NEW PLAN FOR FUNDY QUAY SITE
–City Council greenlights Option Agreement with local developer–
December 2, 2019 – SAINT JOHN, NB— Saint John City Council has greenlighted a new plan for Fundy Quay, the former Coast Guard site on the city’s waterfront.
Council voted to approve a legal agreement between Fundy Quay Developments Inc., a subsidiary of Elias Management Group, and the City of Saint John, which includes an exclusive 2-year development option while site preparation work is completed, and a 25-year lease-to-own agreement structured to incentivize development.
“Fundy Quay is arguably the City’s most valuable real property asset,” says Steve Carson, CEO of Develop Saint John. “We cannot let the false starts of the past prevent us from moving forward. Taxpayers deserve to see this property achieve its potential for the City – both from a use perspective and from a property tax revenue perspective.”
The developer attached to the deal is Elias Management Group (EMG). EMG was the successful proponent in a Request for Proposal process launched in April 2019.
“EMG’s proposal checked all the boxes for us,” says Carson. “Their vision is perfectly aligned with the community’s priorities outlined in the Central Peninsula Neighbourhood Plan, their proposal doesn’t rely on Provincial government leasing participation, and they want to take a phased approach – which means the City’s rental market will have time to adjust to growth in available inventory as construction proceeds. Plus they’re a local business, and that means a lot.”
EMG is the developer behind a variety of successful projects in the province, including Fundy Harbour Estates and Vimy Estates in Saint John. They are also a partner in the redevelopment of the City Hall building.
The first step in the plan, once the agreements are signed, is to prepare the site for development. This will include repairs to the sea wall – a project that will take approximately two years to complete.
During the site preparation phase of the project, the developer will consult with the community and complete final design specifications for the development – a process that includes a business plan, detailed engineering analysis, and architect’s renderings.
“Sensitive to the community’s priorities, we’re going to be creating a mixed-use development,” says David Elias, CEO of EMG Group. “It could include residential units, retail and commercial space, a hotel, arts and culture space, public access to the waterfront, and green space. It will unlock the potential of our waterfront, making it the most significant development in Saint John since Market Square.”
Project information, including a timeline, will be available on the Develop Saint John website.
For further information (Develop Saint John): For further information (EMG or FQI):
Christine Comeau Katie Bowden
Develop Saint John Duke Creative Collective
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. Its mandate is to grow the City’s tax base and improve the quality of life of citizens. A volunteer Board of Directors made up of government, community leaders and private sector representatives leads it.