The new ownership group behind the Fort Erie Race Track has announced plans for a sizable new development to coincide with the historic Thoroughbred racing facility. In all, the proposed undertaking is estimated to cost roughly $284 million and feature a hotel and an indoor water park, in addition to residential, industrial and retail aspects.
As an article by Bullet News Niagara explains, the development at the racetrack is expect to create ‘synergies’ with the proposed $400-million Canadian Motor Speedway development.
The article also states that the Niagara Region Planning and Development Committee has approved a report that plans for the racetrack development to be completed through four stages.
The first hotel will reportedly be erected during the first stage of development and will be followed by the construction of a second hotel and a 50,000 square-foot area for retail.
In addition to the aforementioned amenities, the Bullet News Niagara report outlines the following aspects of the proposed development:
• A 100,000 sq. ft. hotel/indoor waterpark with a construction cost of $55 million;
• A 100,000 sq. ft. retail area (north of Bertie Street) expected to be built for $22.5 million;
• A 1,080,000 sq.ft. industrial/flex space with an estimated cost of $94.5 million;
• A $7.5 million multi-storey parking facility;
• A $36-million apartment complex with 288 residential units;
• A 55,000 sq. ft. retail area worth $10.3 million;
• A $4.6-million Recreational Vehicle Park;
• A $20.5-million, 235,000-sq.ft project associated with the development on Industrial Drive.
The report also states that the new ownership is not looking to oversee the day-to-day operations of the racetrack itself, and that racing is expected to continue at the track in 2016.
(With files from Bullet News Niagara)
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