Canterbury Plans ‘Modernization’ Project For Stable Area, Dormitories

Canterbury Park Holding Company, the parent company of Canterbury Park, has announced plans to sell approximately 40 acres in the northeast corner of the property to Minneapolis based Swervo Development Corporation. Swervo will be using the land to build a state of the art, 19,000 seat amphitheater as part of the Canterbury Commons development project. The project will be subject to state and local regulatory approvals.

The development will necessarily initiate changes in the configuration of Canterbury's backside which will include a renovation of existing facilities, the addition of new barns, stables and dorms, and a reconfiguration of the existing training track. Canterbury intends to present this redevelopment plan to the Minnesota Racing Commission for regulatory review in the second quarter of 2022. If approved, construction will start after the coming live racing season and will not impact the 2023 season.

“This is a significant investment in Minnesota's horse racing industry and an important commitment by Canterbury Park,” said Pete Mattson, President of Minnesota HBPA. “The modernization of the stable area at Canterbury Park is important to the horses and people that call Canterbury Park home each summer. We look forward to working with Canterbury throughout the process to create an improved stable area for the future of racing in Minnesota.”

While the training track will be affected, the plan is for a reconfiguration of the track as well as larger and improved barns and dorms. Approximately 19 barns will be affected by the reconfiguration. More details on the layout will emerge when Canterbury presents the plan to the Commission.

“This significant investment in the stable area infrastructure, especially new dorms, should improve the overall experience of our dedicated backside workers,” said HBPA Vice-President Scott Rake. “These new modern living conditions could be among the best in the industry, which is absolutely what the individuals who work so hard to take care of the equine athletes deserve.”

While there is certain to be some apprehension with such major changes, there is optimism that Canterbury is keeping an eye on the future of horse racing in Minnesota.

“Canterbury is looking to expand and improve,” said Canterbury Hall of Fame trainer and HBPA Board Member Bernell Rhone. “Canterbury's commitment to new barns insures their commitment to the future of racing. Change is not always met with favor, but their commitment is a positive move for racing. They've also kept the horsemen in involved in their plans with limited opposition.”

Canterbury announced the development of the underutilized land around the racetrack, Canterbury Commons, in 2018 with the intention of creating a residential and entertainment center in Shakopee. A 300-unit apartment complex has been completed with another scheduled to begin in the spring. Construction is also underway on townhomes and a senior co-op. Greystone Construction completed their new headquarters in October while an active-senior apartment complex has been announced. The amphitheater is the next step in the development.

Additional infrastructure support in the form of three new city roads, have improved access to the racetrack, allowing for the significant development.

“We are very excited about both of these projects and the opportunity to complement our horse racing, card casino and entertainment operations with a world-class outdoor music venue in Canterbury Commons. These projects will provide significant employment and economic benefits for the City of Shakopee and the surrounding region as well as enhance our horse racing operations,” Randy Sampson, Canterbury's Chairman and CEO. “The amphitheater and barn area redevelopment projects, along with the other high-quality developments already underway, demonstrate our continued commitment to provide distinctive and complementary experiences that meet our guests and the community's expectations and improve the quality of life in Shakopee and Scott County.”

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Canterbury Park, Greystone Construction Partner To Develop 13 Acres Of Canterbury Commons

Canterbury Park Holding Corporation (NASDAQ: CPHC) (the “Company”) and Greystone Construction (“Greystone”) announced Monday that the two longstanding Shakopee, Minn. companies have formed a joint venture to develop a 13-acre land parcel located on the southwest portion of the 140-acre Canterbury Commons. Canterbury Park, who is contributing 13 acres of land to the joint venture valued at approximately $261,000 per acre, will hold a roughly 62% interest in the venture. Greystone will provide development, management and construction services for the project and will hold a roughly 38% interest in the joint venture.

Canterbury Park and Greystone envision a multi-use development that will feature up to six pad-ready sites and two internal roads. Potential uses within the new 13-acre development are expected to include hospitality, dining, residential, commercial offices and service-oriented retail. In addition, Greystone, a general contractor with projects in more than 27 states, will relocate its corporate headquarters to a newly constructed 26,000 square foot office at the site. The joint venture has commenced initial site work, and Greystone intends to break ground on its new headquarters in the fall of 2020 with occupancy expected in 2021.

“From the very beginning, our vision for Canterbury Commons has been to attract residential, hospitality, commercial, entertainment and retail elements that enhance and strengthen the economy and social experiences in Shakopee and beyond,” said Randy Sampson, Canterbury Park President and CEO. “This new joint venture with Greystone represents a critical and positive step toward expanding the programming of the Canterbury Commons development beyond residential and into potential commercial, retail and dining offerings which will drive visitation to Shakopee and expand the city's tax base. We're delighted to partner with a leading Shakopee company and excited to become their neighbor as they bring their employees to Canterbury Commons in a few years.

“This is an exciting time for Canterbury and Greystone as well as the future of Shakopee, and this new joint venture represents further progress in the ongoing transformation of our excess land into a vibrant new community. This new partnership, combined with the development of the Triple Crown Residences and our two recently announced land sale agreements, is unlocking new value for the Company's stakeholders as we continue to monetize the excess real estate that surrounds the Racetrack and Card Casino at Canterbury Park.”

“Shakopee has been home to Greystone Construction since its inception in 1987. We have experienced steady growth since our modest beginning and we have designed and built projects throughout the United States,” said Kevin O'Brien, President and CEO of Greystone Construction. “That being said, it is always special to complete projects in our home town. Greystone has made its mark in Shakopee partnering with many of the great businesses located here to build facilities that provide for growth in production, services and employment. We are very excited to partner with another great Shakopee business and corporate citizen in Canterbury Park. In addition to working with Canterbury Park to develop these 13 acres, this provides us with the opportunity to build a new corporate headquarters. Growth has dictated the need for this space. However, the decision to stay here in Shakopee was based on the amenities the Canterbury Commons development plans provide. Our goal is to build a first-class corporate headquarters, which will help us attract and retain the top talent in our industry. The amenities being built in the Canterbury Commons development will help in providing the atmosphere we want to create for the Greystone Team.”

Canterbury Park and its development partners are currently transforming 140 acres of underutilized land into Canterbury Commons. Development began with the 2018 joint venture agreement between Canterbury and Doran Companies with the two-phase Triple Crown Residences of over 600 units at completion. In April 2020, the Company announced two real estate sales agreements for an aggregate 14 acres of land that will add 160 more residential units to the site. Increased access to the development site at Canterbury Commons was made possible by the completion of city streets in 2019 and the upcoming completion of Unbridled Avenue on the northern border of the property in fall 2020.

The post Canterbury Park, Greystone Construction Partner To Develop 13 Acres Of Canterbury Commons appeared first on Horse Racing News | Paulick Report.

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