The city has finalized a land sale worth just over $1 million to a local business.
The five-acre property, located at at 5004 Keith Avenue near the corner of Kenney is going to be the new site for the Toyota dealership, and was purchased by Onstein Bros. Holdings Inc. for $1,025,000.
The intention of sale was announced over a year ago.
“The city is pleased to have been able to work with the Onsteins to reach a deal on the property so they can have the space they need to expand their Toyota dealership within the City of Terrace.” said Mayor Carol Leclerc in a press release.
She added, “It is exciting to see a long-term commercial use developed on this highly visible site in the community that has historically been used as a log yard.”
The new Toyota dealership will be the first development in the Light Industrial/Commercial Sector identified in the Keith Estates Neighbourhood Concept Plan that was completed in 2014, says the release.