The iconic Symons Valley Ranch site in Calgary is listed for sale by commercial real estate firm JLL Capital Markets under a court-ordered process.
Ryan Murphy, associate vice-president with JLL, said the company has been retained by the Court of King’s Bench of Alberta as the listing agent for the sale of the development land in the northwest part of the city.
In a listing brochure, the asking price is $33.5 million on an “as is, where is” basis.
“The site is being offered for sale by way of a conventional marketing process with offers being considered on a first-come, first-served basis,” the listing reads. “All offers to purchase will require a court-approved Schedule ‘A’ to the offer to purchase and must be subject to court approval.”
Murphy told RENX no receiver was appointed for the proceeding. The process is being handled between legal counsels.
The Symons Valley Ranch property
He said the real estate opportunity, for 30.63 acres of development land, is under the Glacier Ridge Area Structure Plan – a growth corridor in the northwest part of Calgary.
The site has an approved land-use designation to permit a range in density, allowing for a variety of much-needed housing and additional complementary retail and amenities.
Murphy said the site is a strategically positioned parcel of land that has "incredible" development potential given its approved land uses and being adjacent to active land development parcels and the infrastructure upgrades along 144 Avenue NW.
It also has attractive natural features such as high-point vistas offering views of Symons Valley, Nose Creek and northwest Calgary, he said.
Capexco was the former owner of the property.
“They did a lot of work. They went through the land-use process, achieved an entitled zone site with the city. They’ve made a nice plan to incorporate a new farmer’s market,” Murphy explained. "Sometimes these things don’t work out.
“There’s a private lender involved and also a Western-based bank and really what happened was they were in financial default. They couldn’t make their debt payments . . . simple as that.”
The property is currently home to a U-Haul business, as well as a couple of older buildings. A farmer’s market had also previously operated on the site.
History of the property
The history of Symons Valley Ranch dates back to 1968 as a hospitality facility that hosted parties and corporate events.
A fire in 1989 destroyed three banquet buildings but the property was renovated. Another fire in 2017 swept through the farmer’s market.
The Symons Valley Ranch Market Store was resurrected, but recently closed permanently.
Murphy said the list price on the property includes title to the lands and benefits from all the work Capexco has done to bring the property to this stage.
“From a zoning and land-use perspective the lands are in a good spot,” he said.
“There’s a multitude of structures on there but ultimately this is a development site, so really what you’re acquiring is the approved land use with the residential development density. That’s what you’re buying here.
“The Glacier Ridge area is a growth corridor. The city is permitting development in the greenfield area there.
"Why is it attractive? It’s got an abundance of green space. You’ve got very good access to retail amenities. You’ve got quick and easy arterial access and, quite frankly, it’s just a nice place to live.