Kenneth Abdalla added significant real estate to his considerable Main Street portfolio by closing on the 625 Main Street building on Jan. 25, 2013. Mr. Abdalla also owns the properties on the two eastern corners of the intersection, Silver Queen Hotel and SKY (formerly known as The Sky Lodge) and the nearby 692 Main Street building just to the north. The fourth corner is occupied by the Kimball Art Center.
Previously, Prudential Utah Real Estate, followed by Slifer Smith & Frampton, occupied the main level and second floor of 625 Main. The two remaining commercial entities are the Deer Valley Signature Store and Downstairs, a nightclub venue.
“I’ve always regarded the Heber and Main intersection as the ground zero of Main Street in terms of its geographic significance,” says Ken Abdalla. “The purchase of 625 Main Street is part of a larger plan that will allow us to integrate these three corners and 692 Main Street in a way that will enhance the Historic Park City community.”
625 Main Street was constructed in 1999. The purchase price has not been disclosed but the most recent listing offered the building for $6.5 million. Paul Benson of Summit Sotheby’s International Realty represented Mr. Abdalla in the sale while Eric Nelson of Commerce CRG represented the seller.
Plans for 625 Main are not yet solidified, but the option exists to add on to the building and to create a more residential feel by developing condominium-style residences.
Another Abdalla-owned Main Street property, the Imperial Hotel, is listed for $3,995,000. Realtor Paul Benson says there is a high level of interest and activity in the historic building which features 3,800 square feet of residential living space at the top of Main Street. He anticipates it will sell quickly.