INNISFAIL – There has been a strong response for the highly-anticipated residential lot draw for the new westside Napoleon Lake South development, a project the town desperately wants off the ground to gets its longstanding housing shortage out of the doldrums.
On April 10, a residential lot draw for the public and builders was hosted by the Town of Innisfail at the Innisfail Library/Learning Centre.
The planned 12-acre development on a vacant town-owned field south of Napoleon Lake, located near the intersection of 42 St. and Highway 54, is earmarked to have 62 residential lots, an apartment site, and buildings on a 1.62-acre parcel of commercial land.
The town believes the proposed housing types for the Napoleon Lake South residential project will support both older adults looking for bungalow homes, as well as more affordable ones for ownership and rental.
The lot draw required pre-registration, a $5,000 deposit and in-person attendance at the event.
Following the lot draw, successful individuals are required to enter into a purchase agreement by May 9, along with a 10 per cent deposit.
The April 10 lot draw began at 10 a.m. and attracted private citizens and builders, including Red Deer’s Larkaun Homes and True-Line Homes.
There were 62 lots available with prices starting at $101,900. The lots include those for single family homes, duplexes, and townhouses.
The event was an important day for town staff, especially Meghan Jenkins, the town’s director of community services, who has been working diligently on the town residential project for the past two years.
“It's an anxious day for me,” said Jenkins with a chuckle minutes before the lot draw. “Hopefully we get enough moved that council moves ahead with it next week.”
And all went well. In fact, it was a day of success.
Jenkins was hoping the lot sale and projected revenue would be in the 30 per cent range of total lots available and revenue needed for the project.
And the result was within that range.
The group of builders, who all have existing housing projects in town, snapped up a total of 16 housing units, which worked out to 27 per cent of the total 62 lots available and 25 per cent of the projected revenue, monies needed to begin construction at the westside site.
“It shows solid interest in the development,” said Jenkins after the lot draw.
On April 14 Jenkins is presenting town council a report on the lot draw, with a hope elected members will then give the project the final green light to begin construction in May.
If all goes well, council will also be asked to award the contract for the infrastructure construction.
The infrastructure cost for the project is expected to be about $5 million and financed through the town’s Land Acquisition Reserve, with lot sales recouping that cost.
