Approved Project - Hi-way 29 Industrial Park
Development Description
The Hi-Way 29 Industrial Park is currently in the re-zoning process. The land and current buildings will be developed into open industrial lots and an office condominium complex. The property is located adjacent to Highway 29 west of St Paul, Alberta.
The Developer has purchased the land and is seeking a mortgage of $4,000,000 to develop the property into a retail highway industrial zoned business park. This project is scheduled for a three year investment with a hurdle rate of 10%. Currently the development has a $11,000,000 valuation.
The development will be completed in two phases. The first phase will consist of dividing the land and market it for sale. The development will represent the only industrial zoned land available for purchase in Western St Paul. The second phase will involve the construction of one to three buildings on the remaining land. The buildings will be an ideal location for small to medium sized businesses in the area looking to take advantage of the exposure and location of the planned development.
Phase 1 & Phase 2 Development
The property is currently comprised of a two storey 8,960 SF Shop, 2,010 SF House and 11 RV Lots. The 74.36 acres adjacent to highway 29 make it ideal for redevelopment.
Upon successful rezoning and approval for subdivision, the intention is to market the existing shop and adjacent 5-6 acres of gravelled land for sale. This will allow for a quick turnover of a portion of the property.
Phase 1
The location of the subject property is an ideal location for businesses in the area to take advantage of the highway exposure and ease of access. Initial plans involve the creation of 35 titled lots ranging in size from 2-5 Acres.
Phase 2
Once the first phase of construction is significantly developed, Phase 2 will begin. Phase 2 will involve the building of one to three industrial office warehouses in the development. Each building will consist of 6 individually titled units in a building footprint of 14,500 SF.
Valuation of Lots
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