A new traffic signal at Main Street and River Road will be installed. Johnson says the signal was much needed and the development will speed up its installation by a couple of year
The Village – a proposed mixed-use development that includes 143 townhomes and almost 45,000 square feet of commercial space – will be the largest commercial property in town. Midway Mayor Celeste Johnson says the city council will approve the project once the last few details are resolved.
The project meets all of the city’s zoning requirements and Johnson says it was a cooperative effort. The city worked closely with the developer, Midway Heritage Development, LLC, to reduce some density and create view corridors up to Memorial Hill.
The development will include a fitness center, restaurant, retail, and office space. Johnson says the city prefers retail over office space for the tax advantage.
“With retail, obviously, besides the traditional sales tax, just like Park City, we’re able to charge the resort tax,” Johnson explained. “And so that brings in additional revenue. And those also give a vibrancy to Main Street -- retail spaces create more shopping experiences. And it's one of those situations right now on our Main Street, at least a few more restaurants, a few more retail experiences will create a rising tide that's going to raise all the ships.”
Even with all the new residential housing being built, Johnson says the many of the units will be short-term rentals. That allows Midway to maintain its resort city status and charge an additional 1% sales tax.
“That’s one of the things that we worked on with this developer...we have what's called a transient rental overlay district,” Johnson said. “And if you have a residence in that district, you are able to use it for nightly rentals. And that's what's critically important for us to keep that resort tax. So about halfway through this property, there is a transient rental overlay district, and we believe that will actually help us a great deal. We think many of those homes will choose to be transient rental.”
A new traffic signal at Main Street and River Road will be installed. Johnson says the signal was much needed and the development will speed up its installation by a couple of years.
