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Show Greater Pork City Company Village' Vital Development i I k . .: : - ... -"1 i ; " Apart frombeingasthetic-ally frombeingasthetic-ally pleasing, the two new buildings at the resort plaza (Marsac Mill Manor andSil-ver andSil-ver Mill House) will prove to be an economic as well as a convenience asset to the town. When the new buildings open their doors in mid-November mid-November th ey will house approximately 12 new businesses busi-nesses and 28 residential-guest residential-guest units. The resort "Village has been an int regal part of Greater Park City Company development. The two buildings build-ings were begun in '72 with a completion date set for the opening of the 73-74 ski season. sea-son. They had barely completed com-pleted initial stages of construction con-struction when the steel crisis hit and they were forced forc-ed to postpone the openingfor a year. Initially, the resort had planned to market the units. In August '72 they were approached ap-proached by a limited partnership part-nership organization led by Harold Smith and Ira Jaffe, called the "Michigan-Utah Investment Company." The Company offered to buy both buildings then lease them back to the resort to operate. Rumors Provoked Greater Park City Company Com-pany realizingthat this would take the marketing burden off of them without removing them from lucrative rental operations agreed to the sale. Late in August '72 the two buildings except for the fourth floor at Silver Mill House were sold for an undisclosed un-disclosed amount to the Michigan firm. The fourth floor which is still owned by the resort company consists of four penthouse condominiums. Greater Park City Company's Resort Village as it now appears in the "under construction, stage." Wells also stressed the handling development them-possibility them-possibility of the Resort selves. But it would not be for a couple of years." Wells also indicated that G.P.C.C. is consi de ring selling parcels of land in the "Village" area to private developers. They would, however, be compelled to comply with building restrictions re-strictions keeping in harmony har-mony with G.P.C.C.'s Victorian Vic-torian theme. They would also be required to turn the management of such operations opera-tions over to Greater Park as in the case of Silver Mill House and Marsac Mill Manor. Three of the units which start at $86,000 and go as high as $210,000 will be offered of-fered through Hal Taylor and Associates, real estate agent for the G.P.C.C. The fourth unit, which includes in-cludes the "Tower" has been spoken for by G.P.C.C. chairman Edgar B. Stern. The "Tower" will house a kitchen and dining area with a spiral staircase leading up to a living room at the top of the "Tower". G.P.C.C. Vice President, Bob Wells, indicated that the price on Stern's unit will be considerably consid-erably higher than $120,000. Apart from the four units in Silver Mill House which will be individually sold, the units in both buildings will be rented on a nightly basis similar to a hotel operation. The commercial space, which is all spoken for, will be leased on a square foot basis against a percent of profits whichever is higher. The price per square foot will vary between $5.00 and $6.50 with the percent of gross varying as to the nature of the business. Buildings Sold Most tenants have entered into a five-year lease with a ten year renewal. Also specified in the leases are the hours individual businesses busi-nesses must be open. During the winter season, shops must be open eight hours a day, seven days a week. When the tourist trade slackens slack-ens off in April businesses may then drop to a six hour day but must be open seven days a week. Bob Wells was asked to comment on future plans for the resort "Village." "After the completion of Silver Mill House and Marsac Mar-sac Mill Manor we have no immediate plans for more buildings. We do, however have a proto-type of a building build-ing which will be followed when more buildings are built. The standard is a four-story four-story Victorian building similar to those under construction. con-struction. The four story proto-type permits an easy interior adaptation to any use an owner own-er or leasee might require. Hours Specified Although there are no im-mediate im-mediate p'lans for future building, the recent ac- ' quisition of the Silver King Lodge by the "Michigan ' group" and it's lease to the 1 Resort to operate has pro- voked rumors of a possible expansion of the old lodge. ( Bob Wells shed light on the . rumor by stating: "If we did have any immediate plans it would probably be an expansion expan-sion project at Silver King. i - J - I i Resort Vice-President Bob Wells |