Cottonwood at Creekside is a 26,765 gross square foot office condominium building designed with traditional mountain architecture required by the entitlements to be compatible with the Swanner historical home across the street to the northeast. The exterior façade is a combination of dry stacked sand stone, siding, and stucco. Parking in Spring Creek Commercial Plaza is currently planned in a combination of private and common area parking lots with a parking ratio of 3.75 stalls per 1,000 usable square feet of office building space. Carports have been incorporated into the project to provide a covered parking stall per every one thousand square feet of office space.
Location
Cottonwood at Creekside will be visible from I-80 across the freeway from Synderville Basin Recreation Center and is on the road leading to the prestigious Glenwild golf club. The property is just 700 yards from the Kimball Junction interchange, which is the heart of commercial activity in Summit County. The site can be accessed from Salt Lake City in 20 minutes and from downtown Park City in 10 minutes. It is just minutes away from the growing Kimball Junction retail developments (Redstone, Newpark, Factory Stores, etc.) which offer extensive food service and shopping opportunities; however, Spring Creek offers a more relaxed setting with easier freeway access.
Development Plan
Cottonwood at Creekside is already entitled for office use and Cottonwood has obtained a final site plan and condominium plat approvals from the Summit County Board of County Commission. Construction drawings are complete and we have filed with Summit County for a low impact and building permit. R&O Construction has been selected as the general contractor and it is anticipated that construction will begin in the spring of 2009. The necessary entitlements for the building are in place which usually takes 2 to 4 years to obtain in Summit County for new developments.
Condominium Offices
Cottonwood is dividing the building into 24 legal subdivisions that can be combined to create from 4 to 18 office condominium suites ranging from 567 usable (686 salable/rentable) square feet to 2,893 usable (3,500 salable/rentable) square feet. Salable square feet calculations are based upon BOMA rentable square feet.
Marketing
The population in Park City and the surrounding areas has grown substantially in recent years with sophisticated business people that own and manage growing businesses. Many of these business people desire to own their office space. During the past few years, office condominium buildings have experienced significant success in the Park City/Kimball Junction market. Reservations to purchase the office condominium units or to lease them are being taken by Cottonwood’s broker, Janet Vice with Commerce CRG.
Roles
Cottonwood Partners is the owner and developer of the Cottonwood at Creekside project and is also responsible for managing and leasing the office building.