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The Regional Municipality of Wood Buffalo (RMWB) has completed the sale of a 54-acre lot of vacant land that is zoned for commercial use in Parsons Creek.
The sale could be a gateway for future commercial uses and businesses in the area. The land has been vacant since its acquisition in 2014 by the RMWB through the Master Land Agreement with the Government of Alberta. The land which comprises of two neighboring lots in the Parsons Creek area, has sold for $22.8 million.
The deal, which was approved by the Ministry of Infrastructure, will see Allard Acquisitions Incorporated as the new developer of the 54-acre lot which is currently zoned for commercial use.
“This is a positive step which we hope will encourage some new and exciting commercial opportunities for the region. I’d like to thank the Government of Alberta, for their assistance in the sale. We look forward to more opportunities like this in the region’s future,” said CAO Paul Thorkelsson.
Nathan Neudorf, Deputy Premier and Minister of Infrastructure said, “We’re pleased to see the completion of the sale of this parcel of land, and excited to see new development coming to the Parsons Creek area. As Alberta continues to grow and create jobs, developments like this one are vital in helping communities across the province to flourish and thrive.”
A recent study, conducted by the Fort McMurray Wood Buffalo Economic Development and Tourism Corporation, found that there is a significant retail shortage in the region, which this new development can assist in meeting needs of the community.
“We are currenting losing over $700m per year to other markets due to our retail shortage. When complete, these new developments will recapture a portion of that spending in the region, which in turn will support other commercial opportunities,” said Kevin Weidlich, President and CEO of Fort McMurray Wood Buffalo Economic Development & Tourism.
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