Park City family wants $92.9 million for Treasure Hill buyout

By Christopher Smart of The Salt Lake Tribune

The Sweeney family’s asking price for a buyout of their Treasure Hill land abutting Park City’s historic district may be too high even for a community that has spent tens of millions of dollars to preserve open space.

After a closed meeting Wednesday between Park City officials and the Sweeneys, City Councilwoman Liza Simpson said the Treasure Hill acreage could be purchased for $92,925,000. Simpson said that means a deal isn’t likely.

The Sweeneys and their partners, a limited liability corporation called Park City II, have proposed building a 1 million-square-foot project near the Creole ski run and Lowell Avenue that would include a hotel, conference center, restaurant and retail space.

But many Park City residents have criticized the plan as too big. The city had considered purchasing the land as open space.

“I think it is beyond our community’s ability and willingness to bond for the land at that price,” Simpson said. She doubts the council would put a bond that large on the ballot.

For the rest of this article please click on the link below:

http://www.sltrib.com/sltrib/news/53163878-78/park-hill-price-space.html.csp

Advertisements

Leave a comment

Filed under Treasure Hill News

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s