“We worked in partnership with the city planning department and were able finish our project in less than a year,” says Don Sandford, CEO of Lansdowne Equity Ventures. “Previously, a project like this would have taken us three years to get to this point.” Sandford credits the reduction in time to cooperation among City departments, local engineers, and his firm.
Twenty-five of the 45 new lots are sold and are expected to be ready for foundations by Halloween. In total, Sandford expects the project to represent $25 million in investment.
“We’re in the midst of significant new construction activity,” says Ryan Jackson, CEO of Invest Medicine Hat. “The underlying driver is strong economic fundamentals, with Medicine Hat’s GDP forecast to grow by 2.7% through 2017.”
Medicine Hat’s economy is anchored by oil and gas, petrochemicals, metal fabrication, aerospace and military, and the public sector.
Improved prospects in the oil and gas sector, coupled with strong exports in petrochemicals and increased manufacturing activity, have resulted in increased demand for residential and commercial development.
Upon completion, the Hamptons neighbourhood will consist of single family homes with a combination of walk-out and city-style lots.
The new neighbourhood is located in close proximity to one of the Medicine Hat’s major commercial nodes, which is also witnessing a flurry of activity. Several companies, including Meadowlands, South Country Coop, Canalta and Brentwood Developments, are working on new hotels, a new grocery store, and ancillary services.
Medicine Hat’s north end is also under development, with new homes under construction in the Ranchlands neighbourhood and new services going up in Box Springs Business Park.
Earlier this year, Medicine Hat was identified as Alberta’s most affordable city by the Atlantic Institute for Market Studies. The average home price is approximately $250,000.