A large chunk of city-owned land in the Hanlon Creek Business Park may soon change hands.
In a report released on Friday, city officials announced plans to sell more than 107 acres to an unspecified purchaser.
“The buyer is proposing to sub-divide the property and construct multiple speculative buildings totaling approximately two million square feet of space for industrial and business park uses,” states the report.
The property is made up of three parcels of city-owned land, as well as a small segment of Laird Road which is set to be closed.
Included in the deal are heritage lands identified by the water services division as a potential future production well. Even after the lands are sold, the city plans to move forward with groundwater testing as well as planned building stabilization work courtesy of a long-term lease, with an option to repurchase in the future.
This is the second purchase agreement for the property – the previous one fell through.
As explained in the report, the city had a conditional agreement of sale last year but the buyer opted to call it off, within the terms of the agreement.
The new conditional agreement was signed by the new buyer in April, with conditions of sale to be met by July 3.
A closing date is not noted in the report.
Sale proceeds will be transferred to the city’s industrial land reserve fund.