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Park City Council sees rough financial projections for five-acre site

The five-acre site owned by Park City, October 2023.
Parker Malatesta
The five-acre site owned by Park City, October 2023.

Park City leaders got a first look at what building a new mixed use development in Bonanza Park could cost Thursday. The amount turns on what the city decides to build.

On Thursday the council saw rough financial estimates based on six different scenarios for the site.

The most expensive option with deeply affordable housing and 600 spots of underground parking, would require the city to cover a $74 million financial gap. However, there are minimal costs with a market-based approach, which would include less affordable units, more retail, and above-ground parking. The other options ranged in cost from $7 million to $62 million.

Park City Councilmember Jeremy Rubell said he thought it was going to be worse.

When the city last looked to renovate the district years ago, costs ballooned to over $100 million.

The city has several financial tools it can leverage to build a new mixed use district on five acres of land at the intersection of Bonanza Dr. and Kearns Blvd.

One option could be selling the land to a developer. The city bought the parcel for $19 million in 2017, and officials expect the value has since increased along with other real estate.

Other variables include $38 million of transient room tax bonding capacity along with low-income housing tax credits.

The council has voiced support for including a new home for the nonprofit Kimball Art Center on the site, along with separate maker spaces for artists. A majority of the council is also behind underground parking on the property.

The council is continuing to refine details for the project. Councilmember Bill Ciraco said regardless of where they end up, their goal is to create a new vibrant space for locals.

“We want to make sure what happens there benefits the community and creates a place in town for locals to congregate, for local businesses to establish themselves, new restaurants to innovate and experiment and provide great experiences for people here,” Ciraco said. “The city council is committed to getting this right, but I think more importantly, we want to see something happen. It’s been a long time.”

The council plans to finalize a request for proposal to send out to developers later this year.