Sales Agreements for 14 Acres of Land to Bring More Than 160 Additional Residential Units to Canterbury Commons
Agreements with Pulte Homes and Lifestyle Communities, LLC Further Develop Vision of Live, Stay, Work and Play Experience at Canterbury Commons
Canterbury Park Holding Corporation, (NASDAQ: CPHC) (“Canterbury” or the “Company”) today announced two real estate sales agreements with developers that will add more than 160 additional residential units to the Canterbury Commons development site. Pursuant to separate purchase agreements with Pulte Homes of Minnesota (“Pulte”) and Lifestyle Communities, LLC (“Lifestyle Communities”), Canterbury will sell approximately 14 acres of underutilized land surrounding Canterbury Park Racetrack and Casino in Shakopee, Minn. for total consideration of approximately $3.5 million. Pulte and Lifestyle Communities will develop respectively 109 and 56 for-sale residential units including townhomes and row homes and a cooperative community on their acquired real estate plots. Both transactions are expected to close in September 2020.
“Our new agreements with Pulte and Lifestyle Communities, two of the region’s premier residential housing developers, will bring additional exciting living and lifestyle experiences to the community with both projects perfectly complementing The Triple Crown Residences at Canterbury, the for-lease upscale 600-unit project currently being developed by Doran Companies,” Randy Sampson, Canterbury President and CEO said. “Our vision for Canterbury Commons is to bring vibrant residential, hospitality, commercial, entertainment and retail elements to the Shakopee community. The new agreements announced today will stimulate additional development in those segments. We are excited to work with Pulte and Lifestyle Communities and believe their innovative plans for these new developments will help us achieve our goals.
“At present, the health and well being of our employees and guests is our primary concern. Our ability to make continued progress with the Canterbury Commons initiative is particularly needed at this unprecedented time as the cash flow we will generate from these two agreements will strengthen our financial position and help to mitigate the impact of the COVID-19 virus as we begin to return to normalized operations. In addition, both of these new development projects and our ongoing efforts to pursue agreements for the further development of Canterbury Commons will create new employment opportunities and an expanded tax base for the Shakopee community. As we continue to monetize excess real estate that surrounds the Racetrack and Casino at Canterbury Park, we can unlock value for the Company’s stakeholders,” Sampson said.
The project to be developed by Pulte will feature a combination of 109 row homes and townhome buildings, with initial site work scheduled to begin later this year. “Pulte Homes is excited to be among the initial developers committed to bringing a first-class residential experience to Canterbury Commons,” said PulteGroup Minnesota Division President Jamie Tharp. “We’ve always enjoyed partnering with the City of Shakopee and look forward to playing a role in a significant project for the region. For us, it’s a unique opportunity to build more than one hundred luxury townhomes in a location that keeps our residents close to the amenities they are asking for.”
The cooperative community to be developed by Lifestyle Communities will feature a 56-unit, four story building with over 5,000 square feet of amenity spaces. This boutique cooperative community will provide the same qualities and living experiences as seen in the award winning Zvago Cooperatives co-developed by Lifestyle Communities in several Twin Cities communities. Sales and marketing materials for interested cooperative buyers will be available this fall. “Our cooperatives offer a premier lifestyle for those in the prime of their life, within active neighborhood locations and surrounded by conveniences and community amenities that frees owners to maximize their life and use of their finances. While we facilitate the creation and empowerment of each new cooperative community, each collective group of like-minded owners thrives in this amazing time of life because of the relationships they form within the cooperative and the lifestyle they’ve claimed,” said Tim Nichols, President of Lifestyle Communities. “The vision for Canterbury Commons and its quickly emerging mix of close-knit active residential developments, coupled with walkable commercial amenities, surrounded by a unique entertainment district and situated in a dynamic community like Shakopee was an opportunity we couldn’t pass up.”
Canterbury Park and its development partners are transforming 140 acres of underutilized land to create Canterbury Commons. The initial focus has been on residential living on approximately 60 acres of the project site. Including these two new agreements and those with Doran Companies for the two-phase development of The Triple Crown Residences complex on 23 acres of land, the Company now has agreements representing approximately $200 million of total development for more than 760 residential units. Increased access to the development site at Canterbury Commons has been made possible by the completion of city streets in 2019. Phase One of The Triple Crown Residences is under construction and consists of 321 units and a clubhouse with amenities. Occupancy is scheduled to begin in June. Initial ground work for Phase Two which will add another 305 units is expected later this year.
Sampson added, “We are making significant strides forward in our long-term vision which began a quarter century ago when we strategically secured this land with future growth in mind allowing us to now create this signature development adjacent to our existing Casino and Racing operations.”
Canterbury expects to announce further agreements related to the Canterbury Commons development project in the coming weeks.
Additional background on Canterbury Commons is available at http://www.canterburycommons.com .