7th Nov, 2012

Fort Erie Speedway

Fort Erie ON real estate news brought to you by D. W. Howard Realty:

The Ontario Municipal Board gave the Canadian Motor Speedway project the green light, allowing project development to continue.
This world class facility located in Fort Erie, Ontario, Canada is expected to attract visitors from all over North America.  Fort Erie’s Canadian Motor Speedway will consist of a one-mile oval speedway with a 65,000 person capacity, and is proposed to host additional facilities as well, such as motocross and snowmobile races along the inside of the road coarse, and camping and parking.

The Canadian Motor Speedway site is 180+ acres in Fort Erie adjacent to the QEW and running along the southwest corner of Gilmore and Laur Roads.

How does the track affect Fort Erie real estate values and your property taxes?

The Canadian Motor Speedway is not expected to reduce property values – just the opposite:  Average land values on CMS property and surrounding areas after last year’s rezoning are yielding 9X multiples and are anticipated to increase after ground breaking.

Municipal and regional benefits, in the form of tax receipts from the project’s annualized taxes and increased receipts from property value increases, as well as the addition of businesses, infrastructures, and social services would occur locally.

Improvements to the speedway site’s environment will be a combined effort of vested interest groups, government agencies, and environmental professionals working from a comprehensive biodiversity plan.

Close to one thousand construction jobs would be created for the Speedway build-out alone, and this will be complemented by an increase in jobs for infrastructure, the R&D Park and commercial area. Permanent jobs within the total development would number around 1,000, as well as 2500 part time jobs around the Speedway. Existing local service businesses would have increased staffing requirements.

Please contact us at D. W. Howard Realty for up-to-the-minute news and insights.

We are an established real estate brokerage and would be happy to provide an opinion of value of your current property, as well as help you find Fort Erie homes, Niagara homes for sale, and Ontario CA property rentals.

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