The owner of Canterbury Park horse racing track Canterbury Park Holding Corporation has decided to sell two real estates to developers, according to reports. As per the report, the firm is expected to sell approximately fourteen acres of land surrounding Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota.
Canterbury Park has finalized the deal for approximately $3.5 million with the development companies Pulte Homes of Minnesota and Lifestyle Communities. They are expected to use the land for establishing residential units and a cooperative community.
Randy Sampson, CEO of Canterbury Park, also spoke on the latest development and also offered an update on the business operations in the wake of the COVID-19 outbreak.
Randy Sampson said the latest agreements with Pulte and Lifestyle Communities is expected to introduce more interesting living and lifestyle experiences to the community as both the projects are likely to complement in the best way possible The Triple Crown Residence located at Canterbury.
Randy Sampson claimed that the firm’s plan for Canterbury Commons is introduced vivacious residential, commercial, hospitality, entertainment, and retail inputs to the Shakopee community.
The latest agreements revealed are likely to boost more development in those areas. Randy said that Canterbury Park is keen to work with Pulte and Lifestyle Communities and feel their inventive ideas for these latest developments will help the company accomplish its goals.
Right now, due to the coronavirus pandemic, the overall health and well-being hold priorities for us added Randy Sampson.
And, Canterbury Park’s ability to achieve consistent growth with our initiative is specifically required during this crucial period as the deal will help in generating cash flow for the company. It will help in enhancing our financial position and help us sail through the impact caused by COVID-19. The deal will also help us in returning to normalcy, asserted Randy Sampson.
Additionally, both the development projects and our existing efforts to follow agreements for more growth of Canterbury Commons will help in generating more job opportunities and an increased tax base for the Shakopee community.
Presently, Canterbury Park is engaged in monetizing excess real estate that includes the Racetrack and Card Casino at Canterbury Park. It will help the company unlock value for the company’s stakeholders.
Canterbury Park is a US-based horse racing track. It organizes a meet that includes approximately 70 racing days beginning from early May to mid-September.