Canterbury Park Holding completes sale of land to Bloomington Investments
Canterbury Park Holding Corporation has sold 37 acres of land.
US.- Canterbury Park Holding Corporation has announced that it has completed the sale of 37 acres of land to Bloomington Investments, an entity related to Swervo Development, for $8.8m. The land is situated adjacent to County Road 83 and Unbridled Avenue in the northeast corner of Canterbury’s campus in Minneapolis.
With the land sale and government approvals now complete, Swervo expects construction of its planned 19,000-capacity open-air amphitheatre to begin this Spring. The venue opening is planned to take place in Summer 2025.
Following the land sale, Canterbury will continue the redevelopment of the horse stabling area, which serves its racing business, with new barns and a new dormitory complex.
In 2018, Canterbury Park announced plans for Canterbury Commons, creating a multi-use redevelopment of a property in Shakopee. In 2021, a 28,000-square-foot office building was completed by Greystone Construction, and in the Summer of 2023, a new brewery and restaurant are scheduled to open. More than 1,000 units of residential apartments and for-sale townhomes are in various stages of completion or construction.
Randy Sampson, president and chief executive officer of Canterbury, said: “We are thrilled to complete this land sale to Swervo and excited to work with them as they begin to transform the northeast corner of our campus into a premier destination for live music and entertainment
“We believe the amphitheater will create long-term opportunities for our companies to collaborate as we further enhance the entertainment product we offer at Canterbury Park and Canterbury Commons. Furthermore, the amphitheater represents a critical first step in the evolution of our entertainment district that ultimately will include more than 40 additional acres for development.”
Canterbury’s vice president of Real Estate, Jason Haugen, added: “There is tangible construction momentum across Canterbury Commons and our efforts continue to show promise on the business development front. Our team recognizes the tremendous potential of Canterbury Commons, and we are committed to curating a number of uses as we target entertainment options and brands that are new to the greater Shakopee community and the State of Minnesota. We look forward to sharing more about our plans in the coming months and believe this project will be a source of pride for our community.”
Last year, Canterbury Park Holding Corporation appointed Peter Ahn and Damon Schramm to its board of directors. Ahn will serve on the board’s Audit Committee, and Schramm will work on the Compensation Committee. The new appointments increase the size of the board to seven members.
