Councillors approved the sale of a plot of land located at 21 Ranchlands Boulevard NE. during an open meeting Monday night. The buyer is interested in developing a multi-story condominium with a total of 48 units. - NEWS PHOTO BRENDAN
bmiller@medicinehatnews.com
City Councillors have approved the sale of a 2.73-acre parcel of bare lane located at 21 Ranchlands Blvd. NE that will potentially be developed into two, four-story buildings that would each accommodate 24 residential units for a total of 48 new units, as well as parking.
The land was sold to the Span West Building Corporation who has expressed interest in developing the new apartment-style condominiums located near the South Saskatchewan River.
The property has been listed on the market since 2016 with an asking price of $890,500 and received three offers in 2017, 2021 and 2022, however none of the potential buyers were able to fulfill the conditions of the sale.
Span West Building Corporation, a condominium developer located in Saskatoon, purchased the plot of land, which is already zoned Neighbourhood Commercial, for $655,000,
The condominium project contributes to Medicine Hat’s goal of diversifying housing options and increasing medium-density residential opportunities.
The development also supports strategic goals which are outlined in the city’s Land and Real Estate Strategy, including using available city land to create long-term value, remaining adaptable and responsive to land development opportunities and leading with proactive marketing and sales.
“The proposed project not only represents a potential return on a long-listed municipal asset, but also supports broader community planning objectives and enhances residential availability within the Ranchland Subdivision,” reads a request for decision presented to council on Sept. 15.
Sharing concerns heard from neighbours, Coun. Alison Van Dyke asked city staff about the possibility of developing future amenities, like a corner store, in the community at a future time.
“There’s a large piece of land across from it as well and I know we have heard from the community that that area often feels underserved with amenities,” said Van Dyke. “Is there still commercial land available for that kind of business to go into that area even with the sale of this property towards multi-use residential?”
Van Dyke was reassured by staff that a vacant site located across the street could be rezoned from medium density residential to accommodate more amenities.
The sale of the property results in the one-time revenue stream of $655,000 and will bring in further property tax dollars once the project reaches its full build-out. According to city documents, a project of similar scope can range from $80,000 to $100,000 annually in taxes. Currently Alberta Span West, who has been designing and building condos in Western Canada for more than 40 years, is pre-selling units of new condominiums recently constructed in Brooks, Beaumont, Mountain View Ridge, Olds and Drayton Valley.
Following this motion, council also approved a motion to rescind the old Acquisition and Sales Policy to approve a new Land and Real Estate Policy.
The new policy will set authorization thresholds and guidelines for real estate transactions of the city’s land inventory and aims to improve the effectiveness and efficiency of its management.
The new policy looks to strategically meet the communities needs while balancing adaptability to current market conditions.
