The site of a proposed commercial centre in northwest Red Deer has changed hands.
Edmonton-based Canadian Urban Ltd. has transferred the 10.68-acre parcel at 6712 and 6714 Golden West Ave., where recreational vehicle manufacturer Travelaire Canada once operated, to Albari Holdings Ltd. and 1835901 Alberta Ltd. The transfer documents indicate that the sale price was $1,785,085.
An official with Alberta Investment Management Corp. (AIMCo.) confirmed with the Advocate that AIMCo. has invested in the property, and is working with private developer Hopewell Development.
AIMCo. is a provincial Crown corporation responsible for the investments of pension, endowment and government funds in Alberta, including the Alberta Heritage Savings Trust Fund. It manages more than $75 billion in assets.
Hopewell, which is based in Calgary, is one of Canada’s largest commercial developers. It’s active across Western Canada, and in Ontario.
Canadian Urban bought the land in 2007 from Travelaire’s parent company, Glendale International Corp. The property was leased back for Travelaire’s use, until Glendale filed for bankruptcy in January 2010 and Travelaire ceased operations.
In April 2013, Canadian Urban obtained development approval from the city for eight commercial buildings on the property, with these to cover a total of 32,500 square feet. A spokesperson for the company said at the time that an anchor tenant would be sought for the largest of the proposed buildings, and the others would be used by businesses like fast-food restaurants and other shops.
Despite plans to commence construction last year, no work has been done. This April, the city renewed the development permit for a year.
hrichards@www.reddeeradvocate.com