Lloyd Lakes stagnant ... for now

By Geoff Lee

March 1, 2017 2:11 PM

SHOW THEM THE MONEY Lamont Land Inc. is looking for clear, evident signs of an economic recovery before its Lloyd Lakes subdivision is shovel ready. There may be some early demand for commercial development however, at the 337 acre site southeast of 50 Ave. and 12 St. FILE LLS PHOTO

The developer of Lloyd Lakes, one of Lloydminster’s largest planned subdivisions, is hoping for an economic push to be shovel ready.
Randy Sieben, the general manager of the parent company, Lamont Land Inc., says right now, the 337 acre site at the southeast corner of 50 Ave. and 12 St. is in a holding pattern.
“The bottom line is we are waiting for the market to recover,” he said in an update from Calgary.
“If the market was stronger we could be in a position to produce some early stages, but we’re thinking the market wouldn’t support any additional supply at the moment.”
Lamont’s site development entity, Lloyd Lakes Inc. plans to build a mix of housing along with a main commercial strip fronting 50 Ave.
Sieben’s check boxes to more forward include clear signs people are back to work, a stable oil price and news of significant investment in the oil and gas sector in Alberta.
“I think we still need oil to show some consistent signs or recovery over the long term,” he said.
The City of Lloydminster approved the Willows Area Structure (ASP) plan in 2016.
This year, council approved the purchase of four acres of right of way from Lloyd Lakes for $116,000 as it was no longer needed in the ASP.
Sieben said Lamont is disappointed with the turn the economy has taken, but he’s not surprised by it.
“We always envisioned this is development land that is going to be needed in the supply, in the mid term, not in the immediate term,” he said.
“This downturn in the economy has not significantly changed anything from our perspective.”
The next step for the company is to actively explore what, if any, demand there might be for commercial land at the site, and to what extent that demand is.
“If there is reasonable amount (demand) for a sizeable amount of commercial, we have the ability to move forward with producing some of that,” said Sieben.
“So our next step is part of the continuation of a process we started some time ago, and that is, to continually monitor or assess the capability or the potential for any commercial markets.”
The lag in the economy will also push back the timeline that a needed sanitary line will make its way south of 12 St. to permanently service all of the Lloyd Lakes land and annexation land south and west of the Willows ASP.
The extension of the line is development contingent and new lots and housing construction north of 12 St. in the Wallacefield subdivision have slowed significantly.
“There is a significant number of lots that need to be absorbed by the market before they can build any more,” said Sieben.
“It’s when they build new lots and extend new roadways that the pipe moves south.”

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