KENSINGTON, P.E.I. — The Town of Kensington is getting a new business park.
The project will be close to $5 million, with $2.05 million coming from the federal government through the federal Gas Tax Fund. The provincial government is contributing $500,000 through Innovation P.E.I., and the town is responsible for approximately $2.4 million.
“This is probably the largest project we have seen in our town and will help ensure the sustainability of Kensington,” Mayor Rowan Caseley told those assembled at Credit Union Centre for Wednesday afternoon’s announcement.
The landmass of the park, which will be located near the Trailside Plaza, is around 60 acres and Caseley noted the town has spent about $600,000 on purchasing the land. There will be about 39 lots and each will be from three-quarters of an acre to an acre.
Work on the new park will begin in the fall with an expected opening in 2021.
“It is a great stride forward for Kensington and area and central P.E.I.,” said Malpeque member of Parliament Wayne Easter, who announced the federal government’s contribution. “There is a view out there often Charlottetown and Summerside do get a lot of the business opportunities, so this is an opportunity for certain types of business to come into a rural area and a smaller type of town.
“It will have spin-off effects in terms of the economy, there is no question about that.”
Need for a park
P.E.I. Economic Growth, Tourism and Culture Minister Matthew MacKay, who is the local MLA, said he has heard many times that Kensington needs a new business park.
“Building a new business park means so much to Kensington,” said MacKay. “It means more jobs, it means growing our local economy, it means more goods and services available and accessible right here in our town.”
The current industrial park, which has 40 lots and 150 or more employees, is full. Caseley noted the payroll for those employees is $7 million and the town receives annual property tax revenue of $57,000 per year.
Early indications are interest is high in the new park. Over 10 businesses have expressed interest from vehicle services to trucking companies to service industries similar to what is in the current industrial park.
“It’s light industrial, it’s not heavy industrial,” said Caseley. “One of the problems we have is people are wanting to go in but we are not ready for them. We are hoping we can get going so they don’t go somewhere else first.”
Stimulate the economy
Caseley said the new businesses will provide jobs and stimulate the local economy at a time when economic growth is needed more than ever.
“When this park is fully developed, we anticipate a greater need for single-family homes, which will create demand for local sub-division developers,” said Caseley. “More single-family homes in the area will, in all likelihood, result in more students for our local schools.
“Ensuring we maintain or grow our student population is vital to ensuring the schools are not deemed obsolete. Schools are the strength of a community.”
Hard work
Easter, MacKay, Caseley and the town council have been working towards a new business park in Kensington for a while. It required a lot of hard work and patience.
“You think you have it moving forward and then something happens,” said Easter. “To see this announced today and the federal government is putting in a major amount of money, over $2 million, it's heart-warming.”
Although there may have been bumps along the way, MacKay said all parties had the same goal.
“By working together, we were able to get this project off the ground,” said MacKay. “I'm happy this vision is becoming a reality.”
