Published by Parker Malatesta of KPCW.
The Park City Council has given its support to a developer to continue working on plans for a new affordable housing project near Park City Heights.
Developer Alexander Co.’s proposal would build over 200 housing units on around 10 acres in Clark Ranch, which is located just south of the Park City Heights neighborhood close to U.S. Highway 40.
Chris Day, development project manager with Alexander Co., said they’re aiming to provide a mix of units with 80% listed as rentals and 20% for sale.
“We’re proposing up to 170 apartment homes, and that’s going to be a mix of one and two bedroom units,” Day said. “Those will range in size and scale and design, and then up to 40 units of for-sale housing.”
Day said they’re also considering amenities such as hiking and mountain biking trails, paved walking paths and observation areas.
Under the developer’s current plan, all of the rental apartments would be affordable, catering to people who earn up to 70% of Summit County’s area median income, which equates to around $70,000 as an annual salary.
Park City has already budgeted around $8 million for the project. When asked to provide a ballpark estimate for development’s cost to the city, a representative from Alexander Co. said it could range from $7 million to $13 million. The developer plans to use federal funding, by way of low-income housing tax credits, to help finance the affordable housing.