Bay Roberts identifies preferred developer
Two parties working toward agreement
After sifting through a number of proposals, the Town of Bay Roberts has identified a preferred candidate.
The proposal submitted by St. John’s-based Pennecon Limited was accepted by the town.
Pennecon Limited is described as the construction arm of the Penney Group.
Bay Roberts Mayor Philip Wood said the town is “very pleased” with the amount of development opportunities that were presented to Bay Roberts.
To help vet the proposals, a business park committee was formed consisting of town officials.
“We’re very optimistic that things will go well with Pennecon,” he told the Compass.
The next step now for the town is to negotiate a memorandum of understanding with the proposed developer.
The details of Pennecon’s proposal are a part of the negotiating process and are unavailable at this time.
Wood said both parties are interested in working out an agreement and moving forward with the park. “We are very excited,” he said. One of the reasons for that excitement is that Pennecon has also expressed excitement about getting an agreement signed and getting the project underway.
“They are excited about becoming a part of the Bay Roberts and area community,” said Wood. “They have a lot of good thoughts, good ideas and good things that they plan on working on and working towards.
“We are optimistic that everything will come to fruition as quickly as possible.”
Bay Roberts currently has 60-acres of land situated just off of L. T. Stick Drive, near Veterans Memorial Highway waiting to be developed.
“We feel that they have the contacts and the experience,” said Wood. “We’re hoping that it is something that will translate into the business park becoming a reality.”
Pennecon is currently involved in the 80-acre Octagon Industrial Park in Paradise.
The opportunity for Pennecon to work with Bay Roberts came up when the town and Loblaw Properties Limited, who operate the Dominion in Bay Roberts, were unable to fulfill different parts of its letter of intent.
Currently, there is no timeframe for when an agreement between Pennecon and Bay Roberts will have the memorandum of understanding complete, although there are meetings scheduled for this week.
Once a deal has been tentatively struck, it will be brought before council for final approval.
The Compass attempted to contact Pennecon for comment, but was unsuccessful.