Park City Council To Get Update On Woodside Park Phase 2
A project that would create affordable housing right next to the base of Park City Mountain Resort will be in discussion at Tuesday’s Park City Council work meeting.
City Council will receive a staff report at 5:15 on the affordable housing project, Woodside Park ahead of Phase 2. Park City Municipal Community Development Director Anne Laurent explains Tuesday’s presentation will be a final design review with the council before it heads to the planning commission.
“We’ve been working on the design for a while this is a progress update to the city council before we go to the planning commission.” Laurent continued, “Because this it is a city project we want to check in and make sure they’re in agreement with how the project’s moving forward. It’s not the first time the city council’s seen it but it’s a very nice level of development where you can really look and see how this project is going to look and feel.”
The project is planned between Empire and Woodside Ave south of 14th Street and north of Calhoun Street. Laurent overviews the project.
“What’s being proposed is 60 units and it’s a combination of mostly townhomes and smaller type units as well mixed in there.” Laurent explained, “It’s an idea of affordability but then because we’re looking at the pipeline and we’re looking at the next project and how our funding that we’re using for affordable housing works we would reinvest what we’d sell the units for into the next project. So, this one is the first time that we’ve looked at mixing in six market rate units, so this is a new strategy.”
An approximation of 22 million dollars for the 60 units will cost nearly $370,000 per unit to construct. Some units will be sold at market rate which will be more than the cost to build but affordable units will be sold for a loss.
“Each time we invest in a project we only recoup a certain percentage of the money we invested in the construction and we roll out what’s left into the next project.” Laurent said, “These market units help us make some of the other units more affordable.”
About three years ago Park City council allocated $40 million for affordable housing. The city is unsure how much of that money will be spent on phase two of Woodside Park. Park City is hopeful to construct more projects, but rising building costs could restrict how far that money will go.
“We’ve got Woodside phase one under construction we are very familiar. we also are doing some construction in Prospector area.” Laurent continued, “So far we’re just keeping track of the numbers and planning our future project accordingly, but absolutely we see the numbers getting tighter and tighter like everybody else.”
KPCW’s Leslie Thatcher asked what the city would do if costs came back much higher than anticipated.
“We only have what we bonded for.” Laurent said, “We would be back in front of city council with some alternatives of what we would—what some strategy is there.”
Laurent says construction could begin as soon as this summer and would last anywhere from a year to 18 months.
City Manager Diane Foster says that there is one man who lives in a home that is within the project area. His lease runs through the end of 2019.
“The lease right now goes through the end of the year and its at the current rate that he’s paying.” Foster explained, “We may be able to allow him to stay in there a little longer because that house will be renovated and resold at market rate help fund the project. So, it won’t be impacted during construction.”