Leduc property values double near airport
Ron Chalmers, edmontonjournal.com
Published: 12:55 pm
EDMONTON - Property values near Edmonton International Airport have doubled since Leduc County started planning a new industrial area.
The county has hired consultants to prepare an area structure plan for 4,000 hectares of agricultural land north and west of the airport.
"I anticipate seeing major developments," said Rick Stuckenberg, the county's planning manager. "We think the first level of interest would be industrial. We're also hoping to attract high-end business-park development."
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Already, "property values in the plan area have more than doubled in the past 12 to 14 months," he said. "We have seen sales ranging from $35,000 to $55,000 per acre ($14,000 to $22,000 per hectare) for farm property with buildings."
More industrial land is needed because "we're seeing fairly significant growth in the economy," Stuckenberg said. "We see this as a prime opportunity to do some strategic land planning."
The land is convenient to the airport, Nisku, Hwy. 2 and Hwy. 19.
The consultants, EBA of Calgary and EXH of Red Deer, are preparing a concept plan to propose appropriate forms of land use.
The county will consult with the federal government about air traffic, with the provincial departments of environment and infrastructure and transportation, with neighbouring municipalities and with agricultural officials.
Within the plan area, "the predominant current land use is agricultural with some very viable and good farms, predominantly quarter sections plus a couple of churches," Stuckenberg said.
Removing land from agricultural production is "one of the main issues we need to look at," he said.
Kevin Hughes at the Edmonton branch of CB Richard Ellis, a commercial real estate broker, said his office already has seen "a fair amount of activity" among buyers and sellers in the plan area.
Converting family farms to industrial land "is logical because the airport is planning an expansion and the sound impact will become severe" on nearby residents, he said.
More industrial land is needed because "land is running out in Leduc, and there is no more land left in Nisku," Hughes said. "Economics, as always, will drive the situation."
Stuckenberg expects the area structure plan to be completed for consideration by the county council early next year.
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