Four phases, 338 acres of developable land and the promise of a premier tourist attraction. The owners of the Fort Erie Race Track spoke of their development plans in detail in August of this year and this week the Regional planning committee threw their support behind the site's inclusion in the Niagara Gateway Economic Zone and Centre Community Improvement Plan. The CIP will provide the owners with tax incentives over a 10 year period, and is an example of the Region’s commitment to inspiring development across the Gateway Economic Zone.
The Fort Erie Race Track Development
The $284 million dollar investment will see a mix of commercial and industrial spaces that includes; a 135-room hotel, 50,000 sq.ft of retail, an indoor water park, a parking facility, a large-scale apartment complex and two industrial projects. Owners purchased the 338 acres of land adjacent to the track when they acquired the Race Track in 2014.
Niagara Gateway Economic Zone and Centre Community Improvement Plan
The NGEZCCIP is available to developments in parts of Fort Erie, Welland, Port Colborne, Niagara Falls and Thorold. A developments inclusion in the project must be supported by municipal council and finally Regional council. The CIP includes a tax increment based grant and a Region development charge grant.
While the Region's planning committee through their support behind the Racetracks inclusion in the CIP, the proposal will need to be confirmed through the full council at a future meeting. The Region had previously approved over $3 million in CIP grants and tax incentives towards Fort Erie's Canadian Motor Speedway (CMS).
Canadian Motor Speedway News
The development news comes on the heels of recent wins for the Canadian Motor Speedway. Earlier this month the MTO conditionally approved that the CMS will not be required to upgrade the Bowen Road and QEW interchange into a four lane structure putting CMS closer to a construction date. The CMS will now focus on submitting a detailed site plan and developing infrastructure.
Fort Erie Race Track Development by the Numbers
- Industrial complex -$95 million
- Hotel and waterpark - $55 million
- 288-unit apartment - $36 million
- Retail space - $22.5 million
- Parking facility - $7 million
- RV park - $4 million
Prime industrial land is for sale adjacent to the racetrack and along Industrial Park Drive. For more information on development in Fort Erie, market insights and commercial real estate in Fort Erie connect with me below.