The estimated construction value of building projects approved by the town so far this year has eclipsed 2017’s year-end total by more than $9 million.
As of the end of August, the town issued 21 building permits in 2018 with a combined $11,979,000 worth of construction value.
Construction values for permits issued in 2017 equated to about $2.3 million.
The increase is substantial, said Mike Marco, the town’s director of planning and economic development. Much of the hike is due to one development, he added.
“It’s basically attributed to the large-scale development that was approved for Candre. That’s a significant construction in town that’s generating a lot of building value and it’s a large facility."
Two industrial building permits have been issued this year that combined, have an estimated construction value of $10,650,000.
Candre is building a 43,500-square-foot medical marijuana vertical growth facility. The foundation of the first phase of construction was nearing completion in recent weeks.
The second phase is planned to produce cannabis from a facility of more than 100,000 square feet as an extension of the Phase I development.
“The construction values show industrial growth and that’s what our council is trying to promote – business development and industrial growth opportunities,” said Marco.
Large-scale development increases tax assessment, he said. Town council and administration are seeking clarity from the provincial government on whether Candre can be taxed at fair market value or whether it would be assessed as a facility that grows crops. The later would mean the town would not be able to assess property tax on that portion of the facility.
While new commercial growth remained stagnant last year with no permits issued, three have been issued so far this year for renovations and additions worth approximately $450,000.
Fifteen permits have been issued for residential construction. They are largely additions and renovations, with one permit issued for the development of a bungalow, two for duplexes/semi detached house and a mobile home.
Residential construction values equated to approximtaley $877,000 as of the end of August compared to about $1.8 million in the same period last year.
