INNISFAIL – EQUS has made another major real estate move for its Innisfail-based employees with the acquisition of just over seven acres of prime developable land in Red Deer County’s new Junction 42 area.
On Aug. 15, EQUS and Red Deer County issued a joint news release to announce the member-owned utility company’s purchase of prime county real estate outside of town for its 40 Innisfail-based Central Area Operations Group and their fleet.
It’s anticipated the group’s move to their new base of operations will be in late 2023.
The 290-acre Junction 42 site, formerly private land located 19 kilometres north of Innisfail, was purchased by the rural municipality in 2018 for future commercial, industrial, and agri-business development.
Financial details of the EQUS real estate transaction were not included in the Aug. 15 news release.
When contacted by the Albertan for additional financial details of the land deal, EQUS and county leaders declined to offer a final negotiated sales/purchase agreement for the seven-acre parcel of Junction 42 land; lot 17 which is located adjacent to Junction Drive and north of the water treatment plant and reservoir.
“Red Deer County will not be releasing the sales price as this will have an affect with ongoing and future land negotiations at the Junction 42 area and within Red Deer County,” said Simoi Cruickshank, the county’s corporate communications manager in an email to the Albertan.
However, in a Junction 42 future land use concept map sent to the Albertan by Red Deer County it states the starting price for lot 17 at Junction 42 is $300,000 an acre, adding that figure is subject to negotiations.
Andy Metzger, chief executive officer for EQUS, said his company was “very pleased” with the competitive price it was able to agree on with Red Deer County.
“Because we're a cooperative, price was an important factor when it came to affordability of relocating versus renovating our existing central area operations,” said Metzger. “They (Red Deer County) were very competitive but right in the market with the rest of the properties that we looked at in Central Alberta.”
Jim Wood, mayor of Red Deer County, said he was “excited” about the possibilities and future for Junction 42, which now has 41 acres dedicated as salable land, with 10 acres developed, including the first rest area project created in partnership with the province.
“It was not many years ago when it (Junction 42) was just a farm field,” said Wood. “We're on the cusp of seeing this particular area take right off. My prediction is that it’s going to develop faster than Gasoline Alley ever has.”
Two years ago, EQUS’ corporate staff moved out of their old headquarters on the west side of town on 42nd Street and into a brand new multi-million dollar building on a two-and-a-half-acre site at 5120 - 40th Ave. The new building was the first true corporate headquarters of its kind for the rural electrical provider; Canada’s largest member-owned utility that is celebrating its 75th anniversary this year.
However, the 40 employees of the company’s Innisfail-based Central Area Operations Group stayed at the 42nd Street facility, which was built in 1986.
“We outgrew that building,” said Metzger, adding a decision had to be made to either renovate the old building or relocate. “We looked at the age of the building, the cost of renovation, the size of the property, the piece of land that we had in the town of Innisfail for our operations, and determined our needs are best suited by relocating; building a new building on a bigger footprint.”
As for the old EQUS building on 42nd Street, Metzger said its future has not yet been determined.
“It will really depend on the opportunities that present themselves once we are relocated,” he said, adding the 40 employees will remain until their new headquarters is fully developed, which he added could take as long as 18 months.
As for the impact to the Innisfail community with 40 employees leaving town, Metzger pointed out most do not reside in Innisfail.
“I think it's important to note that most of those 40 people actually don't work in that office,” said Metzger. “They report to that office first thing in the morning. For the most part they're mostly in rural Alberta for the day…and then return at night.”
