In November, Canterbury Park partnered with Kraus-Anderson Incorporated to conduct due diligence on the feasibility of developing the land around Canterbury Park to create year-round synergies to its racetrack and card casino, as well as nearby entertainment venues, while serving the needs of the community and region. The components of the project could include destination and local retail shops, restaurants, entertainment, sports venues, multi-family housing, and other compatible uses.
On Wednesday, Kraus-Anderson informed Canterbury Park that it has completed it’s study of the project.
Mike Korsh, Vice President and Director of Real Estate Development for Kraus-Anderson Realty, commented: “Kraus-Anderson is pleased with the results of its due diligence regarding the commercial feasibility of a dynamic and multi-faceted mixed-use development at Canterbury Park. We are also excited about the energy this proposed development has created, and the positive reception we have received from the community as well as potential tenants and mixed-used development partners.”
The next step in the process will be for Kraus-Anderson and Canterbury to negotiate the terms of a formal Development Agreement that would guide financing and construction of the proposed project.
“Canterbury’s vision of a destination lifestyle retail and entertainment center on our property is one step closer. While there is still much work ahead of us to make this a reality, I am very encouraged by the results of the due diligence performed by Kraus-Anderson, a proven development company that has considerable experience with similar mixed-use projects,” said Canterbury Park President and CEO, Randy Sampson.
The process of negotiating the formal agreement is expected to take three months or more to complete.