Investment banker Abdalla adds to Park City holdings
California investment banker Kenneth Abdalla has purchased the 625 Main St. building in Park City, expanding his real estate holdings in the historic mining and ski town.
The building is at the intersection of Main Street and Heber Avenue.
Abdalla already owns two properties on the eastern corners of the intersection, the Silver Queen Hotel and SKY, formerly called The Sky Lodge. The fourth corner is occupied by the Kimball Art Center.
Abdalla also owns a building at 692 Main Street, as well as the Imperial Hotel, 221 Main St., which is for sale.
The 625 Main St. deal closed on Jan. 25. The purchase price wasn't disclosed but a recent listing offered the building for $6.5 million.
"I've always regarded the Heber and Main intersection as the ground zero of Main Street in terms of its geographic significance," Abdalla said in a statement.
Abdalla hasn't decided what he will do with the building, but options include developing condominium-style residences.