DIDSBURY - With a commercial anchor tenant now in place, optimism is higher that further development of Shantz Village will progress.
“I think this is going to work now with Buy-Low going with the 26,000-square-foot store,” said Daniel Goldstrom, partner with the real estate service firm NAI Commercial Calgary who is marketing the development.
The key to the overall plan for the 45-acre mixed use area was getting a commercial anchor tenant confirmed, said Goldstrom.
“Nobody wanted to be first.”
Negotiations for the store took three years, he said.
Buy-Low Foods’ new AG Foods location will be on a portion of a 4.17-acre commercial phase called Village Market. Scott Builders of Red Deer is the general contractor engaged for the build which Goldstrom estimates will cost about $8 million.
Bill MacLean, president of Shantz Village Land Corporation said he is proud to announce the launch of the retail component with a sale and development agreement with Shantz Village Market GP Inc. to develop the lot with the construction of a 25,960-square-foot build to suit Buy-Low Foods opening in the fall of 2020.
The sale of the 4.17 acres closed on July 16, making it the second land sale closing in Shantz Village Land Corporation’s conditional offer to purchase with the town, said Goldstrom.
“So far the town has received about $2.3 million. And so from no taxes, they’re collecting taxes on Phase 1 and now Phase 2. It’s generating tax revenue for them,” said Goldstrom.
Town staff were unable to comment before press deadline.
Shantz Village Land Corporation signed a conditional offer to purchase with the town in 2016, explained Goldstrom.
“The closing is in five phases until 2022,” he said.
“The first phase was done at closing which is eight-plus acres for the residential component. The second one is the four-plus acres which is for the first commercial component,” he said.
The next phase of the Village Market commercial development will include 10,000 square feet of retail space and a freestanding drive-thru building which is being developed by Brian Kernick, president of Greenview Developments Ltd.
Greenview initiated the Shantz Village concept plan with Goldstrom, who was originally engaged by the Town of Didsbury in 2012 to address marketing the town's 35.55 useable-acre, fully serviced development, according to information provided by Shantz Village Land Corporation.
“We’ve got some independents, I can’t say much yet but we’re working on those plans now. More retail, so you’ll have a pharmacy, a registry, a liquor store and a bank on the opposite side of the (Buy-Low) store,” he said.
The confirmation of an anchor commercial tenant is expected to buoy interest in the townhouses planned for the residential area, he added.
Other phases include another commercial area and plans for a supportive living facility and a hotel and arena.
Goldstrom noted that the development project started out as industrial land in 2012 and became the mixed use area it is now in 2016.
Market factors, timing and changing of councils and town staff have played a part in the changing dynamics of the property, he said.
“Since I’ve been working on the project, this is the third council and I’ve had three mayors,” he said.
And with the town’s chief administrative officer’s recent resignation to take a job elsewhere, Goldstrom will now be dealing with a third CAO.
