SHAKOPEE, Minn., April 22, 2020 /PRNewswire/ -- Canterbury
Park Holding Corporation, (NASDAQ: CPHC) ("Canterbury" or the "Company") today announced
two real estate sales agreements with developers that will add more
than 160 additional residential units to the Canterbury Commons
development site. Pursuant to separate purchase agreements with
Pulte Homes of Minnesota ("Pulte")
and Lifestyle Communities, LLC ("Lifestyle Communities"),
Canterbury will sell approximately
14 acres of underutilized land surrounding Canterbury Park
Racetrack and Card Casino in Shakopee,
Minn. for total consideration of approximately $3.5 million. Pulte and Lifestyle Communities
will develop respectively 109 and 56 for-sale residential units
including townhomes and row homes and a cooperative community on
their acquired real estate plots. Both transactions are expected to
close in September 2020.
"Our new agreements with Pulte and Lifestyle Communities, two of
the region's premier residential housing developers, will bring
additional exciting living and lifestyle experiences to the
community with both projects perfectly complementing The Triple
Crown Residences at Canterbury,
the for-lease upscale 600-unit project currently being developed by
Doran Companies," Randy Sampson,
Canterbury President and CEO said. "Our vision for Canterbury
Commons is to bring vibrant residential, hospitality, commercial,
entertainment and retail elements to the Shakopee community. The new agreements
announced today will stimulate additional development in those
segments. We are excited to work with Pulte and Lifestyle
Communities and believe their innovative plans for these new
developments will help us achieve our goals.
"At present, the health and well being of our employees and
guests is our primary concern. Our ability to make continued
progress with the Canterbury Commons initiative is particularly
needed at this unprecedented time as the cash flow we will generate
from these two agreements will strengthen our financial position
and help to mitigate the impact of the COVID-19 virus as we begin
to return to normalized operations. In addition, both of these new
development projects and our ongoing efforts to pursue agreements
for the further development of Canterbury Commons will create new
employment opportunities and an expanded tax base for the
Shakopee community. As we continue
to monetize excess real estate that surrounds the Racetrack and
Card Casino at Canterbury Park, we can unlock value for the
Company's stakeholders," Sampson said.
The project to be developed by Pulte will feature a combination
of 109 row homes and townhome buildings, with initial site work
scheduled to begin later this year. "Pulte Homes is excited to be
among the initial developers committed to bringing a first-class
residential experience to Canterbury Commons," said PulteGroup
Minnesota Division President Jamie
Tharp. "We've always enjoyed partnering with the
City of Shakopee and look forward
to playing a role in a significant project for the region. For us,
it's a unique opportunity to build more than one hundred luxury
townhomes in a location that keeps our residents close to the
amenities they are asking for."
The cooperative community to be developed by Lifestyle
Communities will feature a 56-unit, four story building with over
5,000 square feet of amenity spaces. This boutique cooperative
community will provide the same qualities and living experiences as
seen in the award winning Zvago Cooperatives co-developed by
Lifestyle Communities in several Twin
Cities communities. Sales and marketing materials for
interested cooperative buyers will be available this fall. "Our
cooperatives offer a premier lifestyle for those in the prime of
their life, within active neighborhood locations and surrounded by
conveniences and community amenities that frees owners to maximize
their life and use of their finances. While we facilitate the
creation and empowerment of each new cooperative community, each
collective group of like-minded owners thrives in this amazing time
of life because of the relationships they form within the
cooperative and the lifestyle they've claimed," said Tim Nichols, President of Lifestyle Communities.
"The vision for Canterbury Commons and its quickly emerging mix of
close-knit active residential developments, coupled with walkable
commercial amenities, surrounded by a unique entertainment district
and situated in a dynamic community like Shakopee was an opportunity we couldn't pass
up."
Canterbury Park and its development partners are transforming
140 acres of underutilized land to create Canterbury Commons. The
initial focus has been on residential living on approximately 60
acres of the project site. Including these two new agreements and
those with Doran Companies for the two-phase development of The
Triple Crown Residences complex on 23 acres of land, the Company
now has agreements representing approximately $200 million of total development for more than
760 residential units. Increased access to the development site at
Canterbury Commons has been made possible by the completion of city
streets in 2019. Phase One of The Triple Crown Residences is under
construction and consists of 321 units and a clubhouse with
amenities. Occupancy is scheduled to begin in June. Initial ground
work for Phase Two which will add another 305 units is expected
later this year.
Sampson added, "We are making significant strides forward in our
long-term vision which began a quarter century ago when we
strategically secured this land with future growth in mind allowing
us to now create this signature development adjacent to our
existing Card Casino and Racing operations."
Canterbury expects to announce
further agreements related to the Canterbury Commons development
project in the coming weeks.
Additional background on Canterbury Commons is available at
http://www.canterburycommons.com.
For artwork and a site map use this link:
https://canterburypark.egnyte.com/fl/TEwqTGfgAr
About Canterbury Park
Canterbury Park Holding
Corporation owns and operates Canterbury Park Racetrack and Card
Casino in Shakopee, Minnesota, the
only thoroughbred and quarter horse racing facility in the State.
The Company offers live racing from May to September. The Card
Casino typically hosts card games 24 hours a day, seven days a
week, dealing both poker and table games. The Company also conducts
year-round wagering on simulcast horse racing and hosts a variety
of other entertainment and special events at its Shakopee facility. The Company is
redeveloping 140 acres of underutilized land surrounding the
Racetrack in a project know as Canterbury Commons.™ The Company is
pursuing several mixed-use development opportunities for this land,
directly and through joint ventures. For more information about the
Company, please visit www.canterburypark.com.
About PulteGroup, Inc.
PulteGroup, Inc. (NYSE: PHM),
based in Atlanta, Georgia, is one
of America's largest homebuilding companies with operations in more
than 40 markets throughout the country. Through its brand portfolio
that includes Centex, Pulte Homes, Del
Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the
company is one of the industry's most versatile homebuilders able
to meet the needs of multiple buyer groups and respond to changing
consumer demand. PulteGroup's purpose is building incredible places
where people can live their dreams.
For more information about PulteGroup, Inc. and PulteGroup
brands, go to pultegroup.com; www.pulte.com; www.centex.com;
www.delwebb.com; www.divosta.com; www.jwhomes.com; and
www.americanwesthomes.com. Follow PulteGroup, Inc. on Twitter:
@PulteGroupNews.
About Lifestyle Communities, LLC
Lifestyle
Communities, LLC, based in Bloomington,
Minnesota is the premier boutique cooperative developer in
Minnesota with over 35
cooperatives developed or co-developed by its team within
the Twin Cities metro and
Greater Minnesota. Included in its
30+ year portfolio are the Gramercy Club, Gramercy Park, Summerhill
and, most recently, the Zvago cooperative brands. Lifestyle
Communities is the product of an evolution of expertise in
multifamily housing financial services that began in the 1980s, and
is fueled by past successes and a uniquely credible, informed and
broad perspective as a lifestyle-focused multi-family housing
developer. For more information about the company, please visit:
http://lifestylecommunitiesmn.com.
Cautionary Statement
From time to time, in reports
filed with the Securities and Exchange Commission, in press
releases, and in other communications to shareholders or the
investing public, we may make forward-looking statements concerning
possible or anticipated future financial performance, business
activities or plans. These statements are typically preceded by the
words "believes," "expects," "anticipates," "intends" or similar
expressions. For these forward-looking statements, we claim the
protection of the safe harbor for forward-looking statements
contained in federal securities laws. Shareholders and the
investing public should understand that these forward-looking
statements are subject to risks and uncertainties which could
affect our actual results and cause actual results to differ
materially from those indicated in the forward-looking statements.
We report these risks and uncertainties in our Form 10-K Report to
the SEC. They include, but are not limited to: any temporary and
more permanent effects on our operations, revenue, profitability
and liquidity resulting from the COVID-19 coronavirus and our
March 16, 2020 suspension of
operations; material fluctuations in attendance at the Racetrack;
material changes in the level of wagering by patrons; decline in
interest in the unbanked card games offered in the Card Casino;
competition from other venues offering unbanked card games or other
forms of wagering; competition from other sports and entertainment
options; increases in compensation and employee benefit costs;
increases in the percentage of revenues allocated for purse fund
payments; higher than expected expense related to new marketing
initiatives; the impact of wagering products and technologies
introduced by competitors; the general health of the gaming sector;
legislative and regulatory decisions and changes; our ability to
successfully develop our real estate; temporary disruptions or
changes in access to our facilities caused by ongoing
infrastructure improvements; and other factors that are beyond our
ability to control or predict.
Investor
Contacts:
|
|
Randy
Dehmer
|
Richard Land, Jim
Leahy
|
Vice President and
Chief Financial Officer
|
JCIR
|
Canterbury Park
Holding Corporation
|
212-835-8500 or
cphc@jcir.com
|
952-233-4828 or
investorrelations@canterburypark.com
|
|
|
|
Media
Contact:
|
|
Jeff Maday
|
|
Media Relations
Manager
|
|
Canterbury Park
Holding Corporation
|
|
952-292-7524 or
jmaday@canterburypark.com
|
|
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SOURCE Canterbury Park Holding Corporation