Business
CANTERBURY PARK HOLDING CORPORATION COMPLETES SALE OF LAND TO SWERVO DEVELOPMENT
Construction of 19,000-Capacity Amphitheater Expected to Begin in Spring 2023 SHAKOPEE, Minn., May 01, 2023 (GLOBE NEWSWIRE) -- Canterbury Park Holding
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"Construction of 19,000-Capacity Amphitheater Expected to Begin in Spring 2023\nSHAKOPEE, Minn., May 01, 2023 (GLOBE NEWSWIRE) -- Canterbury Park Holding Corporation, (“Canterbury” or the “Company”) (NASDAQ: CPHC), today announced that that it has completed the sale of 37 acres of land to Bloomington Investments, LLC, an entity related to Swervo Development (“Swervo”), for total consideration of $8.8 million. The land sold is situated adjacent to County Road 83 and Unbridled Avenue in the northeast corner of Canterbury’s campus. With the land sale and government approvals now complete, Swervo expects construction of its planned 19,000-capacity open air amphitheater to begin this Spring, with the venue opening anticipated to be Summer 2025. Following the land sale, Canterbury will continue the redevelopment of the horse stabling area, which serves its racing business, with new barns and a new dormitory complex. “We are thrilled to complete this land sale to Swervo and excited to work with them as they begin to transform the northeast corner of our campus into a premier destination for live music and entertainment,” said Randy Sampson, President and Chief Executive Officer of Canterbury. “We believe the amphitheater will create long-term opportunities for our companies to collaborate as we further enhance the entertainment product we offer at Canterbury Park and Canterbury Commons. Furthermore, the amphitheater represents a critical first step in the evolution of our entertainment district that ultimately will include more than 40 additional acres for development.” Canterbury Park announced plans for Canterbury Commons in 2018, laying out its vision for the creation of a multi-use redevelopment of underutilized property in Shakopee, Minnesota that complements the Company’s existing operations and creates an entertainment district where people will “live, work, play and stay.” A 28,000 square foot premium office building was completed by Greystone Construction in 2021, and a new brewery and restaurant are scheduled to open in early Summer 2023. In addition, more than 1,000 units of upscale residential apartments and for-sale townhomes are in various stages of completion or construction. “There is tangible construction momentum across Canterbury Commons and our efforts continue to show promise on the business development front,” adde...