Buying a parcel of land at the Bloomfield Business Park just outside of Chatham could soon triple.
Chatham-Kent council is being asked approve an increase from $89,000 per acre to $275,000 per acre for exterior industrial lots facing Highway 401 and $250,000 per acre for interior parcels.
CK Director of Economic Development Services Stuart McFadden said the price hike is to keep up with the current market climate and demand for industrial land, along with increased infrastructure costs.
"Recent privately-owned serviced industrial land real estate listings in the Chatham-Kent area are currently seeking the asking price of $450,000-$550,000+ per acre," wrote McFadden in his report going to council Monday night.
Price hikes for the Blenheim Business Park are on hold for now until a Species at Risk environmental issue is resolved sometime next year.
The municipality is also trying to better understand the financial implications of infrastructure and investment costs at Ridgetown Industrial Park before this parcel is ready for market.
Administration is also asking for permission to negotiate revised pricing per acre for larger developments and/or value-added investments.