Two local developers will build a retail and restaurant complex on brownfields land at 280-300 West Hunt Club Rd.
The 11.6 hectare property used to be a bulk fuel storage facility, but owners Unitrin Developments Inc. and Triform Development Inc. want to rehabilitate the land and build 335,629 square metres of retail space including a Lowe's, according to a grant application submitted to the city.
Restoring the environmentally contaminated brownfields land makes the developers eligible for the city's brownfield rehabilitation program, which offers a 50-per-cent rebate on the annual increase in municipal property taxes the redevelopment generates.
The program, adopted by city council in 2007 and amended in 2010, will grant the developers up to $4.6 million in rebates if approved by the city's finance and economic development committee on Tuesday.
The city has approved the site plan for four retail areas on the property, and the developers are in the process of finalizing their agreements, according to the grant application.
An estimated $33 million will go into the demolition of a vacant building on the property, site remediation and construction. Approximately 264 person years of direct employment and 462 years of indirect employment will result from the project, the grant application stated.
Construction will take up to four years, but environmental remediation has already taken place including the removal of contaminated soil and groundwater.