Town of Kensington is banking on success for its new industrial park
CBC
A new industrial park in Kensington, P.E.I., is taking shape fast, and the town is banking that its investment — the largest in the town's history — will pay off.
"We believe if we get some industrial park lots going, get some more businesses into the area, we'll generate more jobs, generate more demand for single-family housing," said Kensington Mayor Rowan Caseley.
Total cost of the project now stands at about $6 million. That's about $900,000 more than when the project was first announced in August of last year. Installation of curbs, underground storm sewers and a holding pond, rather than open ditches as originally planned, accounts for the extra costs, according to Caseley.
Construction crews are installing water and sewer services, with road paving to begin this fall, in the 38-lot industrial park, located off Route 2 on the west side of Kensington.
The next big challenge will be marketing the town's new real estate. Caseley estimates the lots will sell for $70,000 to $130,000, depending on size and location. Town staff will handle sales and marketing. About 20 potential buyers have expressed interest, according to the mayor.
Kensington's other industrial park, on the other side of town, has been full for years.
"We have continually had calls from people looking for industrial lots in town and we have we've had none," said Caseley.