Kensington Town Council sets prices for lots in new business park

Construction expected to be completed in December

KENSINGTON — The prices are now set for lots in the new Kensington Business Park currently under construction.

Council voted unanimously on the prices during its regular monthly meeting July 12.

The prices of the 38 lots range from $70,000 to $110,000. All lots are zoned as industrial. These prices are subject to the future discretion and reconsideration of town council.

Several factors were considered in determining the pricing, including the size and shape of the lot, proximity and exposure to Route 2, grade of the property, location within the park and developmental impact from the existing Maritime Electric Easement.

Caseley previously told the SaltWire Network the town is paying for 52 per cent of the business park while the federal and provincial government will combine to pay 48 per cent. The town will borrow $2.7 million for the project under long-term borrowing. AJL Ltd. began construction in early June and work is expected to be completed by Dec. 15, 2021.

The total estimated cost of the project is $5,835,237, which includes land costs, legal fees, construction and engineering.

A new sign, including a map of the lots, was recently put in place near the entrance to the park.

Council also asked the public for submissions suggesting names for the three new streets in the business park.

“Where are we with the street names?,” asked Coun. Wade Toombs. “Have we gotten any interest?”

Chief administrative officer Geoff Baker said three names have been submitted and suggestions are being received until the end of the month.

“Everything is moving forward and there is nothing new to report at the park at this stage in the game,” said Mayor Rowan Caseley.

This will be the second business park in Kensington. The current one and its 40 lots are at capacity.