A Challenging Property Becomes An Opportunity For Housing And Investment.
Not every underutilized property has an obvious solution. Some sites require significant investment before they can support a new purpose, making it important to carefully consider all available options.
This property, formerly used as a sand and salt storage site by the Town, presented several redevelopment challenges. Demolition, environmental remediation and site preparation would all be required before new construction could begin. At the same time, the East Olds Area Redevelopment Plan identified the site as a future mixed-use location, creating an opportunity to support both new housing and commercial development.
Community uses explored
Before considering private redevelopment, the Town explored whether the property could address a community need. Throughout 2023, Administration worked with Olds Minor Ball, Olds Minor Lacrosse and Olds Minor Soccer to explore converting the building into an indoor turf facility. While there was interest in the concept, the project would have required approximately $250,000 in renovations to create a three-season facility, with significant uncertainty around future operating costs. Without a community partner prepared to move the project forward, Council determined this was not the best long-term use of the property.
Finding the right development partner
In spring 2024, Council directed Administration to explore a redevelopment partnership. Seven builders active in Olds with experience or interest in multi-family and commercial development were invited to submit letters of interest. Several declined, while others did not respond. Masterbuilt Projects Ltd. was the only developer to pursue the opportunity.
A Letter of Intent established strict conditions and required extensive due diligence before the partnership could proceed. After reviewing the proposal and confirming the required conditions had been met, Council approved the partnership and the property transfer.
Looking beyond the sale price
The property was transferred for a nominal amount, reflecting the significant demolition, environmental remediation and redevelopment costs required to make the site viable. Rather than focusing solely on the sale price, Council considered the long-term community benefit of returning an underutilized municipal property to productive use in a way that aligned with the East Olds Area Redevelopment Plan.
Today, the site is being redeveloped into a mixed-use building with commercial space at street level and residential units above. The project returns a previously idle municipal property to the tax base, supports additional housing and commercial development, and is expected to generate approximately $15,000 to $20,000 in annual municipal tax revenue while encouraging continued investment in the East Olds mixed-use area.