Canadian Tire Real Estate Limited has returned a $750,000 deposit along with interest accrued to the City of Lacombe after mutually agreed upon timelines for the Lacombe Market Square retail development were not achieved.
In January 2019, the City of Lacombe partnered with a commercial developer to facilitate the development on the east end of Lacombe –the future location of Lacombe Market Square.
The agreement included the City providing a $750,000 deposit that would become non-refundable if certain construction milestones were met.
The development has not achieved the intended timelines and the City’s $750,000 deposit has been returned, along with the interest accrued since January 2019
.“It is regrettable that the City of Lacombe does not currently have a large retail development located at Lacombe Market Square,” Mayor Grant Creasey said. “Council would like to thank Canadian Tire for honouring the original agreement and returning the deposit to our citizens. Despite this setback, Council remains optimistic their property will be developed in the coming years.”
The site remains the property of Canadian Tire Real Estate Limited and is zoned for a Regional Shopping Centre District. Application for a development permit is the next step in this development, which can proceed at the landowner's discretion.