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Show Lending institution buys Park City Village, promises to revammp slow-moving project by Randy Hanskat Prudential Financial Services Corporation, Cor-poration, the primary lender for the Park City Village project, has exercised exer-cised an option in its contract and has bought out the interest of Jack Davis to become the majority owner of the project. Gene Donovan, president and chairman of the board of Prudential, said the company plans to make many changes in the project's marketing and construction philosophy. "We will add stability and a central focus to the project," said Donovan Tuesday. He said the company approached Davis using a buy-out clause, and gave him a choice of either buying out Prudential, or Prudential buying out his interest. Davis elected to sell. Prudential Financial Services Corporation, Cor-poration, formerly Prudential Federal Savings and Loan, has nine or 10 companies under it, said Donovan. In the past it has been one of the main financiers of Park City developments. Donovan said the company has financed the Treasure Muntain Inn, the Snow Flower Condominiums, and many other area projects. In Park City Village, Donovan said, approximately 750 condominiums, 2,400 parking spaces, and 60,000 square feet of commercial space are involved in the total master plan for the 21-acre site. Currently completed is the first part of Phase I. The site at the base of the Park City Ski Area has 47 completed condos, 360 parking spaces in an underground garage, and 18,000 to 20,000 square feet of commercial space, said Donovan. Of the 47 studio, one and two bedroom condominiums, 30 remain unsold. That selling policy is one of the things Prudential plans to change about the project, explained Donovan. The units so far have been sold as "security," a complicated inves' ntnt plan which Donovan thought scared off many buyers. To correct that marketing deficiency, deficien-cy, Prudential is selling the units as "straight condominiums," according to Donovan. "We think they will be more marketable that way." Donovan said Prudential has never been satisfied with the exclusive real estate listing of the project. Soon it will be "open" and listed by a number of real estate firms. The pricing has also been changed. Where prices went from about $80,000 up to almost $300,000 before, they will now start at under $90,000 and top out under $200,000, according to Donovan. And other changes are planned. Donovan said that since the deal was made Prudential people have been "like locusts on the place, examining all facets of the project." "We intend to make something happen," he said. "We want to breathe life into it." Construction on the second part of Park City Village's Phase I was supposed to begin this past spring, but nothing happened. Donovan said Prudential Development plans to start construction as soon as the skiers are gone. That will add an additional 44 units. |