OCR Text |
Show 1 I EflSQDIk(Bttl1Dnaa(E(B 1 y-trgfV 1 i,. .--'v w,hsl Mike Coleman and Steve Clegg look over properties they will market through the new Park Meadows Real chnstopher smart Estate Co. I Park Meadows forms real estate firm Park Meadows Development Co. and Enoch Smith Sons Inc. have . recovered from foreclosure proceedings proceed-ings and are set to breathe new life into the area by forming a new real estate firm. The new firm, Park Meadows Real Estate Co., was designed to coordinate sale properties with other real estate brokerages, said Dick Smith, president of Enoch Smith. "We're working hard to take a positive stance. We're still in control of the project and we're going to continue on." , First Security Bank had earlier filed foreclosure proceedings but Park Meadows announced last month that outstanding loan had been renegotiated. ; The new reajiestaje firm wifl i I operate under the direction of Mike Coleman, who will serve as general manager, and Steve Clegg, the firm's broker. Presently, Park Meadows Real Estate is operating from the Golden Bear House on Meadows Drive near the Park Meadows golf course. Smith explained that Victor Ayers, of Gump & Ayers Real Estate, is no longer associated with Park Meadows. Mead-ows. "We have to have the ability to list our product," he said of the new firm. But Smith noted the company wants to be a facilitator between potential buyers and other Park City real estate companies. "We want to help sell new properties and also help with resales." Smith said the firm will announce in coming weeks the strategy of what khejermed an. aggrssiy? marketing , "campaign designed to sell some 30 improved subdivision lots and about 10 condominiums. Included in that marketing approach will be some advertising in Salt Lake City newspapers and publications. "We have a great market along the Wasatch Front," said Smith, adding that Park City should share in the growth now occurring in the metropolitan area surrounding Salt Lake City. On June 19, Park Meadows Development officially announced it had reached an agreement with First Security Bank. The new arrangement arrange-ment includes restructuring of some of the debt through First Interstate Bank. The foreclosure was brought against the golf course, a number of residential properties in Park . Meadows and Park Meadows plaza ' "and adjoining property. '" . ' Park Meadows Plaza, included in the original terms of the financial package, has been sold to City Investors Ltd. of San Diego, Calif. The 1.7 acres adjoining the plaza have been deeded to First Security. Ed Davis, First Security vice president, in a press release called the new arrangement healthy. "The agreement reached between First Security Bank and Park Meadows will allow them to continue operating as usual," he said. Park Meadows Development has retained ownership of the residential resident-ial properties and the golf course designed by golf great Jack Nicklaus. Smith noted that figures are up some 60 percent at the course as compared with last year. He said , the interest generated should help ' increase sales on nearby properties. |