Target renos worth millions in building permits
Target Corp. won’t open its Red Deer store until spring, but the retail giant is already having an impact on the local economy.
The City of Red Deer issued a building permit last month for $7.1 million worth of renovations to the former Zellers premises in Bower Place Shopping Centre. PCL Construction has been preparing the site for Target since mid-November, when Zellers ceased operations there.
The Target approval accounted for more than a third of the $21 million in building permit values authorized by the city last month. It helped boost the commercial tally to $10 million, while residential permits came in at $7.5 million, industrial permits at $2.7 million and public project approvals at $790,000.
By comparison, the total value of construction approved by the city in the same month last year was $13.6 million. That was made up of $9.3 million in residential work, $2.7 million in the commercial category, $1 million for industrial work and $470,000 for public projects.
With one month remaining in 2012, Red Deer is on track for its highest building permit total since 2007. It’s already approved $256.8 million in construction, up from the $169.7 million for all of last year, $113.7 million for 2010 and $141 million for 2008.
In 2008 the city authorized $258.4 million in work, which marked a sharp drop from the pre-recession high of $421 million in 2007.
Residential construction during the first 11 months of 2012 has generated $65.7 million worth of permits, up from $71.3 million for the same period last year. Commercial approvals have accounted for $65.7 million in work, up from $53.5 million; industrial permits have jumped to $72.8 million from $15.3 million; and the value of work on public projects has dropped to $11.2 million from $20.2 million.