Synergy Commons

A completed flex office/warehouse condominium project in Park City, Utah, designed for small businesses, entrepreneurs, and owner-users seeking functional commercial space in a high-demand market.

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Project Overview

Synergy Commons is a flex office/warehouse condominium development in Park City, Utah and a strong proof point for Synergy Development’s ability to deliver adaptable commercial product in high-demand markets.

The 16-unit project offers flexible business condominium spaces designed for entrepreneurs, small businesses, hobbyists, and local operators seeking functional warehouse, office, workshop, or creative space in the Park City Business Center

Project Highlights

  • Location: Park City, Utah
  • Product Type: Flex Industrial / Office Warehouse Condominiums
  • Project Size: 16 units; approx. 2,370–4,780 SF
  • Sales Absorption: Sold out within the first year of completion, beginning with six presale units
  • Occupancy: 100% sold / fully absorbed within first year of completion
  • Approx. IRR: Approx. 25% investor return based on a 50/50 preferred equity split
  • Equity Multiple: 2.25x
  • Timeline: 24 months
  • Our Approach

    (001)
    Strategic Park City Location

    Positioned in the Park City Business Center with strong access to Highway 40, nearby resort demand, and connectivity to the greater Salt Lake City market.

    (002)
    Functional Business Condo Design

    Designed as flexible office/warehouse space that supports small businesses, trades, entrepreneurs, hobbyists, and owner-user operations.

    (003)
    Owner-User Market Alignment

    Delivered practical commercial condominium units tailored to demand for flexible ownership space in a constrained Park City industrial market.

    Dicover Previous Projects

    Service Cover
    Synergy North

    A flex industrial opportunity in Sandy, Utah, adjacent to Synergy’s proven existing product in a supply-constrained market.

    Service Cover
    Synergy Business Park

    A completed 360,000 SF flex industrial project in Sandy, Utah that achieved full lease-up within six months and remains fully occupied.

    60+
    years experience
    1.4M
    SF Developed
    44+
    Properties
    400M
    Total asset value

    Trusted by long-standing industry partners

    Jeff Richards

    CBRE|Executive Vice President

    "Quality and integrity you can trust."

    “I’ve worked with Steve and Soren Urry since 2018, including on a successful 360,000 SF industrial project in Sandy, Utah. What stands out most is their commitment to quality and integrity. They deliver best-in-class product, negotiate with clarity and competence, and do exactly what they say they’ll do.”

    Broker

    Successful 360,000 SF industrial development in Sandy, Utah

    Steve Howell

    EVP | Celtic Bank

    "Delivers transparent, disciplined, reliable results for stakeholders"

    "Working with Synergy Development has been an outstanding experience for Celtic Bank. Their team has consistently demonstrated professionalism, creativity, and dedication throughout our relationship. They bring strong financial discipline, communicate clearly and proactively, and manage scope and budgets responsibly. Just as importantly, their transparency and reliable delivery give stakeholders confidence that commitments will be met and resources will be managed well."

    Lender

    Financial discipline, clear budgets, and reliable delivery

    James Stout

    CEO | Stout Building Contractors

    "Organized, decisive, professional, and highly engaged"

    "We value our relationship with Synergy. From a builder’s perspective, they are organized, decisive, and highly professional. They communicate clearly, make timely decisions, and remain engaged throughout the entire construction process. That level of consistency and follow-through makes a meaningful difference in executing projects successfully."

    Builder

    Organized, decisive, and engaged throughout construction

    Barry Higgins

    Senior Managing Director, Investments | Marcus & Millichap

    "Leads with market insight, discipline, and speed"

    "In 40 years of brokering commercial real estate, I’ve had the opportunity to work with many of the most successful developers and investors in the country. Synergy stands out as a leader in that group. They have a strong ability to identify the right opportunities and execute on them with discipline and speed. Their reputation as a premier developer is well earned, and the loyalty and respect they show to lenders, brokers, planners, architects, and other partners is exceptional."

    Broker

    40 years of commercial real estate perspective

    Tab Cornelison

    Senior Vice President | CBRE

    "Steve and Soren consistently create value with exceptional judgment"

    “I’ve known Steve for decades and have invested in numerous projects with Steve and Synergy Development. Steve and Soren have a rare ability to recognize future value, pair strong judgment with thoughtful design, and create projects that drive tenant demand. Over the years, I’ve seen Synergy developments achieve top market rents and maintain exceptionally high standards in property management. I trust their judgment and management skills, and I look forward to investing with them again.”

    Investor

    Decades of trust across multiple Synergy projects

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    A disciplined view of where value endures

    Synergy pursues high-conviction opportunities backed by disciplined underwriting, durable demand, and experienced execution.