Success stories
Yesterday, transport. Today, real estate and home development. Tomorrow – who knows? A Plamondon businessman has the vision it takes to seize opportunities and to expand and diversify into new and profitable areas.
Bold Developments
Owners: Paul Reutov, Joe Martushev and Nik Kuznetsov
Paul Reutov got his start as a business owner in 1993, with a transport company he ran with his brother. In 1997, when he and his brother opted to pursue separate opportunities, Paul decided to expand the business by buying extra equipment. He turned to Community Futures Lac La Biche for help, and was granted a loan under the Youth Investment Program.
Paul continued to run the transport company successfully on his own, but he saw that the booming economy of Northern Alberta offered many other opportunities, particularly in real estate and development. "For years I dabbled in those areas on the side," he says, "and then in 2003 I decided to give up transport and completely change my focus." When two friends expressed interest in joining his venture, a powerful new player in Northern Alberta real estate development was born.
Bold Developments, founded in 2004, began with the construction of single-family homes in Fort McMurray. However the company owners soon focused their energies on finding a viable solution to the housing construction crunch in Northern Alberta. Paul's idea? A ready-to-move home that could be built in a construction plant and transported to its final location.
A production facility was established in Plamondon, and the first home was delivered in November 2005. The business has provided a tremendous economic boost to the area, creating up to 100 jobs just outside a town of just over 300 people. Currently, Bold Developments builds homes in Fort McMurray, Lac La Biche, Plamondon and surrounding communities. It also manufactures commercial application models and operates an industrial housing division, a truss plant and a retail lumber yard. Clearly, Paul Reutov and his companies will continue to provide employment and economic growth to the region for years to come.
