Canlan announces real estate, hockey rink expansions.
The Morgan Creek project, which originally incorporated 340 acres, will now be expanded by the addition of 82.8 acres. The newly acquired property is contiguous to north and west of the project. The Company proposes to develop a mix of predominantly single family lots combined with some low density townhouses. Closing for the additional land purchase is anticipated by the end of the month.
Canlan's rapidly expanding recreational hockey rink operations anticipate the start of construction for at least three new multi-rink facilities within the next year.
At Wichita, Kansas, Canlan and the City of Wichita have agreed in principle for the construction of a two-rink facility to be funded by the City of Wichita. Canlan has a 65 percent interest in a management contract with an option to purchase the facility. One rink will be Olympic-sized and the other NHL-sized. Final agreements are expected to be signed within a few days.
At Fort Worth, Texas, Canlan is the managing partner for a 50-50 joint venture to build and operate a two-rink recreational hockey complex. The agreement is subject to financing approval, terms for which appear to be well advanced.
At Candiac, Quebec, a south shore suburb of Montreal, Canlan is a 70 percent joint venture partner for a two-rink hockey facility which is expected, in the future,to be expanded to four rinks. Final contracts leading to an early construction start are anticipated within a month.
John B. Ross, President and C.E.O., said the opportunity to expand the Morgan Creek project is particularly welcome because of the extraordinarily strong demand already established for the project's building lots. Phase I of the project, consisting of 135 lots, came to market last fall and was virtually sold out in four weeks. Phases II, III, and IV are scheduled to come to market as 1995 progresses and a substantial waiting list of prospective purchasers has been established.
Mr. Ross stated that the agreements to expand hockey operations could result in the start of construction at each of Wichita, Fort Worth and Candiac later this year. He also noted that construction work has already begun on the Company's three previously announced current hockey expansions. These include expanding the Burnaby, B.C., operation from four to eight rinks, conversion of the Winnipeg Highlander Sportsplex to four rinks, and the joint venture construction of a two rink facility at Langley, B.C. which is scheduled for completion within a year and is to be followed almost immediately with expansion to four rinks.
Canlan also expects to close a major land purchase within the next few weeks which could permit building of a four rink hockey complex in the northeast section of Metro Toronto, Mr. Ross also added.
Canlan Investment Corporation is an innovative and successful real estate investment and development company. It is the largest private sector operator of recreational ice facilities in North America with 23 ice surfaces at eight locations in Canada and the U.S. with future expansion being planned throughout the continent. Its real estate development operations are principally in British Columbia, Alberta, Oregon and Washington State.
Shares of Canlan Investment Corporation are traded on the Toronto Stock Exchange (CAI).
CONTACT: Ray Dixon, Vice President, Corporate Affairs
Canlan Investment Corporation
Kieran and Co. Inc.
Jon W. Kieran
Cathy Hume, Investor Relations
INDUSTRY KEYWORD: REAL ESTATE REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or
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|Date:||Mar 20, 1995|
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