SHAKOPEE, Minn., June 22, 2020 /PRNewswire/ -- Canterbury
Park Holding Corporation (NASDAQ: CPHC) (the "Company") and
Greystone Construction ("Greystone") announced today 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.
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/QIqftzooy6
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 typically 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
typically conducts year-round wagering on simulcast horse racing
and generally 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 Greystone Construction
Greystone Construction
is a client-focused general contractor offering design-build and
general construction services to the commercial, industrial, and
agribusiness industries. Founded in 1987, Greystone has Midwest
roots and a national reach. Greystone's headquarters are based in
Shakopee, Minnesota, and its
construction projects can be found in 27 states and counting. For
more information about the company, please visit
www.greystoneconstruction.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:
|
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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