Canterbury Park forms JV with Greystone to develop 13-acre portion on Canterbury Commons in US

WCN Editorial Team 23 Jun 2020 NORTH AMERICA BUILDINGS

Canterbury Park, an operator of racetrack and card casino, has formed a joint venture with Greystone Construction for the development of a 13-acre portion of land located on the 140-acre Canterbury Commons in Shakopee, Minnesota.

Canterbury Park and Greystone Construction envision a multi-use development which will include up to six pad-ready sites and two internal roads.

The development will include hospitality, dining, residential, commercial offices and service-oriented retail.

Additionally, Greystone will relocate its corporate headquarters to a newly constructed 26,000ft² office at the site.

The joint venture has started the initial site work and Greystone expects to break ground on its new office this fall with occupancy taking place next year.

As Canterbury Park has contributed 13 acres of land, it claims that each acre at the site is valued nearly $261,000. It will also hold nearly 62% stake in the joint venture and Greystone which will provide development, management and construction services for the project, will hold the remaining 38% stake in the JV.

Canterbury Park president and CEO Randy Sampson said: “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.

“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 neighbour as they bring their employees to Canterbury Commons in a few years.”

Greystone Construction president and CEO Kevin O'Brien said: “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.

"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 partners are transforming 140 acres of under-utilised land in Canterbury Commons. In 2018, the company agreed to form a joint venture with Doran Companies with the two-phase Triple Crown Residences of over 600 units at completion.

In April, this year, Canterbury Park announced two real estate sales agreements totalling 14 acres, adding 160 more residential units to the site.

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The conceptual plan of the 13-acre site at Canterbury Commons. (Credit: Canterbury Park Holding Corporation.)

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