A piece of land, north of Parsons Creek, has sold for almost $22.9 million to Allard Acquisitions.
The developer hopes to turn the 54 acres of land into a shopping centre, mainly focusing on what the RMWB loses to online or out-of-town purchases.
This piece of land is from a 2014 Master Land Agreement between the RMWB and the Government of Alberta.
The act states the municipality would have to fund and complete construction for regional transportation improvements in exchange for land owned by the Government of Alberta.
Since 2014, there has been little interest in development due to the economic downturn, natural disasters, labour constraints, and the pandemic.
The land is being sold for $22,875,884, not including GST, or other fees.
The money will go back to the municipality and be used to offset the cost of road improvements, which are a subject of the Master Land Agreement.
A representative for the sale believes it could take three to ten years to complete the project.