Historic Main Street in Old Town is one of the most vibrant places to live in Park City. Owning real estate here plugs you straight into the heart of our unique mountain town community. You’ll be within walking distance of the town lift to PCMR, the best restaurants and shops in town, and the transit center.
It also hasn’t seen any significant new real estate development in a long time.
There are strict regulations that protect the historic mining town aesthetic, keeping the small town feel alive. People love getting along with their neighbors and being surrounded by mountain views. Because of these things, you don’t find many new opportunities to purchase new construction properties in the area.
You may have noticed construction going on at the old Main Street Mall (it’s about time) and the Silver Queen Hotel. New luxury condos will be available in both of these buildings. There’s another construction site you may have heard rumors about. At the base of the Town Lift, a development called The Rio Grande Condos will fill the empty space adjacent to Flying Sumo Sushi.
Here’s what I know so far.
The Silver Queen Hotel is being gutted and totally redone. This desirable property on the corner of Main Street and Heber Avenue was predicted to open as a condominium-style hotel for the 2013/2014 ski season with the chance of selling condos as individual apartment units. Since it’s still under construction, I’d bet that some of those condos will be for sale upon completion. Two penthouses are being added to the roof, along with a fully landscaped roof deck.
The Rio Grande Luxury Condos are going to be built on the last remaining parcel of land directly connected to the Town Lift and PCMR. Ten units across three levels will be accessed by private elevators and underground parking. Sports storage and a ski locker room are planned for the upper level and a roof deck with a hot tub will provide relaxation after a day of skiing or mountain biking. Construction begins this spring and these units won’t last long.
The Main Street Mall project is well underway and though I’m going to miss Fat Kid Pizza, this is going to be a gorgeous property. That mall was always an eyesore as its architecture was not congruent with the rest of Historic Main Street. When finished, storefronts will occupy the Main Street level and 15 condos will be built on 2 upper floors. The condo floor plans range in size from 1350 square feet to 3,500 square feet. A pool, gardens and terraces will invigorate the rooftop. A new top level will hold a penthouse and the buildings exterior appearance is going to be improved drastically.
All of these properties will be eligible for nightly rental and in high demand, especially during Sundance. Whether you’re looking for a vacation home, permanent residence, or pure rental property, these are some of the best opportunities in years.
Now that Sundance is out of the way, construction will pick back up and these opportunities will be developing quickly. They really won’t last long. I want to give you the chance to get in on these properties so I’ll use my network to keep you updated with the latest news and listings.
Keep reading my blog, follow my facebook page and twitter account, or sign up for my Park City Real Estate Report email on the right hand side of the page. Feel free to give me a call at 435.901.4309 or email me at email@example.com for more info. I’d love to see you benefit from one of these new developments.