Netook Crossing hoping interest in lots perks up

A development consultant working on Netook Crossing Business Park east of Olds is optimistic sales there will pick up this spring.

A development consultant working on Netook Crossing Business Park east of Olds is optimistic sales there will pick up this spring.

Terry Johnston, senior adviser to landowner Prodev Limited Partnership, said eight of the 31 lots in the 142-acre business park have been sold and a few others are under contract. But things have been slow recently.

“For the last six months there hasn’t been too much activity, but we’re hoping things perk up now that spring is arriving and people are starting to think about doing things.

“The economy generally seems to be better.

“It’s not like 2007, but it’s certainly looking like it’s going to be better than 2009 and 2010.”

Buyers to date have included Olds Co-operative Ltd., which built a cardlock fuel station, and Olds RV Inc., which developed a recreational vehicle dealership. Canada West Self Storage and Richardson Brothers (Olds) Ltd. have bought but not yet built, and other investors are also sitting on their property.

“We’ve got two or three potential projects where we might see some more building there this coming year,” said Johnston, who believes new construction on the site will spur interest in the business park.

Prodev LP, a private limited partnership, recently acquired the business park land from Proventure Income Fund, a related company. Title to another quarter section to the west — which is earmarked for modular housing, light industrial and highway commercial development — was also transferred to Prodev from Proventure.

Netook Crossing Business Park falls within the Netook Crossing area structure plan, which covers some 4,000 acres from Olds to east of Hwy 2, and on either side of Hwy 27. The business park is southwest of the junction of highways 2 and 27.

Another business park, Netook Crossing North Business Park, is slated for development north of Hwy 27. Owner Neuroese Properties of Calgary has yet to begin work on that 140-plus acre site.

Information about Netook Crossing Business Park can be found online at www.proventure.ca.

hrichards@bprda.wpengine.com