Summerside Smashing Investment Records Hitting All-Time High of Over $73 Million
In last month’s newsletter, we wrote about how Summerside broke its all-time record for building permit investment values by having a $53M total as of Nov. 30, 2021. Closing out 2021 saw investment activity in Summerside come in at $73.7 million for the year.
While we will provide a full breakdown in our Annual Report, some of the leading projects for 2021 were:
Just in December:
- New 60-unit apartment building on Simmons Ave.
- The start of the demolition of the former Holland College Building on Granville St. making way for a new health centre
- Addition to the Canadian Tire on Granville St.
- 11 new single-family and semi-detached dwellings
Rest of 2021:
- Addition to Summerside Butcher Shop
- Addition to Livingston Steel
- Addition to École-Sur-Mer
- Alterations to Granville Street Plaza
- Office Fit-Up at Holland College Waterfront Campus
- Start of new Microtel Hotel at Credit Union Place
- New Sports Dome facility at Credit Union Place
- Alterations to West End Industry Corridor (formerly Johnston Tire)
- Alterations to Generation XX
- 136 new residential units (all dwelling types combined)
This transformation has been nothing short of astounding for Summerside and again shows how the Summerside economy is ripe for investment and growth opportunities. The “new normal” of investment activity is grounded again on Summerside’s investment stability, cost certainties and overall return on investment business case.
Sunbank, Prince Edward Island’s largest renewable energy project, has officially begun its physical transformation by transforming an 80-acre well field into a solar and battery clean energy-producing asset. Pegged at $68 million in total capital costs, this first in PEI infrastructure projects will transform the way the citizens and business of Summerside receive their energy, through clean, renewable green energy, allowing our business and residents to promote their “Green Energy Footprint”. In the late Fall of 2021, the Sunbank consortium awarded the 3 tenders for the project development to Aspin Kemp and Associates of Montague PEI and since then the project has hit major milestones from project engineering, product procurement and land preparation for spring 2022 construction. Specifically, the team has achieved the following milestones:
1. All the access roads have been built in order to facilitate the physical deployment of the panels and battery
2. All the large equipment has been procured – panels, battery system, inverters, piling and racking for spring/summer 2022 delivery
3. Work to facilitate the integration of all this renewable energy has started at the utility substation
4. Work is beginning on a Labour Recruitment campaign to assist in filling positions for the development team
5. Planning has begun for a winter community open house to engage the community on the project
Also, Sunbank is a significant economic development engine for the community in terms of direct spending in the community as labour and other spin-off benefits. To date, Sunbank has supported over 10 island-based firms in over $2 million in direct expenditures to bring this project to fruition.
IF YOU WANT ACCESS TO NORTH AMERICAN MARKETS
The City of Summerside is perfectly positioned midway between major North American and European cities. Located in Prince Edward Island (PEI) off the Atlantic Coast of Canada, its traditional trade corridors of roads, sea and air—enhanced by technology-based assets like high-speed fiber and ecosystem programs—ensure easy access. With over 70% of PEI exports directly exported to the US, all corridors are well established and proven by time. And it’s less than a 12-hour drive to major US markets (Boston/New York) and Central Ontario.
IF YOU WANT TO MAKE MORE MONEY
Summerside has no minimum corporate tax, no payroll tax, no corporate capital or franchise tax and no business or occupation tax. What it does have is one of the lowest-cost environments in the G7. With continuing growth across all business sectors, Summerside is serious about ensuring projects happen and investors make money.
IF YOU WANT WORLD-CLASS INFRASTRUCTURE
Summerside comes fully equipped for long-term ROI. With over 68% of the City’s energy coming from green renewables, plus investments in wind, solar battery and explorations into hydrogen, fiber-to-the-curb initiatives, an Eco-Industrial Park, Living Lab program, Xchange Accelerator, international partners, and networks exploiting North American markets, Summerside creates tomorrow’s future today.
IF YOU WANT SUPPORT YOU CAN COUNT ON
You never have to go it alone in Summerside. Summerside has the municipal mindset to support business growth and its collaborative partnerships are designed and driven to ensure global success. The City’s support programs have been honed to reduce the risks of expansion by establishing cost certainties, improving returns and easing the start‐up transition. Cost certainties are centered on capital, labour and access to infrastructure assistance. Summerside inspires pro-business government support at all levels. In 2020 alone, Canada’s federal government invested over $70M in the City.
YOU NEED TO VISIT www.bigpossibilities.ca
Then call Mike Thususka
, Director of Economic Development at 902-432-0103,
or email to email@example.com
Summerside in Numbers
If interested in learning more about investment opportunities, economic development support or opportunities for growth, please call our Economic Development Professionals.
We would love to chat.
Alternatively, you can email us at firstname.lastname@example.org.
It could be the most profitable email you ever send.
Director of Economic Development City of Summerside
275 Fitzroy Street, Summerside PE C1N 1H9
M: 902.432.0103, E: email@example.com
LET’S BUILD THE FUTURE TOGETHER!