Tentative Treasure Hill Agreement Reached
The owners of the Treasure Hill Project and Park City Municipal Corporation recently announced an agreement for a possible alternative to the proposed development at Creole Gulch and Mid Station above the Town Lift. The agreement would provide for the City's acquisition of 50% of the project's density, consisting of the Sweeney family's entire ownership in the property by a $24 million voter-approved bond in November 2018, and a dramatic project redesign. City Council's goal is to immediately initiate a public process to consider approval of a settlement agreement no later than January 2018.
This tentative agreement provides some clarity into the direction of this long discussed development in and around Old Town Park City and the base of Park City Mountain Resort. If I had to guess, the Treasure Hill Project will move forward, but at a much smaller scale than initially proposed by the development group, which would likely be a win-win for the City as well as the surrounding home and land owners.
The proposed alternative consists of the City buying 50% of the original master plan development’s residential and commercial density from Sweeney Land Company for $24 million. This option will only be exercised if voters approve a $24 million bond to be placed on the November 2018 ballot.
Of the remaining density, approximately half will be zoned for 18 single-family homes in the form of several small subdivisions. The other half will be restricted to a boutique hotel, which will be designed as specified by a new development agreement. In addition, the development agreement is expected to establish maximum development parameters to dramatically reduce the currently proposed massing, as well as substantially reduce excavation, building heights, ski-run relocation and fill. Future development of the site will be led by Park City II, LLC, which now owns half the land involved in the larger project.
The complete press release can be read here.