One Properties and Vestcor have commenced construction on a new business park in the southeast Edmonton area.

The 41 Business Park development is located at Ledcor’s former fabrication and module yard in Nisku, Alta., on the border of Edmonton and Leduc. When completed, the business park will feature approximately 670,000 square feet of industrial space.

“This development marks a continuation of our company’s strategy to expand our industrial footprint across Canada,” said Darren Durstling, the firm’s president and CEO, in a news release.

The company develops and manages a wide range of residential and commercial properties throughout the country.

When completed, the business park will feature approximately 670,000 square feet of industrial space. Phase 1 will comprise a 366,900-sf warehouse featuring 40-foot ceiling heights. Occupancy is slated for the fourth quarter of 2024. Phase 2 will add another 302,000-sf building to the area’s industrial hub.

Fredericton, N.B.-based Vestcor provides global investment management and public-sector pension and employee benefits administration services.

Photo: CNW Group/One Properties