Canterbury Park Holding Corporation and Greystone Construction announced that the two longstanding Shakopee, Minnesota companies have formed a joint venture to develop a 13-acre land parcel located on the southwest portion of the 140-acre Canterbury Commons. Canterbury Park, who is contributing 13 acres of land to the joint venture valued at approximately $261,000 per acre, will hold a roughly 62% interest in the venture. Greystone will provide development, management and construction services for the project and will hold a roughly 38% interest in the joint venture.
Canterbury Park and Greystone envision a multi-use development that will feature up to six pad-ready sites and two internal roads. Potential uses within the new 13-acre development are expected to include hospitality, dining, residential, commercial offices and service-oriented retail. In addition, Greystone, a general contractor with projects in more than 27 states, will relocate its corporate headquarters to a newly constructed 26,000 square foot office at the site. The joint venture has commenced initial site work, and Greystone intends to break ground on its new headquarters in the fall of 2020 with occupancy expected in 2021.
“From the very beginning, our vision for Canterbury Commons has been to attract residential, hospitality, commercial, entertainment and retail elements that enhance and strengthen the economy and social experiences in Shakopee and beyond,” said Randy Sampson, Canterbury Park President and CEO. “This new joint venture with Greystone represents a critical and positive step toward expanding the programming of the Canterbury Commons development beyond residential and into potential commercial, retail and dining offerings which will drive visitation to Shakopee and expand the city’s tax base. We’re delighted to partner with a leading Shakopee company and excited to become their neighbor as they bring their employees to Canterbury Commons in a few years.
“This is an exciting time for Canterbury and Greystone as well as the future of Shakopee, and this new joint venture represents further progress in the ongoing transformation of our excess land into a vibrant new community. This new partnership, combined with the development of the Triple Crown Residences and our two recently announced land sale agreements, is unlocking new value for the Company’s stakeholders as we continue to monetize the excess real estate that surrounds the Racetrack and Card Casino at Canterbury Park.”
“Shakopee has been home to Greystone Construction since its inception in 1987. We have experienced steady growth since our modest beginning and we have designed and built projects throughout the United States,” said Kevin O’Brien, President and CEO of Greystone Construction. “That being said, it is always special to complete projects in our home town. Greystone has made its mark in Shakopee partnering with many of the great businesses located here to build facilities that provide for growth in production, services and employment. We are very excited to partner with another great Shakopee business and corporate citizen in Canterbury Park. In addition to working with Canterbury Park to develop these 13 acres, this provides us with the opportunity to build a new corporate headquarters. Growth has dictated the need for this space. However, the decision to stay here in Shakopee was based on the amenities the Canterbury Commons development plans provide. Our goal is to build a first-class corporate headquarters, which will help us attract and retain the top talent in our industry. The amenities being built in the Canterbury Commons development will help in providing the atmosphere we want to create for the Greystone Team.”
Canterbury Park and its development partners are currently transforming 140 acres of underutilized land into Canterbury Commons. Development began with the 2018 joint venture agreement between Canterbury and Doran Companies with the two-phase Triple Crown Residences of over 600 units at completion. In April 2020, the Company announced two real estate sales agreements for an aggregate 14 acres of land that will add 160 more residential units to the site. Increased access to the development site at Canterbury Commons was made possible by the completion of city streets in 2019 and the upcoming completion of Unbridled Avenue on the northern border of the property in fall 2020.