Park City's Economic Climate


The folks at Commerce CRG released their year-end Summit and Wasatch County reports, here are the highlights:

-          Park City hit hard by economic downturn – but faring better than most resort towns.

-          Residential sales down 46 percent; advanced lodging reservations drop 20 percent for 08-09 season.

-          Some projects moving ahead, others stalled. St. Regis in Deer Valley, IHC Hospital and U.S. Ski Team Center for Excellence on track to open in 2009; Montage Hotel in Deer Valley will open in 2010.

-          Main Street: Zoning changes that restrict street level to retail only driving office users away and leaving some spaces unoccupied. Some renovation projects on hold, causing uncertainty for retailers leasing space there.

-          Prospector Square: Limited sales and leasing activities through year. Grocery anchored strips stable. Holiday Village, Park City Plaza and Snow Creek Plaza remain full and desirable locations.

-          Kimball Junction: Preliminary agreement for research park on LDS Church-owned property. Boyer would develop the 700,000 square foot building area, plus affordable housing and open space area. Effort by Summit County and Park City Municipal Corp. to purchase additional acres for open space at Utah Winter Sports Park entry.

-          Newpark, Kimball Junction:  Territory, Inc. developing 135,000 square feet of retail adjacent to Redstone and anchored by Best Buy and Jupiter Bowling Lanes.  Best Buy to open 30,000 square foot location early Summer, 2009 and Jupiter Bowling Lanes to open 21,500 square foot location with nightclub, bowling and sports bar Fall, 2009.  78,000 square feet of space is still available for retail leasing.     

-          Other: Redstone performing well at 95 percent occupancy. Summit Center complete. Quarry Village at 80 percent occupancy has been affected by economic climate.

-          Peripheral: Population driving activity. Park city Business center is underway, offering build-to-suit leas opportunities and lots. Wal-Mart in Heber is in process and will bring additional development.

DeDetailed 2008 Reports, Charts/graphs Are Available At: http://www.commercecrg.typepad.com/