The sale of nearly 100 acres of city-owned industrial land formerly owned by Tembec is now official.
Peak Renewables has purchased the property for $6 million, a company owned by Brian Fehr, an entrepreneur who has spent a lifetime in the forestry industry developing innovative technology and efficiencies for mill operations.
Two years ago, the City of Cranbrook bought the property, a former sawmill operation owned by Tembec, for $3 million. The profits from the latest $6 million sale will be directed towards future initiatives supporting jobs and tax revenues, according to a city press release.
READ: City of Cranbrook proposing sale of former Tembec Lands for $6M
“This is a strategic move intended to leverage our position as the regional hub, aligns with our regional economic initiatives and provides growth in new and emerging technologies,” said Mayor Lee Pratt. “We, as a City, spent the last three years working hard on the vision and delivering that vision. Our entire team deserves much credit on this project from engineering, planning and business development. They all played an important role in making this possible.
“The potential for new, good paying jobs for our residents, new tax dollars, new growth and economic development opportunities for the City, is very exciting. We look forward to seeing what the future holds for this important piece of industrial land and we will work with Peak Cranbrook Properties to help them realize their goals.”
Peak Renewables is a forestry company that converts wood fibre into industrial pellets for use in power plants.
“Peak Renewables and Brian Fehr bring decades of success and innovation in the forestry sector to Cranbrook,” said Darren Brewer, Business Development Officer for the City of Cranbrook. “Brian is known as a pioneer in automation and for launching artificial intelligence in the mills. His work continues by bringing new and innovative solutions for biomass and cross-laminated timber to market.”
According to the city, the land sale will help create new jobs and tax revenues to fund city services, while the direct cash profit will to towards future initiatives and projects, discussions that are currently underway between city council and staff.
“Our economic forecast predicts hundreds of good paying jobs supporting our local economy, and this announcement will significantly add to the City’s ability to attract new investment,” says Brewer, adding, “we knew this would happen. We knew capital would follow smart people with good ideas. This is a great announcement for everyone in Cranbrook.”