Area Structure Plans

Long Sky Lands - Proposed Cornerstone ASP Amendment

The Long Sky Lands are three parcels totalling roughly 60 acres in northwest Olds. They sit along Cornerstone Road and 67A Avenue, just north of the Highway 27 shopping district and next to Rotary Athletic Park. Much of the groundwork is already done: roads are in place and two of the parcels are graded with utility services at the property line, making them some of the most development-ready land in town. The previous landowner was Long Sky Developments Ltd., hence the name.

In 2016, the Town and Long Sky Development signed an agreement that saw the Town invest roughly $2.7 million to build the roads and underground services that support the Long Sky Lands. That amount was to be repaid by the landowner as the lands developed. 

The Town’s rationale was to facilitate the construction of Rotary Athletic Park, which could not have been built without the associated infrastructure built through the Long Sky Lands.  

But development of these parcels never moved forward, and market conditions made it difficult for the owner to find a buyer at a price that covered what was owed to the Town, leaving the lands sitting idle and the Town's infrastructure investment unrecovered.

On April 27, 2026, after several years of working with the landowner and potential buyers, Council directed administration to finalize an agreement with Long Sky Developments Ltd. Under that agreement, the owner transferred all three parcels to the Town in exchange for forgiveness of the outstanding servicing costs and interest, and the Town accepted the lands in their current condition. The Town now holds title.

The Town recorded an allowance in its 2025 audited financial statements to reflect the land’s current market value. This means the financial impact has already been accounted for. Taking ownership of the lands in 2026 did not involve a cash purchase or new borrowing. Instead of an uncollectable debt, the Town now holds roughly 60 acres of serviced land it can sell to recoup its initial investment.

The Town does not plan to hold these lands long term. The goal is to get them developed and recover the Town's investment. Proceeds from future sales will return to the Town, and developers will still be responsible for off-site levies that help fund infrastructure serving the area.  

But the first step is updating the Cornerstone Area Structure Plan, which currently reflects planning from 2017. The proposed update supports a wider range of housing, such as townhomes, seniors-oriented housing and rental options, along with mixed-use development along Cornerstone Road, height transitions next to existing homes, and connected parks and pathways. Once the plan is updated, the Town intends to offer the lands to private developers through an open, competitive process.

1st Reading of the Cornerstone ASP Amendment was given on September 14 and a public hearing is scheduled for October 13, 2026 at 1:00pm in Town Council Chambers.  

For further information, please see: 

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