Park City’s affordable housing crisis sees hope for 2023 through Crandall Capital’s studio crossing project
With world class ski resorts and year-round outdoor activities, Park City, Utah is flourishing as one of the nation’s top tourist destinations, experiencing a population increase of over 3% since the last census. Continuing its impactful, community-based efforts to provide solutions and improve the city’s rapidly expanding infrastructure alongside this growth, locally-based real estate development company Crandall Capital, founded by Gary Crandall and operated with his two sons, Ryan and Matthew, is thrilled to officially announce the company will break ground on Studio Crossing, a long-awaited 320,000 square foot community development in the Quinn’s Junction neighborhood in summer 2023.
With Studio Crossing, Crandall Capital, which has helmed several notable multi-use projects in the Mountain West, will directly address the growing demand for affordable housing units in the area. In 2022, it was reported that only 15% of the city’s workforce resided in Park City. With new mixed-use affordable apartments and commercial spaces as well as market-rate townhomes and condos being introduced at Studio Crossing, the Crandalls also hope to decrease commuter traffic coming into the city by providing housing for these workers. This development will introduce an entirely new neighborhood to Park City while providing eco-conscious solutions, as well as dining and retail options and open-air public spaces for residents outside of the city center.
“What’s unique about us is we are a small family business developing a community that we reside in who cares about its residents and the future of the city overall. This project addresses so many needs of Park City while considering the environment to protect the natural beauty of the area; two core values that drive our planning for every project we take on,” says Gary Crandall.
Prior to Studio Crossing, Crandall Capital is best known for their first venture, ten minutes from the city’s Main Street area at Kimball Junction, where they turned over the low-occupancy mixed-use development of Newpark Town Center 10 years ago into a thriving hub for businesses, renters and permanent residents, which now operates at 100% capacity. Completed in 2021, The Commons adds 38 affordable apartments and 12,000 sq. ft of retail at Newpark. Additionally, the company is behind the state-of-the-art 100,000 sq. ft. Utah Film Studios that rivals nationally recognized studios in other markets and includes production offices, a mill and three 15,000 square foot sound stages. The film studios will be directly adjacent to the Studio Crossing development once completed, creating a modern community in which residents and studio workers or visitors will intermix.
Key components of the Studio Crossing project include:
- Mixed-Use Affordable Housing— At its core, Studio Crossing will introduce 192 affordable housing units ranging from studios to 3 bedrooms. The introduction of affordable apartments within the project comes from Crandall Capital alone, without using state or local tax dollars.
- Market-Rate Multi-generational Townhomes and Condos— The property will also include 50 market-rate townhomes (two to three bedrooms) accounting for 82,000 sq. ft. of for-sale units along with another 60,000 sq. ft. of market-rate condos. The townhomes and condos have been designed for a variety of residents, including working professionals and seniors seeking to age in place.
- Community Driven Retail and Dining— Shying away from the “big box” brands, the Crandalls aim to include locally-driven storefront businesses to provide an eclectic mix of dining and retail options that further enrich the community.
- Green Community Advantages— This sustainable community will introduce an entirely modern development to the area while providing eco-conscious solutions such as a public transit station for getting to downtown Park City and Salt Lake, electric car ports, e-bike share, low-emitting construction materials, water-wise planting and more to be environmentally responsible from start to finish.
***Stay tuned for more news down the line from Crandall Capital as we approach the anticipated debut of the new Studio Crossing community project.***
ABOUT CRANDALL CAPITAL: Crandall Capital is a family-owned real estate development company headquartered in Park City, Utah. Founded by Gary Crandall and operated with sons, Ryan and Matthew. Crandall Capital has its roots in philanthropy and giving back to the community. Gary received The Park City Rotary Club’s “Community Appreciation Award” (Citizens of the Year) in 2021. Gary and his sons are constantly seeking new areas for impactful development opportunities. With over 40 years of experience Crandall Capital focuses on mixed-use, condominium, affordable housing, and retail developments within the Mountain West region. Smaller by design, Crandall Capital is more agile than larger developers allowing for swift decision-making, innovative financing and rapid closings. Portfolio highlights of Crandall Capital include the 123,500 sq. ft. Newpark Town Center, a thriving mixed-use center for retail and dining, Newpark Terrace, a 60-unit condominium development, Utah Film Studios a 100,000 sq. ft. state-of-the-art film studio that includes production offices, a mill and three 15,000 square foot sound stages and the Newpark Commons with 38 affordable apartments and 12,000 sq. ft. of retail. On the horizon, Crandall Capital will break ground in the summer of 2023 on Studio Crossing, a 320,000 sq. ft. project at Quinn’s Junction, Park City. This ambitious and desired project will address the growing demand for affordable housing, offer a variety of dining and retail options along with open-air community spaces. This “Green Community” will introduce an entirely new development to the area while providing eco-conscious solutions such as a public transit station, electric car ports, e-bike share, low-emitting construction materials, water-wise planting and more. Crandall Capital is dedicated to their mission of helping transform and advance Park City’s affordable housing shortage and community-style living.