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Canterbury Park And Greystone Construction Enter Into Joint Venture For Development Of 13-Acre Parcel Of Canterbury Commons
Greystone Construction to Relocate Headquarters to Site SHAKOPEE, Minn., June 22, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation (NASDAQ: CPHC) (the
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"Greystone Construction to Relocate Headquarters to Site\n\n\nSHAKOPEE, Minn., June 22, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation (NASDAQ: CPHC) (the \"Company\") and Greystone Construction (\"Greystone\") announced today that the two longstanding Shakopee, Minnesota companies have formed a joint venture to develop a 13-acre land parcel located on the southwest portion of the 140-acre Canterbury Commons. Canterbury Park, who is contributing 13 acres of land to the joint venture valued at approximately $261,000 per acre, will hold a roughly 62% interest in the venture. Greystone will provide development, management and construction services for the project and will hold a roughly 38% interest in the joint venture.\n\n \n \n \n \n \n \n\n \nCanterbury Park and Greystone envision a multi-use development that will feature up to six pad-ready sites and two internal roads. Potential uses within the new 13-acre development are expected to include hospitality, dining, residential, commercial offices and service-oriented retail. In addition, Greystone, a general contractor with projects in more than 27 states, will relocate its corporate headquarters to a newly constructed 26,000 square foot office at the site. The joint venture has commenced initial site work, and Greystone intends to break ground on its new headquarters in the fall of 2020 with occupancy expected in 2021.\n\"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,\" said Randy Sampson, Canterbury Park President and CEO. \"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 neighbor as they bring their employees to Canterbury Commons in a few years. \n\"This is an exciting time for Canterbury and Greystone as well as the future of Shakopee, and this new joint venture represents further progress in the ongoing transformation of our excess land into a v...