Why REALnorth Likes Fort St. John's Potential
REALnorth Opportunities Fund is betting Fort St. John will be in need of industrial lands to support the array of infrastructure works happening near the Peace River region’s commercial hub in coming years, including oil and gas projects and construction of the recently approved Site C dam. The fund has formed a JV with a Vancouver-based group to develop 17 acres of industrial property in the city’s northeast portion, near the airport (seen above). The industrial property, comprising four lots—each accessible by rail—was acquired from a third-party vendor.
REALnorth has contributed equity of $3.1M to the JV and said it will get 50% of profits from the property development, which could include build-to-suit options or lay-down yards for industrial users, the fund said, depending on market demand. In May, REALnorth announced a JV with Western Canadian Properties Group to develop 29 acres of residential property in Fort St. John's northwest portion. The site, acquired from a third-party vendor for $6.5M, will be developed in several phases, with 155 single-family lots total. WCPG has several other projects already underway in the city, including The Hudson (above).
