Each of the income-restricted units in a housing development in Park City that recently debuted has been leased, well ahead of the pace that had been anticipated as the marketing started. The EngineHouse Apartments, located on Homestake Road just off Kearns Boulevard, is a public-private partner ship between the Park City municipal government and J. Fisher Companies. The EngineHouse is among the municipal government’s most ambitious housing projects and the first such public-private partnership for Park City. The municipal government provided the land via a 99-year lease at a rate of $1 per year. There are 99 income-restricted units and 24 places priced at market rates. Each is a rental. Rory Murphy, who represents J. Fisher Companies, said the final lease involving an income-restricted unit was signed shortly after Independence Day. Eighteen of the market-rate places are under lease, leaving just six of the combined 123 units in the project available. “Our leasing pro forma had us leasing six to eight a month,” he said. The actual number was 16 or 17 each month, according to Murphy. He said the income-restricted units involved 12-month leases. Murphy said people working in a range of professions signed leases, including restaurant workers, government employees, teachers and people working in the service industry. “The thing it tells me the most is people want to live where they work,” he said. The EngineHouse Apartments opened in the spring after a groundbreaking in the fall of 2023. The developer in late March reported 67 of the income-restricted units had been leased. People who were interested in 10 of the remaining units were at that time in a certification process while 100 more people were in a pre-application stage. Murphy, a veteran Park City developer who was involved in projects like Empire Pass and Silver Star, said the “need is so great” for income-restricted housing inside Park City. “The number of people that work in Park City that cannot find housing far exceeds the capacity to fulfill that need,” he said. Murphy likened the issue in Park City to what Americans are experiencing. “Housing availability for the younger generation and lower-income individuals is practically unavailable,” he said, describing the situation as a “crisis” that needs to be addressed “head on.” The EngineHouse Apartments includes one-bedroom, two-bedroom and three-bedroom units. It has underground parking with 140 spots and eight charging stations for electric vehicles. The income-restricted units are limited to those with household incomes within 60% of the area median income. The advertised rent for the income-restricted units ranged from $1,781 for a one-bedroom place to $2,452 for a three-bedroom apartment. The pace of the leasing at the EngineHouse Apartments points to continued demand for income-restricted housing at a time when the municipal government is pursuing an aggressive program designed to provide options for those otherwise priced out of Park City’s resort-driven real estate and rental markets. The EngineHouse Apartments leasing success stands out while the municipal government is involved in difficult talks about other income-restricted housing projects, at Clark Ranch and in Bonanza Park. Officials, meanwhile, are poised to conduct a review of various tracts of municipal land for the potential of housing. Leaders in Park City have for decades pressed workforce or otherwise income-restricted housing. They have argued the housing program provides benefits like increasing socioeconomic diversity and decreasing commuter traffic. The post Park City housing development finishes income-restricted leasing well ahead of schedule appeared first on Park Record. ...read more read less