City Sells Former Tembec Property to Peak Renewables
November 19, 2020
The sale of the former Tembec industrial lands on Theatre Road in Cranbrook is now official, with Peak Renewables the new owners.
The sale of the property was completed earlier this week for $6 million. The property was originally purchased by the City for $3 million in 2018, resulting in a significant profit of almost double the original investment. The profit from the sale will be directed toward future initiatives supporting jobs and tax revenues.
“This is a strategic move intended to leverage our position as the regional hub, aligns with our regional economic initiatives and provides growth in new and emerging technologies,” Mayor Pratt adds. “We, as a City, spent the last three years working hard on the vision and delivering that vision. Our entire team deserves much credit on this project from engineering, planning and business development. They all played an important role in making this possible.”
“The potential for new, good paying jobs for our residents, new tax dollars, new growth and economic development opportunities for the City, is very exciting,” Mayor Pratt notes. “We look forward to seeing what the future holds for this important piece of industrial land and we will work with Peak Cranbrook Properties to help them realize their goals.”
“Peak Renewables and Brian Fehr bring decades of success and innovation in the forestry sector to Cranbrook,” says Darren Brewer, Business Development Officer for the City of Cranbrook. “Brian is known as a pioneer in automation and for launching artificial intelligence in the mills. His work continues by bringing new and innovative solutions for biomass and cross-laminated timber to market.”
The land sale will benefit the City and residents with new jobs and tax revenues to fund City services, and the direct cash profit from the proceeds of the sale for future initiatives. Discussions between Council and staff are underway to find ways to create long-term financial returns from the sale proceeds that can be used to help fund new projects and investment in the community.
“Our economic forecast predicts hundreds of good paying jobs supporting our local economy, and this announcement will significantly add to the City’s ability to attract new investment,” says Brewer, adding, “we knew this would happen. We knew capital would follow smart people with good ideas. This is a great announcement for everyone in Cranbrook.”