REGIONAL REPORT
WEST
A Piece of Park City
AFFORDABLE HOUSING FINANCE • April 2008
PARK CITY, UTAH -- There are two sides to resort
towns. For visitors, they are
worry-free vacation destinations,
but for many workers
in these communities, affordable
housing is out of reach.
Newpark Corp. aims to ease this
problem in Park City, a community known
for its ski slopes, the Sundance Film
Festival, and other recreational activities.
The company's Newpark Studios sits
in the middle of a sweeping 38-acre development
that is under construction. The
area's urban center includes offices, retail,
entertainment and recreational centers,
and market-rate housing, including a condominium
hotel.
The overall development is part of a
pilot program for the Leadership in Energy
and Environmental Design Neighborhood
Development, a rating system that integrates
the principles of smart growth, new
urbanism, and green building into the first
national standard for neighborhood design.
Newpark Studios features studio
apartments that are about 440 square feet
each. Units have their own kitchens, bathrooms,
and walk-in closets.
A radiant heating system was included
in the design to keep residents warm
during the cold winter months.
Developed by Newpark Corp., the
project opened in January and leased in
about a month, according to Chris Retzer,
project representative.
The development fulfills an inclusionary
zoning requirement on the ambitious
town center project.
"Land values are so very high that it's
extremely difficult to find parcels that can
either be donated or purchased for affordable
housing," said Summit County
Commissioner Sally Elliott. She said there
is a deficit of about 600 affordable units in
the western region of the county, which
includes Park City.
Park City has a population of about
7,500, and the median home price is about
$450,900, according to the 2000 census.
The studio apartments are targeted
to residents earning no more than 30 percent,
35 percent, and 40 percent of the
area median income. Monthly rents range
from $438 to $584, according to Retzer.
The rents are as little as 16 percent
and as much as 50 percent below market
rates, he said.
The approximately $5 million development
was financed largely through lowincome
housing tax credits allocated by
the Utah Housing Corp. U.S. Bank was the
direct tax credit investor.
The project is in a difficult-to-develop
area, so the developers received a 30 percent
boost in qualified basis for tax credits. -- Donna Kimura
|
