Comet Industries gets rezoning approval for Iron Mask

Executive Summary

• Comet Industries Ltd. confirms that the Iron Mask Industrial Park (IMIP) in Kamloops has received municipal rezoning approval, marking a key milestone toward the sales launch of Phase 1a.
• The company is now advancing toward preliminary layout approval (PLA) to begin presales and marketing for the first phase of the 200-acre light industrial development.
• Phase 1a will consist of seven lots ranging from approximately one to five acres, with future phases (1b and 1c) to be released based on market absorption.

Key Details

• Project Status: Iron Mask Industrial Park (IMIP) has received rezoning approval, allowing the 200-acre light industrial development to move from planning to the sales launch phase.
• Next Steps: Comet Industries is advancing toward preliminary layout approval (PLA) to enable presales and marketing for Phase 1a.
• Phase 1a Specifications:
  • Includes seven lots.
  • Lot sizes range from approximately one to five acres.
• Location & Access: Located in southwest Kamloops, the project offers near-direct access to Highways 1, 5, and the Coquihalla.
• Development Strategy: Future phases (1b and 1c) will be released based on the absorption of existing lots from Phase 1a to ensure a responsive approach to market demand.
• Market Context: The project addresses a need for modern, serviced industrial land in the interior of British Columbia, with existing local industrial stock described as largely obsolete.
• Sales Representation: Cushman & Wakefield is handling the industrial brokerage, noting interest from a diverse mix of local businesses, investors, and builders.

Notable Quotes

• Mike O'Reilly, President and CEO: "This is a significant step for our team and for Kamloops... With rezoning approvals now in place, we can begin sharing this opportunity with businesses ready to grow, expand and invest in our city."
• Mike O'Reilly, President and CEO: "Iron Mask Industrial Park will allow local companies to grow and expand, while also creating space for businesses from outside the region to relocate here... These initial lots offer something rare -- access, scale and certainty in an otherwise constrained market."
• Brendan Shaw, Local Realtor: "A project like Iron Mask Industrial Park means more jobs and more opportunity in the Kamloops region... this land supply will unlock additional economic opportunity for several businesses that are currently space constrained."
• Blake Gozda, VP of Industrial Brokerage, Cushman & Wakefield: "We have seen interest from a diverse mix of local businesses, investors and builders looking for industrial lands close to the city core... I am excited to see the project progress from an idea to excavators moving thousands of cubic metres of dirt and, soon, the launch of phase 1a."