It has been announced today that the owners of Canterbury Park horse racing track; Canterbury Park Holding Corporation, has agreed two real estate sales with developers that will see the firm sell around fourteen acres of land that surrounds Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota.
The deal is reportedly in the region of $3.5 million and involves development companies Pulte Homes of Minnesota and Lifestyle Communities, who will use the land to build residential units and a cooperative community.
Chief executive officer of Canterbury Park Randy Sampson commented on the announcement whilst providing a public update on business operations amid the Coronavirus pandemic:
‘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.
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.
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 COVID-19 virus as we begin to return to normalized operations.
In addition, both of these new development projects and our ongoing efforts to pursue agreements for the further development of Canterbury Commons will create new employment opportunities and an expanded tax base for the Shakopee community.
As we continue to monetize excess real estate that surrounds the Racetrack and Card Casino at Canterbury Park, we can unlock value for the Company’s stakeholders.
We are making significant strides forward in our long-term vision which began a quarter century ago when we strategically secured this land with future growth in mind allowing us to now create this signature development adjacent to our existing Card Casino and Racing operations.’
Canterbury Park’s Card Casino is home to the Fall Poker Classic and is Minnesota’s premier location for 24/7 Poker and Casino Games. Last year, the firm embarked on an ambitious project to remodel the Card Casino, bringing a fresh look, new table games and an exciting new culinary options. The remodelling project brings with it three new tables to the Card Casino: Pokerlette, Zombie Blackjack and I Luv Suits. The tables have been relocated in the centre of the room closer to the new poker board, and there are new promotions to coincide with the expansion.