The two final developers Park City is considering for the five-acre parcel were interviewed by the city council during a special meeting Wednesday.
Both proposals include affordable housing, a new home for the Kimball Art Center, local retail, community open space, other art elements and enhanced pedestrian connections.
First up to present was Illinois-based Brinshore Development, which recently completed the The Aster and SPARK Apartments projects in Salt Lake City.
Brinshore’s proposal includes 156 affordable housing units, over 300 spaces of underground parking, and a linear “art walk” running through the middle of the property. The proposed site also includes space for local retail, a childcare center, coworking spaces, a gym and a stage for concerts.
The maximum building heights proposed are 45 feet.
Brinshore estimated the total project cost at around $120 million. Park City has set a $30 million contribution for the development, which is in addition to the $19 million it paid for the property in 2017.
Brinshore said they would utilize low-income housing tax credits to fund the project.
The company estimated they could begin a two-year construction period in March 2027.
Park City Councilmember Ryan Dickey asked if they would consider including some market-rate housing.
“It can sort of promote the general upkeep of the project to have some market-rate in it,” Dickey said.
Brinshore officials said they are open to including some market-rate units.
The second developer to present was Salt Lake City-based Woodbury Corporation and its affiliate Pinnacle Real Estate.
Woodbury highlighted their recent University Place project in Orem, which they said is a popular community gathering space and a hub for local entrepreneurs.
The company is proposing more than 170 units of affordable housing for the Bonanza Park property, along with local retail, offices and 275 parking stalls – mostly underground. The site plan also includes green spaces, room for an amphitheater, a fitness center, fire pits, and a similar “art walk” concept.
Buildings would be four-stories high, however, an exact height was not listed in the presentation.
Woodbury did not present a projected total cost nor a construction timeline. While company officials said they could pursue low-income housing tax credits, they don’t want to completely rely on the program due to its uncertainty.
Park City Councilmember Ed Parigian called out the developer for misspelling a nearby road in its presentation.
“Get your streets right,” Parigian said. “I know you only had a month to do this, but it’s Prospector Ave., not Prospect Drive.”
Woodbury’s slide deck included several other typos, including:
- "acers" instead of "acres"
- "pedestrain" instead of "pedestrian"
- "areal" instead of "aerial"
- "corehole" instead of "cornhole"
The Park City Council went into closed session after the two interviews. It’s unclear when a final decision could be made about the property.
Park City Municipal is a financial supporter of KPCW.
