The original plans for the 30-acre property on the southwest corner of U.S. 40 and S.R. 248 called for a gas station and a motel. But when the land was acquired by Utah attorney Greg Ericksen – he found the support he needed to get the project approved locally by complaining to the state legislature.
Once approved, construction stalled as Ericksen looked for more funding. Gary Crandall and his company, Crandall Capital, got involved and helped finish the film studio to the tune of $12 million. A lawsuit was filed and eventually settled.
“We bought him out. I think that closed around September, October of 2017, or so. And we started going forward. And we actually had submitted to the city plans to build start building the hotel,” Ericksen said.
But the Crandalls had just finished building a mixed-use development at Kimball Junction, which included 38 affordable units, and their attorney suggested they look at doing something similar with their Quinn’s Junction property. While Crandall says the film studio has been “highly successful,” he and his sons who are in business with him, decided that all of the auxiliary building for the film studio wasn’t necessary after all. Ryan Crandall says they felt that there was better use for the property.
“Really, we just felt okay, this really doesn't add much to what we're doing," Ryan Crandall said. "By getting rid of the hotel, we reduce traffic by 43%. By not having all this high commercial use, that reduces traffic. So, we just thought, let's help build the community what the community really needs, which is reduction in traffic and affordable housing. And we felt this, by kind of reducing some of those uses, was best way to fulfill those goals.”
Ryan says the approved plans call for 50 market-rate condominiums on a single level geared for seniors or young professionals and 60,000 square feet of commercial or retail development. Another 200 affordable units will start at 60% of the Annual Median Income, or AMI, for studio units.
“We received no funding, no grants, no free land or anything from Park City. So, this is all 100% out of our own pockets, and cost the taxpayers in the city nothing, which is great. And then everything for one bedroom up are to 80%. But you know, knowing now that Vail’s base pay, they're at $20 an hour. If you have a couple or even one person working extra shifts, they can't afford 80%. So, we were able to negotiate with the city, they'll pay 80%, but they can make up to 120% of the AMI.
In the event a tenant was to take on an extra job, Ryan says they wouldn’t get kicked out for trying to better their situation. He said the idea is that tenants can build wealth and eventually move out of the affordable housing so someone else in need could move in.
All of the units will be for rent which means a tenant wouldn’t need a lot of money, or downpayment to move in. Applications he says won’t be taken until they’re just a few months from moving in.
As for the 60,000 square feet of commercial space, Gary anticipates a variety of uses.
“We anticipate there'll be some restaurants; we've had a lot of interest in the project,” Gary said. “We've had some interest in maybe a small market, which would be great, because there's nothing out at that end of the town. And like Ryan said, it would kind of backstop everybody from driving all the way through the canyon area there into town. And so, we figured that it's going to be a really pretty good mixture for the local people out there.”
The plan is to get into the ground this summer and get the foundations poured before winter. The affordable housing and commercial development will start first with the condos and townhomes likely beginning sometime next year. It’s expected to take 18 to 24 months to completely build out.
Find more details on the project here.
Editor's note: This story was updated to correct the name of Gary Crandall's company to Crandall Capital.
