More News On Promontory and the Park City Heights Project

Happy Wednesday! Rob and I used to celebrate ‘Margarita Day’ every Wednesday. But starting last month we have implemented a new weekly celebration, titled ‘Wine Wednesdays’. From now on we plan to try a different and interesting wine every Wednesday. And we’ll be taking notes. Any fabulous finds we may encounter, we’ll be sure to let you in on…..oh – and feel free to join in on our newly created holiday….no leap of faith necessary! 😉

Now I know what you’re thinking….”is this not a blog about Park City’s Real Estate Market?” Well hold your horses, that parts coming….

here is the update you’re looking for:

-We should be hearing more news from Promontory regarding the bankruptcy issue in the next week to 10 days.
As of now, Pivotal has put up around $2M to continue club operations, and our membership has hired counsel to represent our interests. It looks like the sales staff that remains has been put on salary during this transition period.
Pivotal has 120 days to come up with its own plan that may or may not include the 1st and 2nd lien holders.
If the plan does not fly, then the judge will turn to the lien holders to see what they have come up with.
The good news is that the golf courses are opening at the end of the month, employees are being retained, they will start work on the next clubhouse this summer, and all parties involved in the bankruptcy affair seem to want to gain control of the development….so they see the value there.
Let’s just hope that this black eye Pivotal gave the development does not linger around.

-As the Park City Heights project went before the city council for the first time, it seems as if they do not object to the development near as much as Michael O’Hara. Council members thought that the housing is desperately needed.
O’Hara, who is a friend and seems to be very wise, believes the project at Quinn’s Junction does not fit into the Park City general plan, and should be discussed with the public in “broad daylight”. That’s all for now folks. Tomorrow look forward to a market report, and a possible Fed rate cut.

1 Comment

Filed under deer valley, glenwild, promontory, rob and rachel

One response to “More News On Promontory and the Park City Heights Project

  1. Brian & Britt

    anyway we could change the name to ‘wino wednesdays’?

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