companies and the Park City Planning Department. The application must be completed and then thoroughly reviewed, potentially modified, and then accepted.
The Park City Planning Department has stated that it believes the proposal could start to be reviewed by the commission by late April at the earliest. The Planning Commission is likely going to investigate any potential traffic issues caused by the project, the specific road designs, the size of the buildings, and much more before making a decision.
This means that we could be looking at a few months before the acquisition and proposal are officially accepted, and then an unknown amount of time before construction can commence.
Big projects like these take quite a bit of time thanks to the many factors at play. Hopefully, we will know more about a potential timeline in the next few months.
What does the Park City community think about the project?
Robert Schmidt says that his team has spent the past 10 months participating in community outreach and has held multiple meetings with residents, businesses, and homeowner associations about the project.
KPCW reports that Schmidt said, “You know, we hosted those meetings with the intent to give folks an opportunity to see what we were proposing, give us some feedback early on, allow us to address some of those concerns. Nobody signed any non-disclosure agreements. We did ask that they not share any site plans or information, but other than that, very productive meetings. We were very pleased with the feedback that we received.”
Of course, with any major project, there is always going to be some negative feedback and concern. Just by looking through the comments of other articles on the same topic you can see that people are particularly concerned about the paid-parking garages and how the traffic in the area will be affected.
Here’s to hoping that both PEG Companies and the Park City Planning Committee will continue to take in feedback from residents and business owners in the area to come up with the best plan possible.
Now, what do you honestly think about this new project? Are you excited for the change, or nervous about the construction? Let us know your thoughts in the comments!
Also, if you have questions about what this project means for the Park City real estate market, reach out to Scott or Natalie anytime at 435-901-4309/ 801.244.2367.