A new transit park-and-ride is slated to be constructed on land once earmarked for a large office development in a Kanata technology campus.
City staff recommend the municipality pay $5.7 million, or almost $470,000 an acre, to buy the vacant land at 5025 Innovation Dr., at the southwest corner of Terry Fox Drive, according to a report scheduled to be tabled at Wednesday's transportation committee meeting.
The property would then be paved and turned into a parking lot.
City staff describe the property as the entrance to the NorthTech campus of the Kanata North Business Park and list the would-be vendor as Northtech Land Development Inc.
Property development and asset management company Canderel says on its website that the land can accommodate a 350,000-square-foot building. Some of the properties on the opposite have been developed and feature buildings with tenants such as Research in Motion, CAE and Cisco.
The 12-acre site could accommodate approximately 1,000 parking spaces, city staff say.
Canderel would have three years to exercise an option to repurchase up to two acres of the northeast corner of the site for retail development.