The Riverview Riverfront Lands project presents a multi-phase development opportunity spanning approximately 265 acres, strategically located to meet the housing and business needs of the rapidly growing Heartland Area near Fort Saskatchewan. The project includes three distinct phases, each designed for the highest and best use of the land, as outlined below:

1. Phase 1 – Riverfront RV Campsite:

   • This 43-acre site along the North Saskatchewan River is planned as an RV campsite featuring 400 stalls. Estimated gross income is $6 million, with a targeted net cash flow of approximately $4 million annually. Facilities include a main building with amenities like showers, laundry, a store, and a restaurant with a liquor license. The setup costs for this phase, including land, servicing, and facilities, are projected at around $11 million.

2. Phase 2 – Riverview Mobile Home Park:

   • Targeting the increased demand for affordable housing, this phase aims to establish a modular home park on approximately 65-70 acres. This development will cater to the workforce in the Heartland area and capitalize on the ongoing growth and increased housing demand. The price per acre is set at $95,000.

3. Phase 2 – Riverfront RV Campsite:

   • This 43-acre site along the North Saskatchewan River is planned as an RV campsite featuring 400 stalls. Estimated gross income is $6 million, with a targeted net cash flow of approximately $4 million annually. Facilities include a main building with amenities like showers, laundry, a store, and a restaurant with a liquor license. The setup costs for this phase, including land, servicing, and facilities, are projected at around $11 million.

4. Phase 3 – Riverview Business Park:

   • The largest section, approximately 150 acres, is designated for a business park, benefiting from proximity to major highways and CN Rail. This site aims to serve as a nexus for retail and light industrial businesses, aligning with local economic growth.

Investment and Development Scenario: The project provides an option for outright purchase or potential joint ventures, with financing available to support phased development. Notably, the RV Campsite's high income potential can allow for a mortgage-backed payout, enabling financing flexibility for the subsequent phases.

Projected Financials:

• RV Campsite: Estimated project value at completion is $40 million, based on a 10% capitalization rate.
• Mobile Home Park: Estimated valuation at $69.2 million, given stable cash flow and low vacancy.
• Total Land Cost: Approximately $25.2 million for the entire 265 acres.

Servicing and Infrastructure Requirements:

• The site requires significant infrastructure development, including water, sewer, and stormwater management. Topographical constraints may impact gravity sewer extensions, necessitating further engineering solutions.

Summary: With over $65 million in projected land sales and build-to-suit opportunities, the Riverview Riverfront Lands project stands as a compelling investment for housing and business space in a high-demand market. Detailed development plans, along with rezoning and servicing proposals, support a phased rollout with flexibility in financing and partnerships to meet market needs.

SOFT COMMITMENT 25%