The City of Spruce Grove has approved a key new development and a necessary land sale to accommodate it.
The $30-million development, known as Tri Village Commons, is adjacent to the Edmonton suburb's popular TransAlta Tri Leisure Centre. The city approved the sale to Tri Village Developments Ltd. at the appraised market value of $565,000 per acre for the 2.2-acre site.
It will feature a village theme and include a four-storey Holiday Inn Express and Suites with conference facilities, a three-storey professional building and several one-storey buildings featuring retail and restaurant space.
The project's development-permit application is expected to pass early in 2012.
Spruce Grove, located 10 minutes west of Edmonton on Highway 16, has enjoyed relatively strong success in attracting new commercial development in the past five years.
Construction on the project is expected to start in spring 2012, according to city officials. Lease space is available from 1,000 square feet to 60,000 square feet.
Tri Village Commons being developed by Tri Village Development and marketed by Colliers International.
from Western Investor February 2012
