MINTO – The sale of two Palmerston Industrial Park building lots, including one for a condominium-style business park complex, have been approved by town council.
At the Feb. 2 meeting, economic development manager Belinda Wick-Graham advised council Milton-based Kridak Developments Inc. has presented an offer to purchase a three-acre parcel at 200 Minto Road, with a request for right of first refusal on an adjacent three-acre parcel.
Wick-Graham explained the company’s primary business is construction and sale of new homes and condominiums. A sister company, Kridak Consulting, is in the software consulting business with clients all over Canada and U.S.
As the company is based in the GTA and much of its development work is in the Point Clark area, “we’re kind of a half way point for them to establish their company,” said Wick-Graham.
Kridak Developments Inc. is proposing to close on the initial three-acre parcel on July 30 and purchase the additional three-acres in late 2021 or early 2022, “which is why they are requesting a first right of refusal,” Wick Graham explained.
The company plans on combining the lots, with the intention of developing a business park with warehouse, workshop and offices all in one location.
“This would be an industrial condominium concept,” Wick-Graham states in a written report.
The first phase of the build will be a 21,000 square foot warehouse, of which Kridak developments intends to occupy 5,000 square feet, while renting out or selling (through a condominium arrangement) the remainder to other businesses.
“Eventually they plan to open a second unit and relocate Kridak Consulting Inc. to this location and build a local employee base on data analytics, digital marketing, artificial intelligence, and automation,” the report states.
The plan to build out this business park will be based on market demand, but the overall size of building developments could be in the range of 100,000 to 150,000 square feet.
“This is a very interesting model and something new for Minto that has the potential to add many new business and employment opportunities,” said Wick-Graham, adding the municipality will work with the developer to assist in filling the units.
The purchase price of the initial three acres is $105,000.
The report states the town will realize $83,160 in development fees on the initial warehouse building alone.
Mayor George Bridge thanked staff involved in putting the deal together.
“It’s nice to see that sale happening,” Bridge added.
Also at the meeting, council approved the sale of a 3.5-acre parcel of industrial land in Palmerston to Chris and Kelsey Langridge, owners of Lakeridge Heating and Cooling Inc.
Wick-Graham said discussions with the Langridge’s began in May of 2019 regarding a potential purchase of industrial land in Minto to operate NACK Reinforcing Steel Services Inc.
NACK is a reinforcing steel service company fabricating caissons and placing steel for infrastructure projects, Wick-Graham explains in a report to council.
The company employs five union iron workers and plans to expand to 12 once construction is complete. The company is currently operating out of rented accommodations in Elmira.
Specializing in the in-shop fabrication and to-site delivery of pre-tie caissons, the company is planning a 15,600 square foot building.
Noting the planned building falls short of the town’s required 15 per cent lot coverage covenant, Wick Graham told council, “they need a lot of space in the yard to run this business. That’s why we’re being flexible here.”
To accommodate the steel inventory, pre-shipment product storage space and truck and trailer parking, much of the property would be required for lot space, the report points out.
Wick-Graham advised council that in order to keep operating during the transition, the company will be putting up a coverall building until the initial 9,600 square foot portion of the facility, which will be built in stages, is constructed.
The purchase price of the 3.5 acre parcel is $122,500. The report states the town will realize $61,776 in development fees on the project.
Councillor Mark McKenzie asked how much serviced land remains available in the Palmerston Industrial Park after completion of the latest sales.
Wick Graham said remaining land includes a 14-acre certified industrial site and roughly another six acres.
The 14-acre parcel was certified in 2016 under the province’s Investment Ready: Certified Site Program, which directs potential investors to pre-qualified locations for industrial facilities.