The Town of Cochrane is cleaning up a 25-year-old contamination site in its downtown.
Work will begin no later than Aug. 31 to clean up the 45-acre site, which was once used to preserve rail ties and other wood products.
“It has been a blight on the community for years,” said Mayor Truper McBride. “This is a key piece of land right in the centre of Cochrane. We are really, really happy that we have finally got to the point of being able to remediate the entire land.”
Springwood Developments Inc. will clean the property, located at 304 Griffin Road, by separating the contaminated material and remediating it onsite. The cost will be in excess of $10 million.
The project will take about two years.
After the clean up, the land will be used for mixed commercial business, an extension of Centre Avenue and will enhance the town’s appearance.
“It is going to be really positive for the town,” said McBride.
“There will be new possibilities for new commercial and industrial business.”
Residents can expect to see big-box development on the south end of the property.
The north end is slotted for a possible storefront mall with mixed business and office space, with residential dwellings above.
The development will follow the town’s theme, featuring western-style architecture.
In five to 10 years, the market value of the development will be more than $100 million.
Tax revenue is expected to be $1.1 million, up from the current $6,000.