The Town of Stellarton has been given tremendous boost, with the approval of a significant local business investment. Five lots in the Albion Business Park have been sold, resulting in a total of just over $1.1 million in land sales for the town.
The purchase is being made by Endurance Equities Corp., an Alberta-based commercial property development company specializes in small town commercial property development.
“What it’s going to take to get some action in Albion Park is a commercial property developer getting to work, creating a leasing program, and marketing site to potential users,” said Matt Stokes, VP of Endurance Equities Corp in a call with The News.
Stokes believes the developments coming to the Albion Business Park are a particular good fit for a town like Stellarton, because Endurance works specifically with smaller centers.
“We don’t play in Calgary, or Edmonton or Toronto. We’re small-town guys and know what types of businesses want to relocate into small towns,” said Stokes. “We have ideas, and we’re working with new businesses.”
Unfortunately, until deals are made with those businesses, Stokes said he cannot give out any more specific details on what sort of businesses might soon be cropping up in the Albion Business Park.
Although he was not able get into detail, Stokes said the businesses Endurance is looking to attract to the Albion Business Park are ones that are in accordance with the zoning bylaws that regulate what sorts of developments already exist of the park, specifically, “highway commercial type business.”
“If I could make the deals today, I would. The land is ready to go,” said Stokes.
Endurance Equities Corp. owns a portfolio of commercial properties in numerous smaller centers in Alberta. Stokes said the president of Endurance, Pat Lipton, saw opportunity, being familiar with the business situation in the Pictou County area. Both are originally from Nova Scotia – Stokes is from Cape Breton, and Lipton is from Truro.
“The mayor, council and solicitor in Stellarton have been fantastic to work with so far. They want to see something happen with that highway commercial business park,” said Stokes.
The five lots sold actually are the last five in the Albion Business park that are fully serviced. They are located across the business part, situated on Lawrence Boulevard and Vista Drive.
Development in the area will drastically change the look and pace of life in the business park, noted Stellarton Mayor Danny MacGillivray. Once Endurance finds people to do business in the new developments, MacGillivray said, “the park will change, look busier, more vibrant –it will be economically healthier.”
While discussing the agreement in council on Monday, MacGillivray described the deal as “very good news on the economic development front.”
“This is really good for Stellarton. In the next little while we’re going to be seeing more business coming to the town, and we’re really excited, as a council, to announce this tonight,” said MacGillivray.
MacGillivray believes the interest in the Albion Business Park is the result of council getting the lots there professionally appraised, and dropping the price of the lots to match current economic realities.
The lots included in the deal are Lot 69 to be sold at $2.53 per square foot; Lot 62-Z to be sold at $1.38 per square foot; Lot 63-X to be sold at $1.38 per square foot; Lot 67-B, to be sold at $1.38 per square foot and Lot 61, which is selling at a price of $1.38 per square foot.
