Prospector Square was developed in 1974 as a planned business community covering in excess of forty acres. The initial improvements consisted of a connected layout of sidewalks, lighting, and parking lots surrounded by building lots. In the mid 1980s, a Special Improvement District was created to landscape the common areas and remediate any concerns over tailings from the historic mining operations that put Park City on the map. Approximately $900,000 was spent on this project. The assessments to each lot owner for these improvements have long since been paid off. The Square is the only planned development within Park City where lot owners can not only take advantage of a "zero-set-back" provision, but are not required to install and pay for most costly site improvements such as parking lots or a complete landscape plan. The development is restricted to a 2.0 FAR (floor area ratio). This requirement and a complete discussion of building policies and procedures can be viewed by clicking here.

Prospector Square has a "general commercial" zoning designation in the Park City Land Management Code. Uses in such a zone are quite varied, as evidenced by the very broad range of goods and services available in the Square today. It is the one location within the incorporated boundaries of Park City where the diverse needs of both the permanent resident and the visiting tourist can be satisfied. A list of the products and services available in the Square can be found by clicking here.

Prospector Square is governed by the Prospector Square Property Owners Association, whose membership consists of all lot owners in the defined area of the development. The Association elects a Board of Directors, who in turn elect officers. This group is responsible for operating and overseeing the common areas, the landscape, and the parking lots, all of which are owned by the Association. Included in these responsibilities is the establishment of a budget and the setting of member dues to fund the budget, the maintenance of the common parking lots and landscape, and the establishment of rules and regulations to govern the use of the common areas. Prospector Square has won several Salt Lake Tribune Civic Beautification Awards as a result of these efforts.