Crandall Capital is putting the finishing touches on two buildings with a mix of housing and retail at Quinn’s Junction.
They’ll be the first buildings to open as part of the Studio Crossing development.
Developer Gary Crandall said his team is having discussions with possible restaurateurs and small, boutique markets.
“It's not big enough to have a Trader Joe's or something like that,” he said on KPCW’s “Local News Hour” Oct. 22. “We're talking about some dental people, or kind of like a wine tasting bar area … nail salons. So a whole variety of things.”
There will be 60,000 square feet of commercial space when complete.
Half the affordable housing will be ready next month, and a ribbon cutting is scheduled for Nov. 7.
Eventually there will be 208 apartments for area workforce, 50 3- and 4-bedroom townhomes and about 50 2- and 3-bedroom condos.
The condos and townhomes would sell at full price. Crandall said the market rate for the townhomes is around $1.5 million.
The affordable apartments are aimed at people making 60% to 80% of the median income in Summit County.
But, Crandall said Park City officials are allowing residents to remain in their unit even if they start making more money.
“Usually when you're talking about affordable housing, somebody if they're in the 60 or 70% category, once they hit that level, then they have to move out,” Crandall said. “It really disincentivizes people to try to get ahead, to maybe get a second job, or work extra time.”
Residents won’t lose their apartment until they hit 120% of area median income.
The interest list, according to Crandall, is over 200 people long.
Construction will still be in progress as residents begin to move in. Crandall plans to break ground on the rest of the affordable apartments in the spring.
Crews are currently laying the foundations for the market rate townhomes. After that, they’ll build the condominiums.
