Canadian University College is seeking private investors after a large land and housing deal with the City of Lacombe fell through.
City council for the central Alberta community of 12,500 voted early in the new year to terminate an agreement with the college that would have seen the town participate in building on 15 acres of college land.
The project originally envisioned up to 300 acres of development on what was known as the Legacy Pointe Residential Housing Development Initiative (REHDI).
The college is now seeking potential private partners for a housing development on its lands.
The REHDI project was aimed at assisting first-time homebuyers who are finding market prices unaffordable in the Red Deer suburb.
"I fully understand the concerns some have about the REHDI project and appreciate why city council took this action," college president Mark Haynal said.
"Canadian University College will begin working with other developers to develop the land in a manner that benefits both our institution and people who want to build or buy a home in Lacombe."
– Compiled by Dave Husdal
from Western Investor March 2012
