OLDS — The property the Town of Olds' former salt and sand Quonset sits on could become a mixed-use building, with commercial space on the bottom and residences above – and sold to the developer for just $1.
The Town of Olds and Masterbuilt Projects Ltd. have signed a letter of intent to that effect regarding the property at 4818 51st St. in east Olds.
It’s just across from the municipality's smaller former operations Quonset, now slated to become the home for a Men’s Shed, local artists, Mountain View Moccasin House Society (MVMHS) and possibly other community groups.
The town's chief administrative officer, Brent Williams, says because “there are significant demolition and remediation costs” due to the building's use as a salt and sand shed, the lot will be transferred to Masterbuilt Projects for $1 if the company constructs the building according to the town’s requirements and it’s approved.
In an email, Williams noted that the town’s East Olds Area Redevelopment Plan (EOARP) calls for mixed-use structures in that area.
“Should this development be a success, it will generate $15 - $20,000 in annual tax revenue on a currently idle piece of land and hopefully spur this type of development in other parts of the East Olds mixed use zone,” Williams wrote.
Over the past two or three years, the municipality fielded lots of inquires about the property, but they were all about using the land for warehouse/storage or automotive facilities, none of which fit with the town’s EOARP “and the town was not willing to entertain a continued industrial use,” Williams wrote.
He said the town was willing to look at making the land available for athletics and last year, that possibility was communicated to several minor sports groups.
“But given the cost to make it just a three-season (spring, summer, fall) indoor turf facility (~$250,000), we were not able to find a partner, and the town was not willing to invest such a significant amount,” Williams wrote.
So last spring, Williams suggested the idea of a partnership with a local builder to construct a mixed-use building.
In May, he sent out seven letters of interest to local builders, who, he said, “have a history/interest in multi-family and/or commercial construction.”
“Several declined, several did not respond,” Williams wrote. “Only Masterbuilt agreed to explore the town’s concept/condition (i.e., a multi-use development).”
That led to the signing of that letter of intent.
By law, the town must advertise the fact that it’s considering selling town-owned land for less than market value and give residents an opportunity to petition against that plan.
That advertising is currently underway and the town is required to wait until the 60-day petition period is over before possibly proceeding with the planned sale.
