HALIFAX, March 30, 2019 /CNW/ - Canada Lands has been working effectively for the past months in support of the proposed community stadium at Shannon Park alongside Halifax Regional Municipality ("HRM") and Schooners Sports and Entertainment ("SSE"). As has been reported, Canada Lands and SSE recently signed a letter of intent outlining the parameters of a potential deal that would see a community-use stadium integrated into Shannon Park.
The primary business elements of the possible agreement include:
- the sale of up to 20 acres (8 hectares) of land to SSE for a community stadium (the terms and conditions of which shall be based on market principles); and
- the preparation of the business case by SSE sought by HRM.
The sale is dependent on the satisfaction of a number of conditions. Conditions are a normal part of letters of intent. Certain of the conditions are unique in this instance. Before Canada Lands can entertain any future sale of a portion of the Shannon Park site, it must satisfy itself of the following:
- With Canada Lands having undertaken a master planning exercise with the community through 2015 and 2016 that did not include a stadium, SSE and HRM shall be required to undertake further engagement with the community regarding a master plan that includes a community stadium;
- Support from HRM and the Province for the community stadium in the interest of municipal and broader regional community benefit;
- CLC and SSE coordinating efforts with the Millbrook First Nation and its neighbouring development plans; and
- HRM approval of the revised concept plan – one which includes the development principles supported by the community during Canada Lands' initial consultation process for the remainder of the property.
Within these parameters, Canada Lands remains committed to working with HRM and SSE in the full assessment of the proposed integration of a community stadium site into the Shannon Park development plan.
- Following Canada Lands' engagement and master planning efforts that took almost two years to complete, Canada Lands submitted a proposal to HRM for a mixed-use residential development at Shannon Park in December of 2016. The proposal includes a variety of housing opportunities, public open spaces and park areas and commercial and employment uses.
- Canada Lands has a positive relation with the Millbrook First Nation in ensuring both Canada Lands' and the Millbrook First Nations' development plans are coordinated.
- Consideration of Canada Lands' proposal has been integrated into HRM's "Centre Plan" process.
- SSE first approached Canada Lands in 2017 concerning the potential location of its proposed stadium at Shannon Park. SSE and Canada Lands began more extensive discussion in the summer of 2018.
About Canada Lands Company
Canada Lands Company is a self-financing federal commercial Crown corporation whose sole shareholder is the Government of Canada. Its role is to optimize the economic and community value obtained from former federal government properties. It is also a demonstrated leader in attractions management with its operations of the CN Tower, the Old Port of Montréal, the Montreal Science Centre and Downsview Park in Toronto. Learn more at www.clc.ca
SOURCE Canada Lands Company
For further information: Chris Millier, Director, Real Estate, Canada Lands Company, T 902-423-2255, email@example.com