Koralta Construction is well into a project at 8 Conway Street in Clearview Market Square where they are building a two storey commercial Building valued at $2.7 Million

Koralta Construction is well into a project at 8 Conway Street in Clearview Market Square where they are building a two storey commercial Building valued at $2.7 Million

Commercial development reaps $6.4M in permits

Commercial development in south Red Deer and industrial development in Queens Industrial Park accounted for $6.4 million in development permits issued by the City of Red Deer last month.

Commercial development in south Red Deer and industrial development in Queens Industrial Park accounted for $6.4 million in development permits issued by the City of Red Deer last month.

November’s industrial permit values were almost $4.3 million, an increase of almost $2 million over November 2012. Six industrial permits were issued compared to five last year in November.

Development for Scott Builders in the Queens Industrial Park valued at $3.5 million was a factor in the increase.

Boston Pizza South renovations valued at $675,000 and renovations at Tim Hortons on 22nd Street valued at $500,000 were issued, bringing November’s monthly tally for commercial development to $2.1 million.

The city issued 15 permits compared to 13 in November 2012.

Residential permits for November 2013 remain strong with 102 permits issued compared to 103 for November 2012.

Permit values at the end of November 2013 total more than $227 million for the year so far, exceeding the city’s annual forecast of $220 million by $7 million. Compared to the same time last year, total permit values are about $29 million lower.

Howard Thompson, manager of the city’s Inspections and Licensing Department, said, however, that 2012 saw one very large permit issued for almost $54 million, for a public project to expand the City of Red Deer’s wastewater treatment plant.

“Considering this one extraordinary permit from last year, new development is actually slightly ahead in 2013 over 2012,” he said.

Over the past two months, October commercial permit values increased with revenues of $6.3 million, compared to last year’s values of $1.1 million.

Contributing to the increase is a two-storey commercial building by Kor-Alta Construction Ltd., valued at $2.7 million in Clearview Market.

The number of residential permits has also risen from last year with over $11 million in permit values this October compared to $6.7 million in October 2012.

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