Steel already lies on the ground on one of the lots of the newly opened Phase 3 of Octagon Pond Industrial Park, ready for the owner to start construction.
Karwood Estates cut the ribbon on the new 70-acre section, known as Bremigen’s Pond Industrial Park, Thursday morning. Karwood owner Hubert Hussey said the expansion of Paradise’s industrial section has picked up in recent years, compared with when his company started developing in 1996.
“It started off a little slow, as prices and conditions were then,” he said. “The economy picked up, people realized that this was one of the better places to build for industrial: closeness to the Trans-Canada, closeness to the industrial park in Donovans, and everybody started to realize it was a good place to be.”
Karwood started buying land — some Crown, some private, and then the Bremigen’s Pond area from Paradise — and has been selling parcels as fast as Karwood Estates can develop it, said Hussey, noting the construction materials on one site already. “I’ve got people now knocking on the door to purchase these lots,” he said. “There’s one lot there already sold now with the materials to put his building up.”
Paradise Mayor Ralph Wiseman said the town bought the Bremigen’s Pond area several years ago with the aim of developing Paradise’s industrial area.
“In 2005 we put together a plan of how we could develop this particular area so we purchased some 57 acres of Crown land from the province, and then of course we put it out on a public proposal call to buy the land and to service the park itself,” Wiseman said.
Another nearby parcel of land brings the entire Octagon Pond park to about 90 acres, expanding the existing industrial area on Kenmount Road in Paradise.
Wiseman said having the successful bidder install water and services helps lessen the town’s financial risk.
“In this particular way, the town doesn’t make a large investment, plus we stand to make a profit off the sale of the land,” Wiseman said.
Expanding Paradise’s industrial development will be an economic stabilizer for the town, Wiseman said.
“For us, as a town, the residential development is really cost-neutral because of all the services that we need to provide,” he said. “In terms of industrial commercial development, the taxation is much greater, much more beneficial, less cost to the town. And that’s where everybody in every town and cities are looking for more industrial commercial development, because the taxation is much more lucrative.”
What is right now flat land will soon be full of industrial shops and warehouses, said Hussey.
“This place here right now, you come back a year from now and you’ll have to look around to find a place to park,” he said. “There’ll be that many buildings there.”