Develop Saint John Announces Sale of Two High Profile King Street Properties
–Development of Iconic Locations Will Add To The Vibrancy of Uptown Area–
March 29 – SAINT JOHN, NB – Develop Saint John announced today that Integrity Real Estate Investment has acquired the properties at 91 King Street, at the corner of Charlotte, and 22 King Street, at the corner of Canterbury, with plans to transform both into mixed-use developments.
To many locals, 91 King is referred to as the old Woolworth’s or the former Bargain Shop. It is located at the top of King Street, on an iconic corner adjacent to King’s Square, in an area of the City that is experiencing increased investment and vibrancy. “The City is alive with new shops, restaurants and galleries, and we believe both these buildings create a tremendous investment opportunity,” said Roo Chang, the President of Integrity Real Estate Development, who recently relocated to Saint John from Vancouver. “We are especially excited about 91 King. Our engineering team has confirmed that the foundation and structure is extremely solid. We are eager to start work immediately, cleaning up the inside and exposing the original exterior and creating a blank canvas for perspective tenants to imagine what it could become.”
Chang says the first floor of the building, about 11,000 square feet, could be prime retail, dining, family entertainment or other opportunities she hasn’t even considered yet. Residential development is being considered for the upper floors with the potential to add more stories to the building.
EXP will handle the architectural planning for the project, which will require approval from the City of Saint John.
“We are very excited to be working with such a committed and passionate community builder as Ms. Chang and her team, to bring this iconic property back to life. We see tremendous opportunity to move the results from good to great – with positive economic, social and cultural outcomes, and inspire further growth and renewal,” said Steve Carson, CEO of the newly formed Develop Saint John. “As a champion for strategic real estate development, we are here to instigate and support investment in developments, like 22 and 91 King, which add value to our community.” Mr. Carson invites any developer interested in exploring strategic real estate opportunities in Saint John to reach out to him.
As Integrity Real Estate Development is privately-held, terms of the deals are not being released.
For further information:
Develop Saint John
About Integrity Real Estate Investment http://integrityreinvest.com
Established in 2011, IREI’s focus is on high community impact renovations and restorations including mixed-use building conversions for rental purpose, transforming heritage office space into condos, and repurposing single detached homes and residential compounds into to senior and special care homes.
About Develop Saint John https://developsaintjohn.com/
Develop Saint John’s mission is to grow the tax base in Saint John by relentlessly creating and seizing strategic real estate opportunities and getting deals done. It’s mandate to grow the City’s tax base or improve the quality of life of citizens. It has a Board of Directors made up of government and private sector representatives.
About 91 King Street
- Built circa the late 1950s
- Concrete and steel frame construction with brick facade
- Approximately 33,000 square feet, three-story building with a large 9,000+/- square foot basement
- Located adjacent to Saint John City Market, across from King’s Square in Uptown Saint John
- The main floor 11,000+/- square feet is zoned as retail space, while the 2nd and 3rd floor, about 22,000 square feet, could be used for other purposes