Continuing Crescent Acres expansion is the City’s focus
Crescent Acres continues to grow, with the City of Prince Albert developing more lots for resale to land developers.
The City provided an update on sales of lots it developed through the land fund on Monday. The budget committee approved the land fund budget for 2015 and it will now be up for final approval by council. The City develops lots for resale to developers, installing underground infrastructure and paving new roads.
The lot sales so far have generated a significant profit for the City, which has put away a portion of the gross profits in reserve funds. The Smiley Drive lot sales generated $1.58 million in gross profit, with a net (or final) profit of $502,280 after the reserve fund allotments. Crescent Acres Phase 4A generated a gross profit of $2.9 million, with a net profit of $347,785.
And there are more land sales in the Crescent Acres area to come. In Phase 4B, there will be 33 lots available for sale in 2017. In Phase 5, there will be 36 lots available for sale by 2020.


