The City of Terrace has sold 1,056 acres (480 hectares) at its Skeena Industrial Park for $11.87 million to a Chinese investment company that plans to open an alfalfa protein extraction factory.
Burnaby-based Taisheng International Investment Services made the purchase on behalf of the Qinhuangdao Economic Development Zone located on the east coast of China, two hours from Beijing, according to the city.
The 2,400-acre Skeena Industrial Park is located close to the Northwest Regional Airport. The sale, which represents about half of the industrial park, pencils out to around $11,000 per acre for land that is only roughly serviced and heavily treed.
“This sale will pave the way for industrial development at the Skeena Industrial Development Park, create new employment opportunities and reduce our reliance on residential property and business taxes to fund services,” said Terrace mayor Dave Pernarowski.
The alfalfa protein extraction factory will be located on about 27 acres of the purchased land and bring 170 new jobs to the region, a city release states.
“Taisheng expects land preparation and supporting infrastructure work will begin soon and construction of the first factory could begin in 2017 or 2018,” a city release states.
The City of Terrace and the Kitselas First Nation are joint venture partners in the Skeena Industrial Park.
Richard Zhang, managing director of Taisheng International said the land they purchased will be focused on “high-value” manufacturing. “Any investors from around the world are welcome to join us as well,” he said.
