Colby School Building Owners Consider Three Offers for Historic Park City Mansion
It looks like the former Colby School property will be changing hands again soon.
After striking out on two development proposals for what was originally the Snowed Inn Bed and Breakfast before it became the Colby School, the owners of the nearly six-acre parcel on State Route 224 put the property up for sale last month.
This wasn’t a typical sale. The owners are using a method called a “call for offers,” which will allow them to review and work with the offers before selecting a buyer.
Real estate agent John Travis says at the close of the call on Monday, the owners had received three strong offers. But he says they’re still in the process of deciding which one to go with.
“I'm just waiting for the owners to just talk a little bit about what they want to do,” Travis said. “But we definitely are going to have, you know, a deal done.”
He says all three offers are in the ballpark of the $5.5 million asking price. The call for offers also allows the owners to decide which offer they think has the best chance to be approved under the Summit County development code.
“That's a big part of it is what are the chances of them, you know, getting approvals,” he said. “And we definitely have real strong buyers with uses that will be fit right into the code. I can't really tell you exactly what those are, right now, I don't think that'd be fair until a decision is made.”
The property, which includes four buildings plus a storage shed, was originally built as a bed and breakfast. Later, the Colby School founders purchased the property in 1999 to house a private school. The school later merged with the Park City Academy in 2010.
The property’s current owner, Hoffvest LLC, acquired it in 2014. It filed two development applications with the Snyderville Basin Planning Commission. The Summit County Council denied both applications twice upon appeal.