Business
Canterbury Park Holding Corporation Provides Update On Canterbury Commons Real Estate Development Project
Sales Agreements for 14 Acres of Land to Bring More Than 160 Additional Residential Units to Canterbury Commons Agreements with Pulte Homes and Lifestyle
About this update from Canterbury Park Holding Corporation
[{"type":"text","content":"Sales Agreements for 14 Acres of Land to Bring More Than 160 Additional Residential Units to Canterbury Commons\n Agreements with Pulte Homes and Lifestyle Communities, LLC Further Develop Vision of Live, Stay, Work and Play Experience at Canterbury Commons\n\n\nSHAKOPEE, Minn., April 22, 2020 /PRNewswire/ -- Canterbury Park Holding Corporation, (NASDAQ: CPHC) (\"Canterbury\" or the \"Company\") today announced two real estate sales agreements with developers that will add more than 160 additional residential units to the Canterbury Commons development site. Pursuant to separate purchase agreements with Pulte Homes of Minnesota (\"Pulte\") and Lifestyle Communities, LLC (\"Lifestyle Communities\"), Canterbury will sell approximately 14 acres of underutilized land surrounding Canterbury Park Racetrack and Card Casino in Shakopee, Minn. for total consideration of approximately $3.5 million. Pulte and Lifestyle Communities will develop respectively 109 and 56 for-sale residential units including townhomes and row homes and a cooperative community on their acquired real estate plots. Both transactions are expected to close in September 2020. \n\n \n \n \n \n \n \n\n \n\"Our new agreements with Pulte and Lifestyle Communities, two of the region's premier residential housing developers, will bring additional exciting living and lifestyle experiences to the community with both projects perfectly complementing The Triple Crown Residences at Canterbury, the for-lease upscale 600-unit project currently being developed by Doran Companies,\" Randy Sampson, Canterbury President and CEO said. \"Our vision for Canterbury Commons is to bring vibrant residential, hospitality, commercial, entertainment and retail elements to the Shakopee community. The new agreements announced today will stimulate additional development in those segments. We are excited to work with Pulte and Lifestyle Communities and believe their innovative plans for these new developments will help us achieve our goals.\n\"At present, the health and well being of our employees and guests is our primary concern. Our ability to make continued progress with the Canterbury Commons initiative is particularly needed at this unprecedented time as the cash flow we will generate from these two agreements will strengthen our financial position and help to mitigate the impact of the COVI...